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The Changing Role Of Intellectual Resources During The Economic Crisis Of 2008-2009

Author

Listed:
  • Elena Shakina

    (National Research University Higher School of Economics)

  • Angel Barajas

    (University of Vigo, Spain)

Abstract

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.

Suggested Citation

  • Elena Shakina & Angel Barajas, 2014. "The Changing Role Of Intellectual Resources During The Economic Crisis Of 2008-2009," HSE Working papers WP BRP 17/MAN/2014, National Research University Higher School of Economics.
    • Handle: RePEc:hig:wpaper:17man2014
    as

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    File URL: http://www.hse.ru/data/2014/03/17/1332661462/17MAN2014.pdf
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    References listed on IDEAS

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    More about this item

    Keywords

    value creation; crisis; intellectual capital;
    All these keywords.

    JEL classification:

    • M21 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics - - - Business Economics
    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General

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