INTANGIBLE ASSETS IMPACT ON SUSTAINABLE GROWTH RATE OF ENTERPRISES IN THE REPUBLIC OF SERBIA

Abstract

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.