Purpose Science parks play an important role in development of technology and are able to stimulate economic growth of the countries. The purpose of this paper is to study the role that science and technology parks (STPs) play in growth of knowledge-based economy. Design/methodology/approach Key factors affecting the competitive advantages and the World Bank indicators resulting in knowledge-based economy were displayed in the form of a questionnaire which was examined by experts. The questionnaire was designed to evaluate main factors and sub-factors of competitive advantages of the institutions, including aspects of human resources, research and development and technology transfer, facilities, market development and to assess the main criteria of knowledge-based economy known as pillars of the overall economic performance, the institutional regime and economic incentives, innovation system, education and information technology and communications. Findings The obtained results from the study on competitive advantages were evaluated and analyzed by using SPSS software and the results of the review on development of knowledge-based economy were modeled by SmartPLS software with partial least squares method. Eventually, the obtained model was tested and analyzed. Originality/value This study is an original contribution to the theory of STPs and knowledge-based economy. It was initiated to examine the role of STPs in development of knowledge-based economy and presentation schematic model.

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