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

Vukmirović, Valentina and Radonić, Milenko and Radovanović, Olga and Milosavljević, Miloš (2024) The Effects of Green Intellectual Capital on Business Performance: Evidence from Serbia. Inzinerine ekonomika, 35 (4). pp. 472-486. ISSN 2029-5839

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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.

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