INTANGIBLE CAPITAL INVESTMENT AND CORPORATE PRESENCE IN GLOBAL VALUE CHAINS IN SLOVENIA

Firm inclusion into global value chains is apart from the immediate effect on the demand important also in the long run due to other effects, such as opening up of new markets, technology and knowledge transfer etc. Innovations at large (product and process innovations, organizational, market and marketing innovations), knowledge accumulation, as well as strengthening of corporate capabilities and competencies, represent a major part of investment into intan­ gible or knowledge­based capital. The latter can enhance productivity growth by as much as a third. This paper studies the position of Slovenian companies, based on the Business Environment and Enterprise Performance Survey database by the EBRD (panels IV and V) to assess the differences in the accumulation of intangible capital between the compa­ nies that are active in global markets and those that are not. The results show that the observed differences are most pronounced in computerized information component of intangible capital, while differences in innovative property and investment into strengthening economic competencies are not as large. These results partially reflect the recent economic crisis as well as the impact of the service sectors.