Purpose – The purpose of this paper is to examine whether intellectual capital (IC) creates value in the Serbian information communication technology (ICT) sector. More specifically, it examines the degree to which IC and its key components affect the financial performance of selected ICT companies compared to effects on physical and financial capital. Design/methodology/approach – The analysis included 13,989 Serbian ICT companies during 2009-2013. Value-added intellectual coefficient (VAIC) was used to measure the level of IC contribution to value creation. Measures of financial performance used in the study were return on equity, return on assets, return on invested capital, profitability, and asset turnover. Findings – Results indicate that, when using firm size and leverage as control variables, only capital-employed efficiency has significant effect on financial performance. Finally, the research confirms that there were no significant differences in financial performance among different ICT subsectors. Research limitations/implications – Main research limitation is related to the disadvantages of VAIC as the measure of IC’s contribution to value creation. Practical implications – Owners and managers of Serbian ICT companies must recognize the importance of managing both the physical capital and the intangible resources embedded in their employees and processes. Originality/value – This is the first paper to examine comprehensively the impact of IC on financial performance in the ICT sector in a transitional economy. This study differs from prior studies in that the authors analyzed every company that operated in Serbian ICT sector.

Purpose – The purpose of this study is to determine whether intellectual capital (IC) creates value in the Serbian hotel industry. Specifically, this paper examines to what degree IC and its key components affect the financial performance of hotels compared to physical and financial capital. Design/methodology/approach – The sample included all of the hotels that operated as independent entities in Serbia during 2009–2012. value-added intellectual coefficient was used to measure the level of IC contribution to value creation, which was linked to various measures of financial performance, including operating profit, return on equity, return on assets, profitability and employee productivity. Findings – Results indicate that after controlling for firm size and leverage, employee productivity and, to some extent, profitability were affected by human and structural capital. The research confirms that the financial performance of hotels in Serbia remains predominantly influenced by efficient use of physical capital. Research limitations/implications – The study’s generalizability is limited to the hotel sector within Serbia. Practical implications – Senior managers in the hotel industry must recognize the importance of managing both the physical aspects of their hotels and the intangible resources embedded in their employees and processes. Originality/value – The findings will aid recognition of the importance of investing in IC in hotel industry as a crucial element of achieving competitive advantage in the information age. Moreover, the findings suggest that long-term growth should not rely solely on physical and financial assets.

Purpose This research paper explores the impact of intellectual capital (IC) and its various components on financial performance of 100 Serbian companies within the real sector (which includes all companies in the Serbian economy not including banking and insurance). Design/methodology/approach The performance measures used were net profit, operating revenues, operating profit, return on equity (ROE), and return on assets (ROA), whereas IC efficiency was measured using value added intellectual coefficient (VAIC). A multiple‐regression model was used to assess the relationship among individual components of VAIC and financial performance. Findings Net profit, operating revenue, and operating profit are not the consequence of the efficient use of IC in Serbian companies. On the other hand, human and structural capital affect ROE and ROA, whereas physical capital influences ROE. Research limitations/implications VAIC is an accounting measure of performance and therefore does not provide an adequate framework for analyzing synergy between human, structural, and physical capital. In addition, the model fails to offer adequate analysis for those companies that have negative values for equity and operating profit. Practical implications The presented results are especially useful for further research regarding the role and significance of IC for Serbian companies. By focusing on adequate IC management and use, the Serbian economy's competitiveness level would increase. Originality/value This paper is original as no previous empirical work on IC and its effects on financial performance have been carried out among Serbian companies in the real sector. Copyright © 2013 John Wiley & Sons, Ltd.

