Uticaj nematerijalne aktive na poslovno-finansijske performanse preduzeća

Abstract

The digital economy is based on a dichotomy that includes tangible and intangible assets. While tangible assets occupied a dominant position as a value creator in the industrial economy, the main driver that influences the generation of business and financial performance of firms in the digital economy takes intangible assets. Precisely, the digital economy, with its immanent production, communication, and information technology, determines a significant increase in companies' investments in intangible assets. Intangible assets as a substantial element contain knowledge "packaged" in sophisticated digital technologies, corporate reputation, enthusiasm, competencies, creativity, and commitment of employees, and more. The exploitation of intangible assets takes place according to different laws in relation to physical assets. Also, with the development of the digital economy, the pattern of acquiring intangible assets has become more complex and requires multidisciplinary reasoning. Due to the different nature and laws under which intangible assets operate, financial accounting encounters various limitations. It is shaped by precise principles and rules for the recognition, measurement, and disclosure of intangible assets in financial statements. Management accounting, by applying solutions in the form of models specifically designed for the calculation of intangible assets, further clarifies the accounting expression of intangible assets. According to this, the VAIC model is especially prominent. Contextualized in accounting, intangible assets are easily involved and deployed inside the activities of the holistic management concept. In this way, they get involved in the strategic and operational mechanisms of enterprise management. The condition and assumption of translating the strategy into operational actions is a selection of appropriate performance measures. In this way, the selected operational measures of the performance of intangible assets are synchronized with the selected strategy of the company. For the integration of performance measures of intangible assets into the system of performance measures of a firm, it is crucial that they correspond to the business and financial performances. In order to stimulate the logic of the impact of intangible assets, it is critical to explore and quantify this correspondence. Using the VAIC model, the relationship between intangible assets and business and financial performances of firms in the most profitable part of the overall economy in our country for the period 2015-2019 was empirically investigated. The analysis was performed based on the standard multiple regression techniques. The results of the analysis indicate the need to gradually reconstitute the approach of managers in our companies in managing intangible assets to achieve relevant business and financial performances.