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Acceleration effect of intangibles in the recovery of corporate performance after-crisis

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  • Barajas, Angel
  • Shakina, Elena
  • Fernández-Jardón, Carlos

Abstract

This study explores the recovery in the Market Value Added (MVA) of European companies after the recent global economic crisis in 2008–2009. It introduces empirical evidence that intangible-intensive strategy in human and relational capital reinforces speed of the after-crisis correction for companies. Based on a panel dataset of more than 1600 listed corporations this research aims to discover drivers of Market Value Added trends in 2011–2013. The established results contribute to the understanding of the advantages that companies can exploit for the recovery after systematic shocks of markets. Our study demonstrates that intangible-intensive strategy not always enabled faster recovery speed. Meanwhile, it provided year-to-year acceleration of MVA growth after crisis.

Suggested Citation

  • Barajas, Angel & Shakina, Elena & Fernández-Jardón, Carlos, 2017. "Acceleration effect of intangibles in the recovery of corporate performance after-crisis," Research in International Business and Finance, Elsevier, vol. 42(C), pages 1115-1122.
    • Handle: RePEc:eee:riibaf:v:42:y:2017:i:c:p:1115-1122
    DOI: 10.1016/j.ribaf.2017.07.046
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    References listed on IDEAS

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    1. Elena Shakina & Angel Barajas, 2013. "The Contribution of Intellectual Capital to Value Creation," Contemporary Economics, University of Economics and Human Sciences in Warsaw., vol. 7(4), December.
    2. Harald Edquist, 2011. "CAN INVESTMENT IN INTANGIBLES EXPLAIN THE SWEDISH PRODUCTIVITY BOOM IN THE 1990s?," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 57(4), pages 658-682, December.
    3. Guthrie, James & Ricceri, Federica & Dumay, John, 2012. "Reflections and projections: A decade of Intellectual Capital Accounting Research," The British Accounting Review, Elsevier, vol. 44(2), pages 68-82.
    4. Archibugi, Daniele & Filippetti, Andrea & Frenz, Marion, 2013. "Economic crisis and innovation: Is destruction prevailing over accumulation?," Research Policy, Elsevier, vol. 42(2), pages 303-314.
    5. Elena Shakina & Angel Barajas, 2014. "Value creation through intellectual capital in developed European markets," Journal of Economic Studies, Emerald Group Publishing, vol. 41(2), pages 272 - 291, March.
    6. Elena Shakina & Angel Barajas, 2014. "Value creation through intellectual capital in developed European markets," Journal of Economic Studies, Emerald Group Publishing Limited, vol. 41(2), pages 272-291, March.
    7. Michele Cincera & Claudio Cozza & Alexander Tübke & Peter Voigt, 2010. "Doing R&D or not (in a crisis), that is the question..," JRC Working Papers on Corporate R&D and Innovation 2010-12, Joint Research Centre.
    8. Angel Barajas & Elena Shakina, 2012. "The Relationship Between Intellectual Capital Quality And Corporate Performances: An Empirical Study Of Russian And European Companies," Economic Annals, Faculty of Economics and Business, University of Belgrade, vol. 57(192), pages 79-98, January –.
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    10. Carlota Perez, 2002. "Technological Revolutions and Financial Capital," Books, Edward Elgar Publishing, number 2640.
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    More about this item

    Keywords

    Intangibles; Crisis; Recovery; Strategy; Corporate performance; Market value added (MVA);
    All these keywords.

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • O34 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Intellectual Property and Intellectual Capital

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