The Importance of R&D Projects in Serbia – The Role of Human Capital

by | Apr 23, 2024 | DOI 2023 Conf Proc

Aleksandra Pavlović – The Academy of Applied Technical Studies Belgrade, Katarine Ambrozić 3, 11000, Belgrade, Republic of
Serbia

Ivana Janjić – Innovation center, University of Niš, University Square 2, 18000, Niš, Republic of Serbia

Keywords:                      R&D projects investment;
Human capital;
Serbia;
Multivariate linear regression

DOI: https://doi.org/10.31410/ERAZ.2023.219

Abstract: Research and development (R&D) projects are crucial for the im­plementation of a company’s strategy and a prerequisite for achieving a com­petitive advantage. In globalized conditions, the success of R&D projects sig­nificantly depends on the capabilities of human capital. Human capital is the most valuable resource of any country, therefore, the cooperation of scientif­ic-research organizations with companies from the private sector in the field of realization of R&D projects has become inevitable. The primary goal of this pa­per is to examine the relationship between R&D project investments and hu­man capital (employees in the R&D area and highly-educated employees), from 2008 to 2021. For that purpose, multivariate linear regression has been applied. The results revealed that a highly educated workforce is of key importance for the growth of investments in R&D projects, hereby, the proposal for policymak­ers would be to encourage greater investments in higher education, as well as to strengthen better cooperation between science and business.

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9th International Scientific ERAZ Conference – ERAZ 2023 – Conference Proceedings: KNOWLEDGE BASED SUSTAINABLE DEVELOPMENT, hybrid – online, virtually and in person, Prague, Czech Republic, June 1, 2023

ERAZ Conference Proceedings published by: Association of Economists and Managers of the Balkans – Belgrade, Serbia

ERAZ conference partners: Faculty of Logistics, University of Maribor, Maribor (Slovenia); University of National and World Economy – UNWE, Sofia (Bulgaria); Center for Political Research and Documentation (KEPET), Research Laboratory of the Department of Political Science of University of Crete (Greece); Institute of Public Finance – Zagreb (Croatia); Faculty of Tourism and Hospitality Ohrid, University of St. Kliment Ohridski from Bitola (North Macedonia)

ERAZ Conference 2023 Conference Proceedings: ISBN 978-86-80194-72-1, ISSN 2683-5568, DOI: https://doi.org/10.31410/ERAZ.2023

Creative Commons Non Commercial CC BY-NC: This article is distributed under the terms of the Creative Commons Attribution-Non-Commercial 4.0 License (https://creativecommons.org/licenses/by-nc/4.0/) which permits non-commercial use, reproduction and distribution of the work without further permission. 

Suggested citation

Pavlović, A., & Janjić, I. (2023). The Importance of R&D Projects in Serbia – The Role of Human Capital. In V. Bevanda (Ed.), ERAZ Conference – Knowlegde Based Sustainable Development: Vol 9. Conference Proceedings (pp. 219-225). Association of Economists and Managers of the Balkans. https://doi.org/10.31410/ERAZ.2023.219

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