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Investments in Intellectual Resources during Economic Crisis and Company Performance

Student: Mariia Rogova

Supervisor: Mariya Molodchik

Faculty: Faculty of Economics, Management, and Business Informatics

Educational Programme: Finance (Master)

Year of Graduation: 2018

In modern conditions, there is an increasing trend in the conversion from an industrial economy to a knowledge economy among companies. So the creation of the company's value is conditioned not only by the use of material resources having value and physical expression, but also by using intangible assets that constitute the intellectual property of the firm. A number of studies are devoted to the analysis of productivity and investment of the company in physical assets during a period of economic instability, but the evaluation of the management of intangible resources during the recession on the future value of the firm are not sufficiently sanctified. How to manage intellectual capital during the financial crisis - the question that is the purpose of this study. A dependent variable of the study is the indicator of economic added value (EVA), reflecting the influence of the intangible component of the firm's capital. Regression analysis are used to determine the main factors affecting the value of the dependent variable in the period from 2010 to 2016, as the subsequent period of the global financial and economic crisis of 2008-2009. The paper considers investments in 3 components of intellectual capital, namely the costs of research and development (structural capital), advertising (relative capital) and employees (human capital) in the recession period. The sample of the study includes data on 139 American companies included in the rating of "America's Fortune 500 list". The most significant contribution of the work is the conclusion about the necessary for a moderate investment in R & D during the recession. No less important conclusion is the positive relationship between investing in relative capital during the crisis and the future performance of the firm.

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