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

Author(s): Aleksandra Pavlović, Ivana Janjić
Subject(s): Human Resources in Economy, Socio-Economic Research
Published by: Udruženje ekonomista i menadžera Balkana
Keywords: R&D projects investment; Human capital; Serbia; Multivariate linear regression
Summary/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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