Papers by Stevo Janošević
Intellectual capital and financial performance of companies listed in the Tehran stock exchange
International Journal of Learning and Intellectual Capital, 2014
The purpose of this paper is to investigate the association between the IC of firms and their fin... more The purpose of this paper is to investigate the association between the IC of firms and their financial performance. This paper uses the Pulic framework, has a Middle-East focus and draws on data from 146 publicly listed companies on the TSE. It is an empirical study using multiple regression for the data analysis. This paper tests four elements of IC and company performance. The findings show that IC and company performance are positively related; IC is correlated to future company performance; the rate of growth of a company's IC is positively related to the company's performance; and the contribution of IC to company performance differs by industry. The data sample used for this research is restricted to 146 companies listed on the TSE between the years 2004 and 2008. IC is an area of interest to numerous parties, including shareholders, institutional investors, scholars, policymakers and managers. This paper provides additional empirical evidence of the contribution of IC to companies' performance in Iran.
The role of technology in strategic management
Facta Universitatis. Series: Economics and Organization, 1996
Innovation-based competitiveness: The case of Serbia
Ekonomika preduzeća, 2013
On only a few issues can agreement be found on the significance of their role in social and econo... more On only a few issues can agreement be found on the significance of their role in social and economic development, innovation being one such issue. Innovation is a fundamental factor in economic growth and prosperity. This is particularly important in a knowledge-based economy. Taking into account the nature of innovation, this paper explores its role and importance in the process of creating competitive advantage. The first part analyzes typical aspects of innovation as the basis of competitive advantage. Since innovations can be seen as tool for enabling changes, we start by examining the relationship between innovation and change. We then explore the relationship between innovation and sustainable competitive advantage and describe key innovation indicators. In a knowledge-based economy, intangible assets (intellectual capital) form the core of the value-creation process. Since innovativeness is often seen as a significant element of intangible assets, we also explore this issue. Finally, we analyze the innovation activities of Serbian companies, whose innovation performance are unsatisfactory and relate to low competitiveness level of entire economy. This is especially important since economic crisis in Serbia is structural in its nature, which is why it is needed to implement innovation-driven structural change.
Radoslav Senić, Marketing menadžment
Ekonomika preduzeca, 2021
The impact of quality management (QM) programs on business results has been the subject of numero... more The impact of quality management (QM) programs on business results has been the subject of numerous studies worldwide. However, given the complexity of the contemporary QM paradigm and its context-dependence, it is difficult to generalise its impact on business performance. This study examines QM from the strategic management perspective by comprehensively analysing the effects of quality management system (QMS) certification to ISO 9001 in terms of improved business performance and the achieved level of total quality management (TQM) in Serbian companies. Control variables of industry type and company size are employed to observe their possible impact on motives for, and effects of, QMS certification to ISO 9001. The results reveal that the certification of Serbian companies' QMS to ISO 9001 positively influences their operational and market performance, with the impact intensity dependent upon company size and industry type. The impact of certification on financial performance...
Ekonomika preduzeca, 2019
Intangibles and performance in oil and gas industry
Management Decision, 2019
Purpose The purpose of this paper is to assess the extent to which financial and market performan... more 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...
Ekonomika preduzeca, 2017
Ova eksplorativna studija nastoji da identifikuje potencijalne pokretače stranih direktnih invest... more Ova eksplorativna studija nastoji da identifikuje potencijalne pokretače stranih direktnih investicija (SDI) u okviru regiona Bliskog istoka i Severne Afrike (Middle East and North Africa, MENA). Istraživačka pitanja nastoje da ukažu na ulogu i značaj mikro faktora konkurentnosti koji opredeljuju ekspanziju kompanija iz MENA regiona posredstvom SDI. Kompanije iz MENA regiona, koje pripadaju različitim industrijskim granama, sve više investiraju u druge zemlje ovog regiona tokom poslednjih godina, pri čemu se ne radi o izolovanim slučajevima, već o pravilu. Pomenute investitore iz ovog regiona od SDI ne odvraćaju ni izazovi ekonomske i institucionalne prirode pojedinih MENA zemalja. Stoga je jako bitno razumeti faktore koji motivišu strane investitore da investiraju u tržišta ovog regiona, uprkos njihovoj relativno slaboj atraktivnosti. Set od osam istraživačkih pretpostavki predstavljenih u radu osvetljavaju značaj i ulogu različitih mikro faktora kod donošenja ovakvih investicionih odluka. Identifikovane varijable obuhvataju veličinu preduzeća, prednosti vlasništva, produktivnost, sposobnost povezivanja sa poslovnim partnerima, međunarodno iskustvo, afilijacija sa lokalnim vlastima i nivo finansijskog leveridža.
Intellectual capital in Serbia’s hotel industry
International Journal of Contemporary Hospitality Management, 2015
Purpose– The purpose of this study is to determine whether intellectual capital (IC) creates valu... more 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 ...
