Amer Rastić, Tatjana Stevanović, Ljilja Antić

DOI Number
First page
Last page


The digital economy unites a dual typology of resources in enterprises, which can be tangible and intangible. In the language of accounting, it is about tangible and intangible assets. Due to the involvement of digital technologies in companies, intangible assets or intellectual capital became prominent. The sustainable growth of companies in Serbia has great importance for both management and external stakeholders. The presented paper examines the impact of intangible assets, formatted with the VAIC model, on the Sustainable growth rate (SGR) of companies in Serbia. The selected list of companies refers to the most profitable industry sector of the Serbian economy, assessed according to the Serbian Business Registers Agency for 2018. In order to confirm the hypothesis, the synthesis method, the analysis method, and the correlation analysis method were used. There was a significant positive impact of intangible assets on the sustainable growth rate of enterprises and a negative impact of physical assets, which, however, is not statistically significant. Since no research has been recorded in our country that sheds light on the correspondence between intangible assets and SGR, the study has a strong practical significance for this purpose. These results represent at the same time a reference point for our economy and for future entrepreneurs on the way to intensive involvement of intangible assets in companies.


intangible assets, digital economy, sustainable competitive advantage, sustainable growth rate

Full Text:



Andriessen, D. (2004). Making sense of intellectual capital: designing a method for the valuation of intangibles. Butterworth-Heinemann.

Arora, L., Kumar, S., & Verma, P. (2018). The Anatomy of Sustainable Growth Rate of Indian Manufacturing Firms. Global Business Review, 19(4), 1050–1071.

Asiaei, K., Jusoh, R., & Bontis, N. (2018). Intellectual capital and performance measurement systems in Iran. Journal of Intellectual Capital, 19(2), 294–320.

Barrow, M. (2009). Statistics for economics, accounting and business studies. Pearson Education.

Bontis, N., & Fitz‐enz, J. (2002). Intellectual capital ROI: a causal map of human capital antecedents and consequents. Journal of Intellectual Capital, 3(3), 223–247.

Bontis, N., Chua Chong Keow, W., & Richardson, S. (2000). Intellectual capital and business performance in Malaysian industries. Journal of Intellectual Capital, 1(1), 85–100.

Cabrilo, S., & Dahms, S. (2018). How strategic knowledge management drives intellectual capital to superior innovation and market performance. Journal of Knowledge Management, 22(3), 621–648.

Cagle, M. N., Yılmaz, K., & Doğru, H. (2020). Digitalization of Business Functions under Industry 4.0. In Digital Business Strategies in Blockchain Ecosystems., Springer, Cham., p. 105-132.

Chen, M., Cheng, S., & Hwang, Y. (2005). An empirical investigation of the relationship between intellectual capital and firms’ market value and financial performance. Journal of Intellectual Capital, 6(2), 159–176.

Chowdhury, L. A. M., Rana, T., & Azim, M. I. (2019). Intellectual capital efficiency and organisational performance. Journal of Intellectual Capital, 20(6), 784–806.

Chu, S. K. W., Hang Chan, K., & Wu, W. W. Y. (2011). Charting intellectual capital performance of the gateway to China. Journal of Intellectual Capital, 12(2), 249–276.

Ciprian, G. G., Valentin, R., Mădălina, G. (Iancu) A., & Lucia, V. (Vlad) M. (2012). From Visible to Hidden Intangible Assets. Procedia - Social and Behavioral Sciences, 62, 682–688.

Ðuričin, D., & Janošević, S. (2009). Strategijska analiza ljudskih resursa [Strategic analysis of human resources]. Economic Themes, 47(1), 1-46.

Dženopoljac, V., Janoševic, S., & Bontis, N. (2016). Intellectual capital and financial performance in the Serbian ICT industry. Journal of Intellectual Capital, 17(2), 373–396.

Dzenopoljac, V., Yaacoub, C., Elkanj, N., & Bontis, N. (2017). Impact of intellectual capital on corporate performance: evidence from the Arab region. Journal of Intellectual Capital, 18(4), 884–903.

Ghosh, S., & Mondal, A. (2009). Indian software and pharmaceutical sector IC and financial performance. Journal of Intellectual Capital, 10(3), 369–388.

Gupta, K., & Raman, T. V. (2020). Intellectual capital: a determinant of firms’ operational efficiency. South Asian Journal of Business Studies, 10(1), 49–69.

