1. How much does Relational Capital matter during the Crisis. E
How much does Relational Capital matter during the Crisis? E. Kuminova A.Bykova The Changing Role of Intangibles over the Crisis

2. Motivation for the Paper
Strong and close relationships are considered as one of the most promising areas within the modern firm theory
Focus on investigation of particular IC component: the transformation of relational capital resources into company value
Does relational capital become more relevant for the process of value creation during the crisis?

3. Motivation for the Paper 2
Evidenence during the crisis: Dependence on the foreign capital led to the bancruptsy (at least decline of financial results)
Contradictory facts about business associations (BA):
the negative effect for companies who are in the strong dependence on their partners
the minimization of and transaction costs and uncertainty caused by market failure
Foreign capital employed has the negative impact on the value creation during the global economic crisis
Participation in BA positively correlates with the value creation in terms of the strong financial constraints

4. RC Definition: several directions to the analysis
RC as potential source for company’s financial prosperity: market, power, and cooperation links
Internal features and structure of RC or social capital
RC includes both the internal and the external dimensions

5. Research Framework: using HT-specification
Market value added
Time-varying exogenous indicators
Time-invariant endogenous indicators
Brand Power
Top-universities
Location in agglomeration
Foreign capital
Business Associations
Time period
Company age
Number of employees
EVA
Industry
Real GDP growth rate
Control parameters

6. The analytical model for hypotheses
where:
Tvexogenous are time-varying exogenous variables;
Tvendogenous are time-varying endogenous variables;
Tiexogenous are time-invariant exogenous variables;
εit is a vector of errors;
t is a time period (for panel data)
NB! + Bootstrap method (2000 replications )

7. Independent variables
Estimation Results
Independent variables
Model
Time varying exogenous
Real GDP growth rate
(3.02)***
Year 2008
(-6.62)***
Company age
-3.16
(-0.64)
Number of employees
0.03
(2.13)**
Brand power
(3.85)***
Time varying endogenous
Business associations
895.50
(1.69)*
Foreign capital
380.97
(1.73)*
EVA
0.87
(3.62)***

8. Independent variables
Estimation Results
Independent variables
Model
Time invariant exogenous
Location in agglomeration
288.51
(0.97)
Top-universities
688.64
(2.54)**
Industry Dummy
Manufacturing
851.27
(2.22)**
Energy & Chemical
5738
(2.84)***
Constant
Sigma_u
Sigma_e
Rho (fraction of variance due to u_i)
0.78
Wald chi2 (18)
125.56
P> Wald chi2 (18)
0.00
Number of observations (number of groups)
6854 (988)

9. Empirical evidence:
The positive impact of all relational capital inputs, excluding agglomeration effect
Foreign capital employed is even more important for company value during the crisis period