http://creativecommons.org/licenses/by-nc-nd/4.0/legalcode https://phaidrani.ni.ac.rs/o:2504 doi:10.31410/LIMEN.2021.157 info:eu-repo/semantics/conferenceObject application/pdf 833831 bytes 2021 eng The development of information and communication technologies and the creation of knowledge bases has resulted in a large number of incremental and radical innovations in various spheres. The condition for the survival of companies in the knowledge economy is to meet the increasingly sophisticated needs of consumers. In order for companies to follow this trend, it is necessary to constantly improve (innovate) their products and / or services and create added value for the consumer, which is a source of creating and maintaining a competitive advantage in the market. As innovations "repose" in the knowledge of individuals, companies invest a significant amount of financial resources in the education of their employees because they represent a part of the intellectual capital of the company. The subject of this paper is the analysis of the relationship between investment in R&D and market cap. The aim is to show how investing in research and development affects the market value of companies. LIMEN 2021 international scientific conference Milijić, Ana Popović, Andrija Vojvodić- Miljković, Nevenka Empirical Research on the Impact of Intellectual Capital as a Determinant of the Growth of Market Value of Companies