PurposeThe purpose is to analyze the impact of intellectual capital (IC) on export performance of firms and industries.Design/methodology/approachThis research used value added intellectual coefficient (VAIC) to measure intellectual capital as an independent variable. An export performance, as dependent variable, was measured as growth of exports. The sample consisted of 134 firms in Bosnia and Herzegovina (B&H). Empirical analysis was done by linear regression analysis.FindingsThe results of regression analysis show a significant (p<0.01), positive influence of the value added intellectual coefficient and its components on the export growth in the sector of food and beverages and manufacturing of furniture and wood products in B&H. For other sectors there is no significant relation of independent and dependent variable.Practical implicationsThe results correspond with the results of the EU project that determined competitive advantages of B&H by Michael Porter's methodology. Results of this research raise the possibility of further testing of the author's methodology, called the measurement of intellectual capital in export performance (MICEP) methodology, in determining the competitive advantages, because it took considerably less time and money than EU project methodology. Also, a strong influence of IC on the export performance of sectors with competitive advantages opens the way for industrial policies based on intellectual capital, not only in B&H, but in other countries.Originality/valueThis is the first research that has measured the impact of intellectual capital on export performance by using the VAIC methodology.

The aim of this research is to provide projections of the labor market in the Republic of Serbska, as a part of Bosnia and Herzegovina (RS) in the period 2017 - 2021, based on an analytical approach and precise indicators. The basic methodology in creating projections on the labor market in the Republic of Serbska (RS) is statistical extrapolation of trends in demand and supply of labor at the level of the RS. Data for this study were standard reports of statistical institutions (Statistical Yearbook, Labor Force Survey, etc.), as well as special reports generated for the specific needs of this research. The results show that in the next 6 years, the number of working-age population will shrink by a further 59,000 people with 867,000 to 808,000. Out of the total working-age population, ie the active population. labor force (the sum of employed and unemployed) is will not change greatly, while the level of the inactive population, ie. working-age population not seeking employment will drop significantly. On the other hand, our projections show that, even in terms of the decline in the working-age population, the demand for labor will continue to grow. Also, according to projections, the number of unemployed ie. the excess of supply over demand of the labor force will decrease in the period 2017-2021. All this will not be without impact on wage levels. Total average gross wages will rise by 2021, but wage growth in the manufacturing industry will be much more pronounced. Therefore, it is essential to increase productivity and added value of companies because it is the only way to compensate for this increase in wages.

Bosnia and Herzegovina (B&H) is a relatively small and poor country which faces numerous issues such as consequences of war, poverty, emigration of qualified people and, especially, useless and barren political conflicts. The country is in a very difficult economic situation. It is enough to say that in 2015, B&H had EUR 3200 per capita GDP, and that Greece, which is in the focus of Europe and world because of its economic crisis, had EUR 16,000 per capita GDP. Bosnia and Herzegovina was ranked low on the current Global Competitiveness Report 2015-2016. It was 111th out of a total of 140 countries. At this moment, Bosnia and Herzegovina is mainly a loser in the process of globalization with an excess labor force that is fighting for survival. Data on the structure of exports confirm that the inclusion of BiH in the international division of labor is based on the extraction of limited natural resources and production based on cheap labor. This paper analyze most important elements for the development of the economy in B&H, a private sector, scientific and technological institutions (universities, faculties, institutes, etc.), educational and government institutions for economic development. The challenge ahead of Bosnia and Herzegovina in the next 5-10 years to build the conditions for transition from the current economic model characterized by the use of natural resources and low-educated labor, to use the new drivers of development and export competitiveness - new technologies and knowledge. The special focus is on the change from the environment where a majority of population lacks skills and knowledge to create competitive products and services for domestic, regional, European and global markets to the environment in which most people possess them. Basically, authors analyze possibilities of transition from the present-day economic model characterized by use of a semiskilled labour force and manufacture of products with low added value to the knowledge-based development model. In simple words, from ignorance to knowledge.

The highly concentrated ownership in the Bosnia and Herzegovina market provides a rich environment to explore corporate governance practices. The paper will assess effects that ownership structure of companies has on the level of implementation of corporate governance in companies listed on the Official market of the Banja Luka Stock Exchange. Results of implementation of the corporate governance in companies will be presented using Scorecard analysis for evaluation of the implementation of practices and principles of corporate governance for companies which are listed on the Official market of the Banja Luka Stock Exchange. Ownership structure will be presented in three groups of owners determined by controlling owner: government, domestic and foreign owners. Paper will show correlation and effect which different owners of companies have on the level of implementation of corporate governance in these companies.

The paper analyses influence of global economic crisis on enterprises from developing countries. Analysis is conducted with the goal of determining the reason of crisis and imposing recommendations for mitigation of effects arose from crisis. Main assumption is that irresponsible behaviour of decision makers is the main cause of economic crisis. Due to this, standards and good practice of corporate governance in OECD countries and the Republic of Srpska are analyzed with goal to indicate the omissions in their implementation. Also attitudes of OECD action plan for improvement of corporate governance are presented and recommendations for improvement for state of corporate governance in the Republic of Srpska are imposed.