The Changing Role Of Intellectual Resources During The Economic Crisis Of 2008-2009
This study investigates factors of corporate success over the crisis period of 2008-2009. We advocate the idea that investments in intangibles allow a company to be better off, even if the markets go down. The hypothesis put forward in this paper was tested on a sample of more than 300 companies which operate in developed and emerging European markets, and belong to traditional and innovative industries. The application of statistical tools showed a robust significant link between the companies’ investment decisions and their performance before and during the crisis. This study contributes to empirical corporate finance as it provides evidence that investment restriction is not the best response to an economic recession.
|Date of creation:||2014|
|Publication status:||Published in WP BRP Series: Management / MAN, March 2014, pages 1-25|
|Contact details of provider:|| Postal: Myasnitskaya 20, Moscow 101000|
Web page: http://www.hse.ru/
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- Huang, Shi-Ming & Ou, Chin-Shyh & Chen, Chyi-Miaw & Lin, Binshan, 2006. "An empirical study of relationship between IT investment and firm performance: A resource-based perspective," European Journal of Operational Research, Elsevier, vol. 173(3), pages 984-999, September.
- Weede, Erich & Kampf, Sebastian, 2002. "The Impact of Intelligence and Institutional Improvements on Economic Growth," Kyklos, Wiley Blackwell, vol. 55(3), pages 361-380.
- Karl Aiginger, 2010. "Post Crisis Policy: Some Reflections of a Keynesian Economist," WIFO Working Papers 371, WIFO.
- Vijaya Murthy, 2011. "The performance of intellectual capital: Mobilising relationships between intellectual and financial capital in a bank," Accounting, Auditing & Accountability Journal, Emerald Group Publishing, vol. 24(5), pages 622-646, June.
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