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Doing Business with the State and Firms’ Growth. Grasping Invisible Relational Capital

Author

Listed:
  • Serdarević Nino

    (Faculty of Economics, University of Zenica, Bosnia and Herzegovina)

  • Muratović-Dedić Ajla

    (Faculty of Economics, University of Zenica, Bosnia and Herzegovina)

  • Karić Inela

    (Faculty of Economics, University of Zenica, Bosnia and Herzegovina)

Abstract

This study investigates relationships between reported assets growth, human capital effectiveness, ability to do business with state and firms' growth. Longitudinal data were extracted from annual financial reports. Sample includes 80 companies in construction industry of Bosnia and Herzegovina from 2008-2013. Generalized estimating equations (GEE) approach is used for investigation of previously mentioned associations. We found that working with the state in Bosnian construction sector is dominant factor for outstanding increase in net reported income, while the human capital efficiency is negatively associated to its change. These findings support the theory of markets with asymmetric information, suggesting that the relational and social capital of the firm in the imperfect markets, where the state is dominant customer, drives the growth and that precedes firm’s investments into development of intellectual capital.

Suggested Citation

  • Serdarević Nino & Muratović-Dedić Ajla & Karić Inela, 2016. "Doing Business with the State and Firms’ Growth. Grasping Invisible Relational Capital," Scientific Annals of Economics and Business, Sciendo, vol. 63(3), pages 415-428, November.
  • Handle: RePEc:vrs:aicuec:v:63:y:2016:i:3:p:415-428:n:9
    DOI: 10.1515/saeb-2016-0131
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    References listed on IDEAS

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    1. Frees,Edward W., 2004. "Longitudinal and Panel Data," Cambridge Books, Cambridge University Press, number 9780521535380, October.
    2. Livio Cricelli & Marco Greco & Michele Grimaldi, 2014. "An overall index of intellectual capital," Management Research Review, Emerald Group Publishing Limited, vol. 37(10), pages 880-901, September.
    3. Frees,Edward W., 2004. "Longitudinal and Panel Data," Cambridge Books, Cambridge University Press, number 9780521828284, October.
    4. Greco, Marco & Cricelli, Livio & Grimaldi, Michele, 2013. "A strategic management framework of tangible and intangible assets," European Management Journal, Elsevier, vol. 31(1), pages 55-66.
    5. Striukova, Ludmila & Unerman, Jeffrey & Guthrie, James, 2008. "Corporate reporting of intellectual capital: Evidence from UK companies," The British Accounting Review, Elsevier, vol. 40(4), pages 297-313.
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    More about this item

    Keywords

    financial reporting; firms' growth; financial performance; intangibles; relational capital; imperfect market;
    All these keywords.

    JEL classification:

    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting

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