An Econometric Analysis of the Effects of Human Resources and other Factors on Firm Creation

Abstract

Intangible assets and knowledge are key drivers of today’s economy, called knowledge economy, as a consequence of globalisation process and information and communication technology development. Knowledge and intellectual capital became leading factors that provide basis for gaining superior performance and sustainable competitive advantage of firms in dynamic and uncertain business environments. Invisible goods based on knowledge are becoming more important in generating and successful managing businesses. The purpose of this research is to test the impact of human resources on creation of the firm or, in other words, to examine individual’s inclination toward becoming an entrepreneur in transition economy such as Bosnia and Herzegovina. While investigating the relationship between human resources and firm creation, additional social, economic and emotional factors are included in analysis. Proposed theoretical model is tested using logistic regression model to analyse a sample of 2.015 individuals in Bosnia and Herzegovina, as a participant in GEM project in 2014. Obtained results show that the amount of individual’s knowledge, skills and expertise and its capability to seek and recognize new entrepreneurial opportunities, considered as human resources owned by individual, increase probability to generate a firm in Bosnia and Herzegovina. Beside human resources, certain economic and social factors, such as work status and social perception of entrepreneurship as an attractive profession, are important for firm creation in Bosnia and Herzegovina.

The Influence of Internal Communication on Employees Motivation in Organizations in Serbia

“…The success of manager is reflected in an ability to assign employees those jobs where their characteristics can be best expressed and thus give maximum contribution to the efficiency of the organization (Petković & Stanković, 2011). In the era of knowledge economy, the intellectual resources of the organization become an important determinant of creating and improving competitiveness of the enterprises (Krstić, 2009) as a consequence of globalization and development of information and communication technologies (Zlatković, 2018), and managers have the responsibility to effectively manage intellectual performances of the organization and a great challenge to achieve and maintain efficiency of the organization in a highly heterogeneous, complex, uncertain and unpredictable environment (Domanović & Janjić, 2018).…”