Ana Milijić – Innovation Center, University of Niš, University Square 2, Niš, Republic of Serbia
Andrija Popović – Innovation Center, University of Niš, University Square 2, Niš, Republic of Serbia


5th International Scientific Conference – EMAN 2021 – Economics and Management: How to Cope With Disrupted Times, Online/Virtual, March 18, 2021, CONFERENCE PROCEEDINGS published by: Association of Economists and Managers of the Balkans, Belgrade, Serbia; ISBN 978-86-80194-43-1, ISSN 2683-4510


Intellectual capital as a driver of growth and development of technically and technologically
intensive companies in the era of knowledge economy is the basic generator of creating superior company
performance. The conditions of the “new economy” influenced the change of the business model
of modern companies, whereby the identification, measurement, reporting, control and exploitation of
the intellectual capital of the company became important in order to maximize the value of owners and
other stakeholders of the company. The subject of this paper is to examine the impact of intellectual
capital components on the financial and market performance of enterprises. This paper aims to show
the degree of connection and direction of movement of financial and market performance of companies
in relation to the concentration of intellectual capital in companies.


Financial performance, Market performance, Expenditure R&D.


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