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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
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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

    as
    1. Fabio Sabatini, 2008. "Social Capital and the Quality of Economic Development," Kyklos, Wiley Blackwell, vol. 61(3), pages 466-499, August.
    2. Beltratti, Andrea & Stulz, Rene M., 2009. "Why Did Some Banks Perform Better during the Credit Crisis? A Cross-Country Study of the Impact of Governance and Regulation," Working Paper Series 2009-12, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
    3. Kindleberger, Charles P, 1988. "The Financial Crises of the 1930s and the 1980s: Similarities and Differences," Kyklos, Wiley Blackwell, vol. 41(2), pages 171-186.
    4. Himmelberg, Charles P. & Hubbard, R. Glenn & Palia, Darius, 1999. "Understanding the determinants of managerial ownership and the link between ownership and performance," Journal of Financial Economics, Elsevier, vol. 53(3), pages 353-384, September.
    5. Reimar Palte & Michael Hertlein & Stefan Smolnik & Gerold Riempp, 2011. "The Effects of a KM Strategy on KM Performance in Professional Services Firms," International Journal of Knowledge Management (IJKM), IGI Global, vol. 7(1), pages 16-34, January.
    6. Vijaya Murthy & Jan Mouritsen, 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.
    7. Weede, Erich & Kampf, Sebastian, 2002. "The Impact of Intelligence and Institutional Improvements on Economic Growth," Kyklos, Wiley Blackwell, vol. 55(3), pages 361-380.
    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, University of Belgrade, vol. 57(192), pages 79-98, January –.
    9. Karl Aiginger, 2010. "Post Crisis Policy: Some Reflections of a Keynesian Economist," WIFO Working Papers 371, WIFO.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    value creation; crisis; intellectual capital;

    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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