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2020, vol. 68, iss. 3-4, pp. 248-258
Does knowledge management boost wages in large and medium-sized Serbian companies?
aUniversity of Belgrade, Faculty of Philosophy, Institute for Sociological Research
bUniversity of Belgrade, Faculty of Economy, Department of Economic Theory and Analysis
Keywords: knowledge management; factor analysis; average wage; large and medium-sized companies; industry
Abstract
This study analyzes the impact of knowledge management on the business variables of large and medium-sized companies in Serbia. The research relies on Romer's theory of endogenous knowledge as a basis for stable growth. For the purpose of the study, a dataset for measuring knowledge management was created, containing 11 variables grouped into five categories: academic education, employee training, storage, knowledge dissemination and technical support. The aim is to confirm the dataset's impact on the average wage in the companies. Using the closed-ended questionnaire, with interval and Likert scales, managers of 126 companies were interviewed. By way of factor analysis, four complex factor scores were isolated, representing strategies that companies use and combine in knowledge management. Based on the results of the ordinal regression analysis carried out in large companies at the level of total economy, a set of four independent variables explains 69% of the variability of the dependent variable Company's average wage. As for medium-sized companies, the R2 coefficient is higher and amounts to 74.4%. When it comes to large and medium-sized industrial companies, the management pushes forward a strategy of investing in employee training at seminars, funding subscriptions for accessing virtual libraries and knowledge bases, as well as organizing knowledge storage procedure. Management of these companies also strives to have the highest possible percentage of experts with master's and bachelor's degrees among its employees.
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article language: English
document type: Original Scientific Paper
DOI: 10.5937/EKOPRE2004248B
published in SCIndeks: 20/05/2020