The Changing Role of Intellectual Resources During the Economic Crisis of 2008-2009

25 Pages Posted: 18 Mar 2014

See all articles by Elena Shakina

Elena Shakina

National Research University Higher School of Economics

Ángel Barajas

National Research University Higher School of Economics, SPB; National Research University Higher School of Economics - International Laboratory of Intangible-driven Economy

Date Written: March 17, 2014

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.

Keywords: value creation, crisis, intellectual capital

JEL Classification: M21, O10

Suggested Citation

Shakina, Elena and Barajas Alonso, Ángel, The Changing Role of Intellectual Resources During the Economic Crisis of 2008-2009 (March 17, 2014). Higher School of Economics Research Paper No. WP BRP 17/MAN/2014, Available at SSRN: https://ssrn.com/abstract=2410112 or http://dx.doi.org/10.2139/ssrn.2410112

Elena Shakina (Contact Author)

National Research University Higher School of Economics ( email )

Studencheskaya str., 38
Perm, Perm krai 614070
Russia

Ángel Barajas Alonso

National Research University Higher School of Economics, SPB ( email )

3A Kantemiroskaya
Saint Petersburg, 194100
Russia

HOME PAGE: http://www.hse.ru/en/staff/barajas

National Research University Higher School of Economics - International Laboratory of Intangible-driven Economy ( email )

Lebedeva,27
Perm, Perm 614070
Russia

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