Intangible-Intensive Profile Of A Company: The Key To Outperforming
This study explores corporate strategies regarding intangibles. We argue that companies consciously or unconsciously follow particular investment strategies in intangibles by allocating resources among intangible assets. The key contribution of our research is a new way to classify companies according to intangibles employed. The research question is if intangible-intensive profile exists. For the purpose of our each profile is identified on the intersection of the relevant theory of intellectual capital and empirical investigation. The intellectual capital concept enables elaboration of the framework of each company’s profile. The empirical analysis provides us with the clusters matched with the theoretical framework. The database consists of about 1700 listed European companies observed from 2004 till 2011. The database includes figures from annual statistics and financial reports. The information about intangibles was collected from publicly available sources like company websites, patent and information bureaus, and rating agencies. As a result more than 20 indicators are involved in the analysis. K-means clustering allows us distinguishing four major profiles of intangible-intensive companies.
The empirical analysis allows identification of three profiles of companies: two of them (innovative and conservative) represent intangible intensive strategy. The third profile that doesn’t have clear priorities in intangibles was called in this study moderate (low) and was used as a benchmark to examine if intangible-intensive profiles enable better performance.
Hi-tech innovative alliances tend to have more key sustainable competitive advantages in comparison with those out of alliance, especially because alliances allow the companies to switch through the partners the financial burdens and intellectual investments in innovations. BRIC make an important input into Gross World Production and its hi-tech industries grow faster than others over developing countries. However companies of these industries still lack internal resources of innovative and technological facilities, e.g. Russian companies, because of that alliances (usually, international anв transnational) acquire more and more popularity. Alliances give the access towards resources and competences of the direct and indirect partners. The paper describes the empirical evidence of alliances efficiency factors and its influence on the high-tech companies of India and China. This evidence can be replicable to some extent and useful to the development of Russian companies. According to the testing results it is possible to assume, that efficiency of alliances has the significant impact on the corporate value in the mid-term. The crisis has significant impact on the observable dependencies.
The paper shows the connection of the normative-value system of Russians with the existing type of Russian society. On a large empirical data estimated specificity and stage of sociocultural modernization experienced by contemporary Russian society .
Bringing together a team of scholars from the diverse fields of geography, literary studies, and history, this is the first volume to study water as a cultural phenomenon within the Russian/Soviet context. Water in this context is both a cognitive and cultural construct and a geographical and physical phenomenon, representing particular rivers (the Volga, the Chusovaia in the Urals, the Neva) and bodies of water (from Baikal to sacred springs and the flowing water of nineteenth-century estates), but also powerful systems of meaning from traditional cultures and those forged in the radical restructuring undertaken in the 1930s. Individual chapters explore the polyvalence and contestation of meanings, dimensions, and values given to water in various times and spaces in Russian history. The reservoir of symbolic association is tapped by poets and film-makers but also by policy-makers, the popular press, and advertisers seeking to incite reaction or drive sales. The volume's emphasis on the cultural dimensions of water will link material that is often widely disparate in time and space; it will also serve as the methodological framework for the analysis undertaken both within chapters and in the editors' introduction.
The aim of the article is revealing in the historical context of the fundamental ideological constructions and shared by the majority of Russians Patriotic values. Thus concludes that the peaks of the state of success, as the Imperial Russia and the USSR were in the period of maximum convergence with ideological power and Patriotic sentiments of the population. Modern patriotism, combining the ideas of statehood and social justice, will have a powerful potential for movement of the Russian state and society in the direction of finding a decent place in the world.
The paper examines the structure, governance, and balance sheets of state-controlled banks in Russia, which accounted for over 55 percent of the total assets in the country's banking system in early 2012. The author offers a credible estimate of the size of the country's state banking sector by including banks that are indirectly owned by public organizations. Contrary to some predictions based on the theoretical literature on economic transition, he explains the relatively high profitability and efficiency of Russian state-controlled banks by pointing to their competitive position in such functions as acquisition and disposal of assets on behalf of the government. Also suggested in the paper is a different way of looking at market concentration in Russia (by consolidating the market shares of core state-controlled banks), which produces a picture of a more concentrated market than officially reported. Lastly, one of the author's interesting conclusions is that China provides a better benchmark than the formerly centrally planned economies of Central and Eastern Europe by which to assess the viability of state ownership of banks in Russia and to evaluate the country's banking sector.
The paper examines the principles for the supervision of financial conglomerates proposed by BCBS in the consultative document published in December 2011. Moreover, the article proposes a number of suggestions worked out by the authors within the HSE research team.