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The impact of quality management (QM) programs on business results has been the subject of numerous studies worldwide. However, given the complexity of the contemporary QM paradigm and its context-dependence, it is difficult to generalise its impact on business performance. This study examines QM from the strategic management perspective by comprehensively analysing the effects of quality management system (QMS) certification to ISO 9001 in terms of improved business performance and the achieved level of total quality management (TQM) in Serbian companies. Control variables of industry type and company size are employed to observe their possible impact on motives for, and effects of, QMS certification to ISO 9001. The results reveal that the certification of Serbian companies' QMS to ISO 9001 positively influences their operational and market performance, with the impact intensity dependent upon company size and industry type. The impact of certification on financial performance was examined but not confirmed. Compared to companies motivated primarily by marketing interests and market pressure, companies that certify their QMS to ISO 9001 to improve the quality of their business show a higher level of TQM implementation and gain greater benefits from certification.

PurposeThis research paper explores the impact of intellectual capital (IC) and its various components on financial performance of 100 Serbian companies within the real sector (which includes all companies in the Serbian economy not including banking and insurance).Design/methodology/approachThe performance measures used were net profit, operating revenues, operating profit, return on equity (ROE), and return on assets (ROA), whereas IC efficiency was measured using value added intellectual coefficient (VAIC). A multiple‐regression model was used to assess the relationship among individual components of VAIC and financial performance.FindingsNet profit, operating revenue, and operating profit are not the consequence of the efficient use of IC in Serbian companies. On the other hand, human and structural capital affect ROE and ROA, whereas physical capital influences ROE.Research limitations/implicationsVAIC is an accounting measure of performance and therefore does not provide an adequate framework for analyzing synergy between human, structural, and physical capital. In addition, the model fails to offer adequate analysis for those companies that have negative values for equity and operating profit.Practical implicationsThe presented results are especially useful for further research regarding the role and significance of IC for Serbian companies. By focusing on adequate IC management and use, the Serbian economy's competitiveness level would increase.Originality/valueThis paper is original as no previous empirical work on IC and its effects on financial performance have been carried out among Serbian companies in the real sector. Copyright © 2013 John Wiley & Sons, Ltd.