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Intangible-intensive profiles of companies: protection during the economic crisis of 2008-2009

机译:公司的无形密集型配置文件:2008-2009年经济危机期间的保护

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Purpose - This study explores the strategies adopted by companies during the economic crisis of 2008-2009. It investigates whether it is reasonable for companies to intensify their investment in intangibles during recession periods. The purpose of this paper is to find empirical evidence that companies with clear intangible-intensive profiles are likely to outperform those without a clear strategy. Design/methodology/approach - This paper explores the intangible-intensive strategies of companies in terms of their dynamics during the pre-crisis, crisis and post-crisis periods. Through dummy regression applied to data from more than 1,600 European companies involved in the empirical analysis, the paper aims to show moderating effects from intangible-intensive strategies on company performance, expressed in terms of economic value added and market value added. Findings - The results established in this study shed some light on the global economic crisis in 2008-2009. The findings of this study demonstrate that companies with a conservative profile towards intangibles outperform both those without a defined profile and those with an innovative one. However, an innovative profile enables faster recovery after a crisis. Originality/value - This paper contributes to the literature on the strategic management of companies, and highlights the particular importance of intangible-intensiveness when markets experience systematic distresses. It is emphasized that lessons learned during the recent global economic crisis must be taken into account in the strategic vision of any company.
机译:目的-本研究探讨了公司在2008-2009年经济危机期间采取的策略。它调查了公司在经济衰退时期加大对无形资产的投资是否合理。本文的目的是寻找经验证据,表明无形密集型企业的公司可能比那些没有明确战略的公司要好。设计/方法/方法-本文从危机前,危机和危机后时期的动态角度探讨了公司的无形密集战略。通过对涉及到超过1600家欧洲公司的数据进行虚拟回归的实证分析,本文旨在显示无形密集型战略对公司绩效的调节作用,以经济增加值和市场增加值表示。结果-这项研究得出的结果为2008-2009年的全球经济危机提供了一些启示。这项研究的结果表明,对无形资产持保守态度的公司要比那些没有明确定义的公司和具有创新能力的公司表现都好。但是,创新的配置文件可以在危机后更快地恢复。原创性/价值-本文为有关公司战略管理的文献做出了贡献,并强调了当市场经历系统性困境时无形集约化的特殊重要性。需要强调的是,任何公司的战略远景都必须考虑到在最近的全球经济危机中吸取的教训。

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