Nematerijalna imovina i rast izvoza hrvatskih izvoznih poduzeća

This study tests the existence and direction of the relationship between investment in intangible assets and export and internationalization growth using the VAR, IRF, and VECM approaches. To gain a deeper understanding of this relationship, the following research question was posed: How does investment in intangible assets affect Croatian exporters’ export and internationalization growth? How long does this effect last? Based on the microfinance data of the largest Croatian exporters, the results suggest a relationship between exports and investments in intangible assets in previous periods. Accumulated impulse responses suggest that investment in intangible assets reduces and increases export growth. This U-shaped relationship between intangible asset investment and export growth does not converge to equilibrium within the ten years studied. The VECM shows that increased intangible assets lead to increased exports in the long run. However, the speed of adjustment to long-run equilibrium is slow, only 6.42% annually. The study is significant in two ways. First, it points out the relationship between investment in intangible assets and long-term export growth. Second, it provides information for policy implementation on the choice of strategic direction companies need to take to reposition themselves, preferably in forward-looking value chains, while opening discussion of the institutional infrastructure needed for this repositioning.