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Did relational capital matter during the financial crisis?

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  • Anna Bykova

    ()
    (National Research University Higher School of Economics, Perm)

  • Evgeniia Kuminova

    ()
    (National Research University Higher School of Economics (Perm, Russia))

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    Abstract

    This paper aims to contribute to the body of empirical studies that address the importance of investments in companies’ relationships and the way in which they influence value creation in the global economic crisis. We employ linear panel analysis using the Hausman–Taylor model to analyse panel data for companies from the five largest European countries in the period 2004–2011. Different types of exogenous and endogenous links which a company could have in different stages of the crisis are investigated. The findings suggest that there is a statistically significant and positive link between relational capital and a firm’s value. Moreover, we identify several differences in the significance of the inputs during different crisis periods. The study provides both theoretical and practical insights into investments in intangibles for framing strategy decisions with a particular focus on the role of relational capital. This could provide scholars and practitioners with a working basis for understanding connections and the implications of strategizing in the context of a company’s networks.

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    File URL: http://www.hse.ru/data/2013/12/19/1338944723/23FE2013.pdf
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    Bibliographic Info

    Paper provided by National Research University Higher School of Economics in its series HSE Working papers with number WP BRP 23/FE/2013.

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    Length: 24 pages
    Date of creation: 2013
    Date of revision:
    Publication status: Published in WP BRP Series: Financial Economics / FE, December 2013, pages 1-24
    Handle: RePEc:hig:wpaper:23/fe/2013

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    Keywords: relational capital; economic crisis; value creation; Hausman-Taylor specification;

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