Financial Structure of Innovative Organizations in Serbia

Marinković, Grozdana and Stevanović, Slavica (2021) Financial Structure of Innovative Organizations in Serbia. In: Finance, Innovation and Technology: new models and structures. Institute of Economics - Ss. Cyril & Methodius University, Skopje, pp. 162-178. ISBN 978-608-4519-23-2

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Abstract

This paper analyses the financial structure of organizations engaged in Serbia's innovation activities that are included in the Register of Innovation Activities. The paper's specific objective refers to the assessment of sustainable financing of innovative organizations classified as development and production centres, research and development centres and innovation centres. The research is based on the financial structure analysis of 68 national innovative organizations selected from the Register of Innovation Activities. We observed the period 2015-2018 and used official financial statements from the Serbian Business Registers Agency. Our research results based on aggregate data indicate that their own financing sources predominantly finance innovation organizations. Approximately half of the individual organizations notice a higher share of liabilities in the total financing sources. Innovation organizations' activities are stimulated through budget support, cooperation with international financial organizations, funds from the Innovation Fund of the Republic of Serbia, and other funds. Financing of innovative organizations by the different national funds and international financial organizations' funds is treated as short-term liabilities until the defined criteria are realized.

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