The Effects of Green Intellectual Capital on Business Performance: Evidence from Serbia

Valentina Vukmirović; Milenko  Radonić; Olga  Radovanović; Miloš  Milosavljević

doi:10.5755/j01.ee.35.4.31711

Authors

Valentina Vukmirović Institute of Economic Sciences, Serbia
Milenko Radonić GoDaddy Inc., Serbia https://orcid.org/0000-0003-2140-7494
Olga Radovanović Development Fund of the Republic of Serbia https://orcid.org/0000-0002-3215-4018
Miloš Milosavljević Faculty of Organizational Sciences, University of Belgrade, Serbia https://orcid.org/0000-0002-4965-4676

DOI:

https://doi.org/10.5755/j01.ee.35.4.31711

Keywords:

Green Intellectual Capital, Financial Performance, Business Performance, Serbia

Abstract

Investing in green intellectual capital can create competitive advantage of companies in the long term. In short term, however, more orchestration is required for investment into green resources to boost financial and non-financial performance of business. The aim of this paper is to present the effects of Green Intellectual Capital (Green Human Capital, Green Structural Capital, and Green Relational Capital) on companies' business performance (including their financial and non-financial indicators). For this purpose, primary data were collected from targeted companies operating in the Serbian market (N=344) using a structured questionnaire. The results confirm the positive effects of Green Human Capital and Green Relational Capital on both financial and non-financial indicators of researched companies. Green Structural Capital was not found to have an impact on the companies' financial performance. These findings can contribute to 1) owners and managers in creating sustainable business models, 2) regulators in creating policy frameworks and incentives for sustainable development and 3) other business analysts focused on the green intellectual capital development in companies.

Author Biographies

Valentina Vukmirović, Institute of Economic Sciences, Serbia

Valentina Vukmirović, PhD, is a research associate at the Institute of Economic Sciences. She holds a PhD in Management and Business from the University of Belgrade. Her research interests and publications lie at the intersection of Marketing Communications, Competitiveness and Regional/Sectorial Development Policies. She was engaged in a strategic project of the Serbian Ministry of Education, Science and Technological Development, and in two scientific projects financed by the Science Fund of the Republic of Serbia.

Milenko Radonić, GoDaddy Inc., Serbia

Milenko Radonić holds a PhD in Management and Business from the University of Belgrade. His research interests and publications are related to financial management, business valuation and intangible assets. He has published over 20 peer-reviewed scientific papers in international and domestic journals and conferences, focusing primarily on financial management and foreign direct investments. He works as the Project Manager for EMEA & APAC as part of GoDaddy Inc.

Olga Radovanović, Development Fund of the Republic of Serbia

Olga Radovanović is a senior advisor at the Development Fund of the Republic of Serbia. She is a PhD candidate at the Faculty of Organizational Sciences University of Belgrade. Her reasearch interest covers SME access to finance and sustainability.

Miloš Milosavljević, Faculty of Organizational Sciences, University of Belgrade, Serbia

Miloš Milosavljević, PhD, is an associate professor at the University of Belgrade, Faculty of Organizational Sciences. He holds a PhD in financial management and performance measurement. He teaches Financial Management and Management Accounting. He has participated in numerous consulting projects in the field of financial management and controlling. He has authored or coauthored more than 60 articles and conference papers, textbooks and international monographs.