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Acceleration effect of intangibles in the recovery of corporate performance after-crisis
Institution:1. University of Vigo, Facultad de Ciencias Empresariales y Turismo, Campus Universitario, 32004, Ourense, Spain;2. National Research University Higher School of Economics, Russia;3. National Research University Higher School of Economics, Lebedeva, 27, 614007, Perm, Russia;4. University of Vigo, Facultad de Ciencias Económicas y Empresariales, Campus de Vigo, 36310, Vigo, Spain;1. Department of Finance, Higher School of Economic and Commercial Sciences, University of Tunis, 4, Rue Abou Zakaria El Hafsi, 1089, Montfleury, Tunisia;2. Department of Finance, Institute of Advanced Business Studies Carthage, University of Carthage, Rue Victor Hugo, 2016, Carthage, Tunisia;1. Complex Systems Community, University of Siena, Italy;2. Department of Information Engineering and Mathematics, University of Siena, via Roma 56, 53100 Siena, Italy;3. Department of Management and Quantitative Sciences, University of Naples “Parthenope”, via A. Ferdinando Acton 38, 80133 Naples, Italy;1. University of Sousse, Sousse 4054, Tunisia;2. IPAG Business School, Paris 75006, France;3. University of Manouba, Manouba 2010, Tunisia;1. Department of Economic and Regional Development, Panteion University, 136 Syngrou Av., Athens, 176 71, Greece;2. Postgraduate Department of Business Administration, Hellenic Open University, Aristotelous 18, 26 335, Greece;1. Department of Finance, Unversity of Ghana Business School, Ghana;2. Valley View University, Ghana
Abstract:This study explores the recovery in the Market Value Added (MVA) of European companies after the recent global economic crisis in 2008–2009. It introduces empirical evidence that intangible-intensive strategy in human and relational capital reinforces speed of the after-crisis correction for companies. Based on a panel dataset of more than 1600 listed corporations this research aims to discover drivers of Market Value Added trends in 2011–2013. The established results contribute to the understanding of the advantages that companies can exploit for the recovery after systematic shocks of markets. Our study demonstrates that intangible-intensive strategy not always enabled faster recovery speed. Meanwhile, it provided year-to-year acceleration of MVA growth after crisis.
Keywords:Intangibles  Crisis  Recovery  Strategy  Corporate performance  Market value added (MVA)
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