6DaeHWDNBrojni su dokazi koji nedvosmisleno ukazuju na činjenicu da intelektualni kapital (engl. Intellectual Capital, IC) opredeljuje potencijal rasta preduzeća i generiše najveći deo uvećane vrednosti. Stoga sve više dobijaju na značaju i aktuelnosti istraživački napori usmereni na merenje IC-a i njegovog uticaja na finansijske i tržišne performanse preduzeća. Različi-ti pojavni oblici IC-a kao što su znanje, obučenost, talentovanost i entuzijazam zaposlenih, patenti, know-how, softveri, baze podataka, prisni odnosi sa kupcima, snaga brenda, unikatni organizacioni dizajn i poslovna kultura, mogu se kategorizirati na ljudski, strukturni i relacioni kapital. U radu se analizira međuzavisnost između IC-a, iskazanog pomoću koeficijenta dodate vrednosti IC-a (engl. Value Added Intellectual Coefficient, VAIC TM ), i finansijskih performansi 100 preduzeća iz realnog sektora Srbije koja su 2010. godine ostvarila najveću neto dobit. Pored ovoga, cilj istraživanja je i sagledavanje uticaja pojedinih komponenti IC-a na finansijske performanse. Hipoteze koje se testiraju razvijene su u skladu sa većim brojem sličnih studija u kojima je istraživan odnos IC-a i finansijskih performansi poslovanja. Merila performansi korišćena u okviru istraživa-nja su neto dobit, poslovni dobitak, poslovni prihodi, prinos na sopstveni kapital (engl. Return on Equity, ROE), prinos na ukupnu imovinu (engl. Return on Assets, ROA). Analiza prikupljenih podataka je izvršena primenom statističkih metoda korelacije i regresije (jednostruka i višestruka). Metod jednostruke regresije je korišćen da bi se sagledao uticaj VAIC TMa, kao agregatne veličine, na performanse izabranih preduzeća. Višestru-kom regresijom je utvrđivana međuzavisnost između pojedinih komponenti koeficijenta VAIC TM i finansijskih performansi. Mada najveći broj do sada sprovedenih istraživanja ovog tipa u svetu ukazuje na značajan uticaj IC-a i njegovih komponenti na finansijske performanse, u slučaju srpskih preduzeća ova međuzavisnost je mala ili zanemarljiva. .OMXĉQH UHĉL LQWHOHNWXDOQL NDSLWDO QHPDWHULMDOQD DNWLYD ÀQDQVLMVNH SHUIRUPDQVH NRHÀFLMHQW GRGDWH YUHGQRVWL ,&D 9$,& TM ) $EVWUDFWThere is significant evidence that intellectual capital (IC) determines a company's potential for growth and generates the majority of its added value. Thus, research into measuring and analyzing IC and determining its impact on the financial and market performance of companies is gaining increasing interest. Different forms of IC such as knowledge, skills, talent, enthusiasm, patents, know-how, software, databases, close customer relations, brand, unique organizational design, and corporate culture can be categorized into human, structural, and relational capital. This paper explores the impact of IC, measured using the Value Added Intellectual Coefficient (VAIC TM ), on the financial performance of 100 Serbian companies in the real sector that achieved the highest net profits in 2010. We also analyze the impact of various individual IC components on financial performance. Scientific hypothes...

Purpose The purpose of this paper is to assess the extent to which financial and market performance of companies in the oil and gas sector can be attributed to the value of their intangibles. Design/methodology/approach The research utilized publicly available data on global oil and gas companies from 2000 to 2015. Panel data analysis was used to assess the relationship between intangibles (measured by Calculated Intangible Value (CIV)) and financial and market performance of these companies. Findings Results show that intangibles had a significant impact on firm performance in multiple financial measures. Firms’ intangibles also influence their market capitalization, indicating that the financial markets discount such information in their pricing. Research limitations/implications Although the impact of intangibles on corporate performance is found to be significant, the size of that impact is small, suggesting that significant increase in the size of intangibles would only lead to a modest increase in corporate performance. Additionally, the research sample was limited to the top oil and gas firms listed in the Fortune 2000 global list and limits the generalization of the findings. Despite these limitations, the research provides greater confidence in using CIV to assess intangibles in organizations. Practical implications This research highlights the importance and ways of measurement of intangibles for managers in oil and gas companies and its significance for their firms’ performance. Originality/value The paper fills the gap in the literature in the assessment of intangibles in the oil and gas sector, as well as in the assessment of using CIV to measure the impact of intangibles on company performance.