Ekonomika preduzeca, 2014
Osnovu ekonomije zasnovane na znanju čini prevashodno intelektualni kapital (IK) koji ima ključnu... more Osnovu ekonomije zasnovane na znanju čini prevashodno intelektualni kapital (IK) koji ima ključnu ulogu u procesu stvaranja vrednosti savremenog preduzeća. Glavne komponente IK-a su ljudski, strukturni i relacioni kapital. Supstancu IK čine nematerijalni resursi preduzeća. Brojni su empirijski dokazi koji potvrđuju značajan rast investicija u IK i koji ukazuju na prirodu odnosa između IK i finansijskih performansi. Privredne grane koje se posmatraju kao grane intenzivne znanjem zauzimaju posebno mesto u ovoj oblasti istraživanja. Ovo je i razlog zbog čega je osnovni cilj istraživanja utvrđivanje međuzavisnosti između komponenti IK i finansijskih performansi preduzeća iz industrije informacionokomunikacionih tehnologija (IKT). Predmet istraživanja su 594 preduzeća iz IKT industrije Srbije u vremenskom periodu od pet godina (2009-2013). U radu su testirane tri osnovne hipoteze u vezi sa uticajem ljudskog, strukturnog i fizičkog kapitala na finansijske performanse (izražene neto dobitkom, poslovnim dobitkom, prinosom na sopstveni kapital, prinosom na ukupnu aktivu, profitabilnošću i prinosom na investirani kapital). Rezultati ukazuju na to da ljudski i fizički kapital delimično opredeljuju finansijske performanse, što je u saglasnosti sa rezultatima empirijskih istraživanja u drugim zemljama u razvoju. Kada se IKT industrija uporedi sa drugim industrijama u Srbiji, ona pokazuje veće oslanjanje na ljudski kapital u procesu stvaranja vrednosti.
Ekonomika preduzeca, 2012
moć koeficijenta dodatne vrednosti intelektualnog kapitala (engl. Value Added Intellectual Coeffi... more moć koeficijenta dodatne vrednosti intelektualnog kapitala (engl. Value Added Intellectual Coefficient, VAIC), na finansijske performanse 300 najvećih srpskih izvoznika. Istraživanje je podrazumevalo analizu uticaja pojedinih komponenti koeficijenta VAIC na finansijske performanse pomenutih preduzeća. Istraživačke hipoteze su definisane u skladu sa sličnim studijama koje su se bavile uticajem IK na finansijske performanse. Merila performansi koja su korišćena u ovom istraživanju su podeljena u dve kategorije. Prva grupa se sastoji od indikatora povezanih sa izvoznim performansama, kao što su obim izvoza i obim izvoza po zaposlenom. Druga grupa je sastavljena od tradicionalnih merila performansi (prinos na kapital, prinos na aktivu, profitabilnost i produktivnost zaposlenih). Podaci su analizirani pomoću statističkih metoda korelacije i višestruke regresije. Modeli višestruke regresije su korišćeni sa ciljem utvrđivanja prirode odnosa između pojedinačnih komponenti VAIC i identifikovanih merila performansi. Većina sličnih studija ukazuje na činjenicu da IK ima značajan uticaj na finansijske performanse. Međutim, u slučaju srpskih najvećih izvoznika značajan uticaj IK na finansijske performanse nije dokazan.
Intangible assets and value creation
Ekonomika preduzeća, 2009
... Lev, B. (2000) Knowledge and shareholder value. http://pages.stern.nyu.edu/~blev/ knowledge&a... more ... Lev, B. (2000) Knowledge and shareholder value. http://pages.stern.nyu.edu/~blev/ knowledge&shareholdervalue.doc. 1. ... Mouritsen, J., Bukh, PN, Marr, V. (2004) Reporting on intellectual capital: Why, what and how. Measuring Business Excellence, vol. 8, br. 1, str. 46-54. ...
Menadžment ukupnog kvaliteta
Ekonomika preduzeca, 2015
Intelektualni kapital određuje potencijal rasta, zaslužan je za stvaranje najvećeg dela dodate vr... more Intelektualni kapital određuje potencijal rasta, zaslužan je za stvaranje najvećeg dela dodate vrednosti preduzeća i predstavlja izvor konkurentske prednosti preduzeća informatičke privrede. Ovo je razlog zbog koga se ova studija bavi odnosom između intelektualnog kapitala i tržišnih i finansijskih performansi preduzeća listiranih na Beogradskoj berzi (BELEX) u Srbiji. Uzorak je činilo 42 preduzeća iz korpe indeksa BELEXline. Period za koji je rađena analiza je pet godina (2010-2014). U radu su testirane i delimično potvrđene dve istraživačke hipoteze i to o uticaju intelektualnog kapitala preduzeća u Srbiji na njihove tržišne performanse i finansijske performanse. Rezultati pokazuju da ljudski i fizički kapital pozitivno utiču na tržišne performanse preduzeća. Kada se analiziraju finansijske performanse, ljudski kapital značajno opredeljuje stopu prinosa na kapital i stopu prinosa na ukupnu aktivu, dok strukturni kapital ne utiče ni na tržišne ni na finansijske performanse, osim u slučaju produktivnosti zaposlenih. S druge strane, fizički i finansijski kapital imaju manji uticaj na produktivnost zaposlenih u odnosu na ljudski i strukturni kapital.
Upravljanje ključnim aspektima transformacije preduzeća
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Papers by Stevo Janošević