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An Investigation Of Intellectual Capital Influence On Financial Performance Of Top Serbian Exporters


  • Stevo Janošević

    (Faculty of Economics University of Kragujevac)

  • Vladimir Dženopoljac

    (Faculty of Economics University of Kragujevac)


Although intellectual capital (IC) is the key issue in achieving and sustaining competitiveness in the long run, the literature is limited in offering empirical data on whether IC affects export performance of the firm. This paper explores the impact of IC, measured using the Value Added Intellectual Coefficient (VAIC), on financial performance, as well as on export performance of 300 Serbian top performing companies in terms of export. The research entailed the analysis of the impact of individual VAIC components on financial performance. Scientific hypotheses are developed according to similar studies on IC and financial performance. Performance measures used in this research are divided into two categories. The first group consists of export-related indicators, such as export volume, and export volume per employee. The second group is made up of traditional measures of corporate performance (return on equity, return on assets, profitability, and employee productivity). Data is analyzed using statistical methods of correlation and multiple regressions. Multiple-regression models are employed to determine the relationship between individual components of VAIC and identified measures of performance. The majority of similar studies have shown so far that IC has a significant impact on financial performance. However, in the case of top Serbian exporters, the significant impact of IC on financial performance was not determined.

Suggested Citation

  • Stevo Janošević & Vladimir Dženopoljac, 2012. "An Investigation Of Intellectual Capital Influence On Financial Performance Of Top Serbian Exporters," Serbian Association of Economists Journal, SAE - Serbian Association of Economists, issue 7-8, pages 329-342, November.
  • Handle: RePEc:srb:journl:y:2012:i:7-8:p:329-342

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    References listed on IDEAS

    1. Dragan Đuričin & Iva Vuksanović, 2012. "Reduction Of Systemic Risk In Serbia Through Intelligent Risk Management In State-Owned Enterprises," Serbian Association of Economists Journal, SAE - Serbian Association of Economists, issue 5-6, pages 229-247, August.
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    More about this item


    intellectual capital; intangible assets; export performance; financial performance;

    JEL classification:

    • E00 - Macroeconomics and Monetary Economics - - General - - - General


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