The dynamics of intellectual resources during the economic crisis

This study investigates factors of corporate success over the crisis period of 2008–2009. We 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 article was tested on a sample of more than 300 companies which operate in developed and emerging European markets, and belong to traditional and innovative industries. The application of statistical tools showed a robust significant link between the companies’ investment decisions and their performance before and during the crisis. This study contributes to empirical corporate finance as it provides evidence that investment restriction is not the best response to an economic recession.