Ana Milijić – Innovation Center, University of Niš, University Square 2, Niš, Republic of Serbia

Andrija Popović – Innovation Center, University of Niš, University Square 2, Niš, Republic of Serbia

Nevenka Vojvodić-Miljković – Faculty of Business Economics and Enterpreneurship, Mitropolita Petra 8, Beograd, Serbia

7th International Scientific-Business Conference – LIMEN 2021 – Leadership, Innovation, Management and Economics: Integrated Politics of Research – CONFERENCE PROCEEDINGS, Online/virtual, December 16, 2021, published by the Association of Economists and Managers of the Balkans, Belgrade; Printed by: SKRIPTA International, Belgrade, ISBN 978-86-80194-54-7, ISSN 2683-6149, DOI:

Intellectual capital;
Market cap;
Expenditure R&D



The development of information and communication technolo­gies and the creation of knowledge bases has resulted in a large number of incremental and radical innovations in various spheres. The condition for the survival of companies in the knowledge economy is to meet the increas­ingly sophisticated needs of consumers. In order for companies to follow this trend, it is necessary to constantly improve (innovate) their products and/or services and create added value for the consumer, which is a source of creat­ing and maintaining a competitive advantage in the market. As innovations “repose” in the knowledge of individuals, companies invest a significant amount of financial resources in the education of their employees because they represent a part of the intellectual capital of the company. The subject of this paper is the analysis of the relationship between investment in R&D and market cap. The aim is to show how investing in research and develop­ment affects the market value of companies.

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