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Intangible assets as a potential for growth in Republic of Srpska

znanstvena monografija

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EAN koda: 9789612402389
ISBN koda: 978-961-240-238-9
Fizični opis: 158 str.
Izdajatelj: Ekonomska fakulteta
Tisk: Copis
Datum izdaje: 21.6.2012
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O knjigi

In the last 20 years, development of the Republic of Srpska has been turbulent. Due to political crisis in the early 1990s, ex-Yugoslavia started to fall apart. The crisis culminated with a war that caused huge material damage, human loss, and the break-up of international relations for the Republic of Srpska. The Dayton-Paris peace agreement ended the 1992-95 war and paved the way to peace and stability in the Republic Srpska. From 1995 to 2000 the nation faced slow recovery, followed by robust growth from 2000 to 2008. This period was characterised by high GDP growth and implementation of structural reforms involving price liberalization, trade and foreign exchange reforms, small and large scale privatization, competition policy, banking reform, infrastructure reform, and non-bank financial reform.
Today, economic growth is often created by intangible capital. The role of intangible capital and investment in intangibles is becoming very important for policy makers, practitioners and academics. Empirical evidence all over the world confirms that intangible capital increases value added, productivity and growth on both a micro level of the firm and on a macro level of the economy.
The aim of this book is to question is Republic of Srpska able to build its future growth on intangible assets. Does the Republic Srpska have the potential for developing and creating value through intangibles?
Our study presents some interesting results. Companies that are more investing in the development of intangible assets are export-oriented companies and are less productive than companies oriented toward the domestic market. Thus, companies that operate mostly on the domestic market and are exposed to less competition show higher productivity. One of the main virtues of competition in the economic literature relates to its role in stimulating productivity. This is particularly the case when none of the firms on the market has enough economy of scale to dominate the market or create a monopoly. In fact, the economic theory suggests that when a firm is able to fulfil the total industry demand at a lower cost than if other firms were present, then economic welfare is maximized by restricting the number of firms to one. If such condition is met, a monopoly is likely to exist, and a particular firm is more likely to pass on higher prices to consumers.
Thise book discusses the main results from several angles. The first chapter closely looks at the macroeconomic situation in the Republic of Srpska from 1990 through today. The macroeconomic outlook comprises the analysis of available secondary data and provides a framework for better understanding the primary data analysis. Chapter Two is dedicated to the description of the methodology. Research design including, questionnaire and data description are presented in this chapter. Chapters 3 to 7 examine the impact of intangibles on firm productivity in the Republic of Srpska. Chapter 3 focuses on social capital and its relation to firm efficiency, while Chapter 4 questions the importance of human resources and organisation on firm performance. Chapter 5 focuses on branding and brand capital; relationship and informational capital are presented in Chapter 6. Chapter 7 analyses research and development policy in Republic of Srpska companies and its relation with performance. Finally, Chapter 7 is dedicated to the analysis of financial policies of Republic of Srpska firms.
Overall, this book is to acknowledging the reader on past and current development of the Republic of Srpska economy and provides perspective for its future growth.
On this occasion we would like to thank our colleagues from the Faculty of Economics in Banja Luka for their cooperation, great commitment and involvement on the project work. As well we want to thank our colleagues from the Faculty of Economics in Ljubljana that contributed their best as always.

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