Uticaj intelektualnog kapitala na performanse poslovanja preduzetničkih firmi u Srbiji

Abstract

Predmet istraživanja ove disertacije je analiza uticaja intelektualnog kapitala na performasne preduzetničkih firmi u Srbiji. Osnovni cilj istraživanja je da se ispita da li intelektualni kapital utiče na performanse preduzetničkih firmi u Srbiji i ukoliko utiče, kakva je forma i jačina tih uticaja. Intelektualni kapital je podeljen na tri komponente: ljudski kapital, strukturni kapital i relacioni kapital. Kao pokazatelji performansi, u odnosu na koje je meren uticaj intelektualnog kapitala na uspešnost preduzeća, korišćeni su indikatori finansijskih (prinos na poslovnu imovinu i poslovni prihod preduzeća), tržišnih i operativnih performansi. U skladu sa tim, istraživanja u disertaciji nastoje da pruže odgovor na pitanje da li i kako intelektualni kapital i njegove komponente utiču na finansijske, tržišne i operativne performanse preduzetničkih firmi. Uzorak je obuhvatio 160 privrednih društava iz različitih sektora i grana sa teritorije Republike Srbije koja su osnovana 2015. godine i koja su podnosila godišnje finansijske izveštaje zaključno sa 2017. godinom. Podaci o preduzetničkim firmama su dobijeni na osnovu upitnika i iz redovnih godišnjih finansijskih izveštaja preduzeća. Nakon popunjavanja upitnika, odgovori na pitanja su pretvoreni u numeričke promenljive. Sprovedena je faktorska analiza i numeričke promenljive koje predstavljaju odgovore na pitanja su grupisane u faktore. Nakon formiranja faktora, primenjena je višestruka linearna i nelinearna regresiona analiza kako bi se utvrdio uticaj intelektualnog kapitala i njegovih komponenti na performanse poslovanja preduzetničkih firmi. U regresionoj analizi korišćene su četiri zavisne i devet nezavisnih promenljivih. Korišćene zavisne promenljive su: (1) Prinos na poslovnu imovinu, (2) Poslovni prihod, (3) Tržišne performanse i (4) Operativne performanse. Nezavisne promenjive predstavljaju elemente ljudskog, strukturnog i relacionog kapitala. Elementi ljudskog kapitala koji su korišćeni kao nezavisne promenljive su: (1) Interakcija između članova tima, (2) Socijalne veštine i istrajnost i (3) Znanje preduzetnika; elementi strukturnog kapitala koji su korišćeni kao nezavisne promenljive su: (4) Unapređenje procesa, (5) Efikasnost proizvodnje i (6) Kultura organizacije; elementi relacionog kapitala: (7) Reputacija, (8) Lokacija preduzeća i (9) Podrška putem neformalnih mreža. Pored navedenih nezavisnih promenljivih, u analizi su korišćene i dve vrste kontrolnih promenljivih: (1) Broj zaposlenih kao indikator veličine preduzeća i (2) Tip grane (proizvodnja, trgovina, usluge vezane za proizvodnju ili ostale usluge). Rezultati istraživanja su pokazali da znanje preduzetnika, unapređenje procesa i lokacija preduzeća pozitivno utiču na visinu prinosa na poslovnu imovinu; efikasnost proizvodnje i lokacija preduzeća pozitivno utiču na visinu poslovnog prihoda; interakcija između članova tima, socijalne veštine i istrajnost i reputacija preduzeća pozitivno utiču na tržišne performanse; unapređenje procesa, efikasnost proizvodnje, kultura organizacije i reputacija preduzeća pozitivno utiču na operativne performanse. Najveći uticaj na performanse poslovanja preduzetničkih firmi u Srbiji imaju efikasnost proizvodnje, unapređenje procesa, reputacija i lokacija preduzeća. Povećanje efikasnosti proizvodnje za 10% u proseku dovodi do povećanja poslovnog prihoda za 5,725% i unapređenja operativnih performansi za 1,833%. Unapređenje procesa za 10% u proseku dovodi do unapređenja operativnih performansi za 2,026%. Naučni doprinos disertacije se odnosi na to što ona, koliko je autoru poznato, predstavlja prvo istraživanje o uticaju intelektualnog kapitala na performanse preduzetničkih firmi u Srbiji.

The subject of this doctoral dissertation is the analysis of the impact of intellectual capital on business performance of entrepreneurial firms in Serbia. The main goal of the research is to investigate whether intellectual capital influences business performance of Serbian entrepreneurial firms and if there is such impact to analyze its intensity and direction. Intellectual capital is divided into three components: human capital, structural capital and relational capital. As performance indicators, in relation to which the impact of intellectual capital on companies’ success is measured, the indicators of financial (operating ROA and business revenue), market, and operational performance were used. In accordance with that, the research in this dissertation endeavors to provide an answer to the question of whether and how intellectual capital and its components affect financial, market, and operational performance of entrepreneurial firms. The sample includes 160 young Serbian companies from various industries with at least three employees, founded in 2015 and which published their financial statements in 2017. The data about entrepreneurial firms were obtained through the questionnaire that had been sent to them and from their annual financial statements. After the questionnaires were collected, the answers from the entrepreneurs were transformed into numerical variables. Factor analysis was conducted and numerical variables that represent the answers to the questions were loaded into factors. After factors were extracted, multiple linear and nonlinear regression analysis was conducted to determine the impact of intellectual capital and its components on business performance of entrepreneurial firms. In regression analysis four dependent and nine independent variables were used. The dependent variables that were used are: (1) Operating ROA, (2) Sales revenue, (3) Market performance, and (4) Operational performance. Independent variables represent various elements of human, structural and relational capital. The elements of human capital that were used as independent variables are: (1) Interaction of the entrepreneurial team, (2) Social skills and tenacity, and (3) Knowledge of the entrepreneur; the elements of structural capital that were used as independent variables are: (4) Process improvement, (5) Production efficiency, and (6) Organizational culture; the elements of structural capital: (7) Reputation, (8) Firm’s location, and (9) Support from informal networks. Besides the independent variables, two control variables were used: the number of employees as the indicator of firm size and the type of industry (manufacturing, trade, services related to manufacturing and other services). The results of this research indicate that knowledge of the entrepreneur, process improvement and firm’s location have positive impact on operating ROA; production efficiency and firm’s location have positive impact on sales revenue; interaction of the entrepreneurial team, social skills and tenacity and reputation have positive impact on market performance; process improvement, production efficiency and reputation have positive impact on operational performance. The largest impact on business performance of entrepreneurial firms in Serbia have: production efficiency, process improvement, reputation and firm’s location. The increase in production efficiency by 10% on average leads to the increase in sales revenue by 5,725% and to the improvement of operational performance by 1,833%. The improvement of processes by 10% on average leads to the improvement of operational performance by 2,026%. The scientific contribution of the dissertation refers to the fact that, as far as the author is aware, it is the first research study on the impact of intellectual capital on the performance of entrepreneurial firms in Serbia. The results of the research are comparable with the results of similar studies that were conducted for other countries. The practical contribution of the research is reflected in the fact that it could help entrepreneurs, as well as economic and development policy makers, to better understand the importance of intellectual capital and its components for improving the performance of entrepreneurial firms in Serbia.