Mehta, A. D., & Madhani, P. M. (2008). Intangible assets-An introduction. The Accounting World, 8(9), 11-19.

Mention, A., & Bontis, N. (2013). Intellectual capital and performance within the banking sector of Luxembourg and Belgium. Journal of Intellectual Capital, 14(2), 286–309.

Michalisin, M. D., Smith, R. D., & Kline, D. M. (1997). IN SEARCH OF STRATEGIC ASSETS. The International Journal of Organizational Analysis, 5(4), 360–387.

Mukherjee, T., & Sen, S. S. (2019). Intellectual Capital and Corporate Sustainable Growth: The Indian Evidence. Journal of Business Economics and Environmental Studies, 9(2), 5–15.

Naidenova, I., & Parshakov, P. (2013). Intellectual capital investments: evidence from panel VAR analysis. Journal of Intellectual Capital, 14(4), 634–660.

Novićević, B., Antić, L., & Stevanović, T. (2006). Upravljanje performansama preduzeća [Enterprises performances management. Niš: Ekonomski fakultet.

Pike, S., Fernström, L., & Roos, G. (2005). Intellectual capital. Journal of Intellectual Capital, 6(4), 489–509.

Popkova, E. G., & Haabazoka, L. (2019). The Cyber Economy as an Outcome of Digital Modernization Based on the Breakthrough Technologies of Industry 4.0. In The cyber economy: opportunities and challenges for artificial intelligence in the digital workplace (p. 3-10). Springer, Cham.

Pozdnyakova, U. A., Golikov, V. V., Peters, I. A., & Morozova, I. A. (2019). Genesis of the revolutionary transition to industry 4.0 in the 21st century and overview of previous industrial revolutions. In Industry 4.0: Industrial Revolution of the 21st Century., Springer, Cham., p. 11-19

Prokofyev, S. E., Bratarchuk, T. V., & Klimova, I. I. (2019). Perspectives on the Potential Application of Intelligent Machines in the Cyber Economy. In The cyber economy: opportunities and challenges for artificial intelligence in the digital workplace. Springer., Cham., p. 95-103.

Sardo, F., & Serrasqueiro, Z. (2017). A European empirical study of the relationship between firms’ intellectual capital, financial performance and market value. Journal of Intellectual Capital, 18(4), 771–788.

SBRA – The Serbian Business Registers Agency. (2020). Financial statements of the research sample [data files]. Retrieved from

SBRA – The Serbian Business Registers Agency. (2020). STO NAJ... privrednih društava u 2018. godini [The top hundred enterprises in 2018]. Retrieved from

Serenko, A., & Bontis, N. (2013). Investigating the current state and impact of the intellectual capital academic discipline. Journal of Intellectual Capital, 14(4), 476–500.

Shui-ying, J., & Ying-yu, W. (2008). The Contribution of Intellectual Capital to Firms' Sustainable Growth Ability: An Empirical Investigation Based on Listed Companies in China. 2008 International Conference on Information Management, Innovation Management and Industrial Engineering, 394-397.

Sukhodolov, Y. A. (2019). The notion, essence, and peculiarities of industry 4.0 as a sphere of industry. In Industry 4.0: Industrial Revolution of the 21st Century Springer, Cham., p. 3-10.

Wang, Z., Wang, N., Cao, J., & Ye, X. (2016). The impact of intellectual capital – knowledge management strategy fit on firm performance. Management Decision, 54(8), 1861–1885.

Xu, J., & Wang, B. (2018). Intellectual Capital, Financial Performance and Companies’ Sustainable Growth: Evidence from the Korean Manufacturing Industry. Sustainability, 10(12), 4651.

Xu, X. L., Chen, H. H., & Zhang, R. R. (2020). The Impact of Intellectual Capital Efficiency on Corporate Sustainable Growth-Evidence from Smart Agriculture in China. Agriculture, 10(6), 199.

Xu, X. L., Li, J., Wu, D., & Zhang, X. (2021). The intellectual capital efficiency and corporate sustainable growth nexus: comparison from agriculture, tourism and renewable energy sector. Environment, Development and Sustainability, 23(11), 16038–16056.

Zéghal, D., & Maaloul, A. (2010). Analysing value added as an indicator of intellectual capital and its consequences on company performance. Journal of Intellectual Capital, 11(1), 39–60.



  • There are currently no refbacks.

© University of Niš, Serbia
Creative Commons License CC BY-NC-ND
ISSN 0354-4699 (Print)
ISSN 2406-050X (Online)