Prof. Ante Pulić, Ph.D.
Prof. Dragomir Sundać, Ph.D.
The monograph "Intelektualni kapital" deals with one modern and actual theme. Authors begin
the book with the thesis that enterprise assets, which contribute to profitable business activities,
could consist, if put roughly, of two parts. Those parts are fixed assets and intangible assets.
They support the thesis that such an accountingfinancial system within the enterprise monitors
precisely the value and fixed assets utilization. Yet, the value of socalled intellectual capital is
hardly ever monitored, although the intellectual capital (intangible assets) within the companies
that operate high technology contributes to profit more than fixed assets. So established thesis
unveil the problematic in four correlative, logical and thematically connected entireties.
In the first chapter the authors discuss global processes in world economy, which alter
enterprise's business environment. At this point, they emphasize that the processes of scientific
technological revolution represent the most significant factor of those alterations in enterprise's
environment. The processes of scientific technological revolution are described with all relevant
causes and consequences. In the second chapter authors move further to the problem of
intellectual capital valorization.
They approach the unemployment from the standpoint of efficient capital utilization in the way
which practiced classical economic theory, especially Keynesian and NeoKeynesian. At the
same time, those standpoints are examined through the unemployment data for the Republic of
Croatia. The authors conclude that the old economic theory cannot entirely answer newly created
questions. The book therefrom brings following question: what is more important for "profit
production", fixed assets or intangible assets. At this point the authors reach a correct conclusion
that, if compared to fixed assets, the intangible assets increasingly gain on the significance.
Thereupon in the third chapter is establishes the main thesis: intangible assets are the most
significant factor of enterprise's business efficiency. Term intangible assets/intellectual capital is
explained in this chapter, as well as the fact that the third technological revolution information
revolution initiates the trend of enterprise's movement from capital intensive towards knowledge
intensive enterprise. Those new processes in the enterprise, which alter the business conditions,
are correctly and scientifically based explained in this part of the book. Moreover, the authors
put more weight to information as economic resource. The book introduces new coefficient
VAIC that measures and indicates the contribution of intangible assets to efficient business of
Intellectual capital is measured in the fourth chapter of the book according to statistic data
about business activities of Croatian enterprises. In the view of coefficient VAIC, here is being
observed the whole range of companies. The authors also introduce coefficient VACA as a
relation between added value and physical capital in the enterprise, as well as the coefficient
VAIP , which is calculated according to added value and intangible assets. Therefore, the
coefficient VAIC represents the sum of coefficients VAIP and VACA. Specified methodology
primarily examines enterprise's efficiency towards the proprietary structure, and than estimates
50 the most successful and 50 the least successful Croatian enterprises.
The book also examines groups of enterprises that are mostly in state proprietorship, the
enterprises that are mostly in private proprietorship and the enterprises that became private
through the process of transition. Correspondingly, entirely private enterprises and entirely state
enterprises are also being evaluated.
The estimation is also given through particular industrial sectors.
The whole range of scientific conclusions is derived from established scientific opinions. These
scientific conclusions are directed towards finding the solution for dilemma: what should an
enterprise do to pay more attention to intangible assets. At the same time the authors seek the
answer to question how should an enterprise manage the intangible assets.