moć koeficijenta dodatne vrednosti intelektualnog kapitala (engl. Value Added Intellectual Coefficient, VAIC), na finansijske performanse 300 najvećih srpskih izvoznika. Istraživanje je podrazumevalo analizu uticaja pojedinih komponenti koeficijenta VAIC na finansijske performanse pomenutih preduzeća. Istraživačke hipoteze su definisane u skladu sa sličnim studijama koje su se bavile uticajem IK na finansijske performanse. Merila performansi koja su korišćena u ovom istraživanju su podeljena u dve kategorije. Prva grupa se sastoji od indikatora povezanih sa izvoznim performansama, kao što su obim izvoza i obim izvoza po zaposlenom. Druga grupa je sastavljena od tradicionalnih merila performansi (prinos na kapital, prinos na aktivu, profitabilnost i produktivnost zaposlenih). Podaci su analizirani pomoću statističkih metoda korelacije i višestruke regresije. Modeli višestruke regresije su korišćeni sa ciljem utvrđivanja prirode odnosa između pojedinačnih komponenti VAIC i identifikovanih merila performansi. Većina sličnih studija ukazuje na činjenicu da IK ima znača-jan uticaj na finansijske performanse. Međutim, u slučaju srpskih najvećih izvoznika značajan uticaj IK na finansijske performanse nije dokazan.
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IntroductionBusiness performance is measured by tangible outcomes, which are the result of different undertaken actions. In addition, business represents the sum of various resources, skills, and competencies, which are driven by activities specified within chosen strategy. Hence, resources are therefore a key factor in the process of strategy formulation and execution. The problem is, however, that employed resources, which are exploited during strategy execution, cannot create value independently. They create competitiveness and value only if they are supported by
AbstractAlthough 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 ...