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This paper analyses the level of knowledge management implementation in organizations and the impact of control variables on knowledge management dimensions. In addition, the importance of knowledge management influence on the competitive sustainability of an organization is addressed. The idea of the research is to highlight key factors that affect the effectiveness and efficiency of knowledge management applications in transition conditions. Data for the study were obtained by surveying 520 respondents—managers of all levels from manufacturing enterprises in Serbia. A t-test was conducted in several variations. More precisely, the t-test analysis was conducted on the average assessments of knowledge management dimensions and with specific control variables. The findings indicate that knowledge management dimensions differ in domestic enterprises and foreign enterprises as well as that their impact differs across organizational levels. Financial performance (profitability, sales growth, asset growth, market share, competitive position in a specific industry, productivity, and salaries) was found to be a reliable indicator of knowledge management success. It can be concluded that knowledge management dimensions have an important role in transition countries, and it is evident that effective knowledge management is imperative for the competitive sustainability of an organization.

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In this paper the impact and predictive effects of knowledge management on financial performance are analysed. The research also includes an analysis of the moderating effects of two moderators (National Origin and Enterprise Size) and their relationship. The data was gathered by interviewing 520 managers from manufacturing companies operating in Serbia. The most important conclusions of the research are: 1. High levels of knowledge management positively influence business performance, quality and competitiveness. 2. Financial performance is mainly influenced by the dimensions connected to the effects of knowledge management regarding its implementation and protection and the acquisition of competitive advantages. 3. Knowledge management strongly influences the market aspects of business, but also the increase of fixed assets. 4. Knowledge management has a slightly greater impact on financial performance in foreign enterprises (operating in Serbia) compared to domestic (Serbian) enterprises. The situation is similar when comparing medium and large enterprises (a higher impact) with small enterprises (a smaller impact). 5. The greatest effects are achieved when an effective organizational structure is in place, when the organization protects its knowledge, when it manages to materialize the knowledge gathered in the form of the efficient application of knowledge.

For this research, an ad hoc questionnaire was sent to a representative sample of quality ma na gers in Serbian certified organisations to determine their estimate of the quality management principles ap plication (QMPA) as an overall estimate of management commitment to quality management practice. In a stable business environment, high impact of TQM elements application to the QMPA is likely to be ex pected. Objective parameters (number of employees, form of ownership of organisation, etc.) are not likely to form significant variations in managers' perceptions of TQM elements. It is determined that only a few of the selected TQM elements are predictors of a subjective estimate of the QMPA (estimates of QMS, changes after certification, human resource management and process management). Observed objective parameters (number of employees and whether an organisation is employing a network administrator or not) showed statistically significant variations in estimates of TQM elements. Research results point to the conclusion that Serbia is yet to take the long journey towards raising awareness about the management commitment to QM and TQM practice. It is possible that other economies in transition also have similar problems in this area.