The Changing Role on Intellectual Capital over the Crisis
This study investigates corporate success factors over the crisis period. We seek to 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 enterprises. These companies operate in developed and emerging European markets, and belong both to the traditional and innovative industries. The application of statistical tools allows ascertaining the robust significant link between companies’ investment decisions and their performance before and during the crisis of 2008-2009. This study contributes to empirical corporate finance as it provides the evidence that investments restriction is not the best response to the economic recession.