1. THE CHANGING ROLE OF INTANGIBLES OVER THE ECONOMIC CRISIS Starting a new stage of the research project in the frame of the Lab “Intangible Driver of the New Economy”

2. Things expected to be achieved… To conduct empirical study following “right” way from design and theoretical foundation to result interpretation and discussion To base on the results established on the previous stage validating, improving methodology and going deeper in the interpretation To take into account most of the shortcomings and mistakes made on previous stage

3. The Idea Apparently, most of the success factors of companies change across economic fluctuations Companies have to be aware of the potentially effective investment strategies (being the common representative of the country, industry) Empirically validate the drivers of companies success Compare and establish statistically significant difference in the models of value creation before, during and after the crisis Provide the insight into established cohesion, interpret the results and draw recommendations for policy makers We can contribute by conducting the following analysis

4. Research Framework Key Issues Microfoundation of companies’ investment policy influenced by exogenous shocks identification of value drivers under changing economic conditions identification of country and industry effects Emphasis on intangibles as key production factors study of the interrelation of these resources study of the return to scale

5. Exploration of the following cohesion Interrelated Intangible Resources Enhancer & Obstructer (external ones) Company’s Value

6. Research Framework The Analysis to be conducted Design of the specifications using theoretical background – production function underlying the role of the intangibles including all relevant control variables Validation of the proxies of IC and Value creation starting from the critical analysis of literature validating statistically by implementing SEM and hedonic approach

7. Research Framework The Analysis to be conducted Conducting statistical analysis of the sample and subsamples cluster analysis correlation analysis (including cross-panel analysis to establish time lag effects – important for “investment issues”) Conducting SEM, HLM, Random- coefficient models and fixed-effect models trying to solve endogeneity problem

8. Research Framework Base The established results about: HC particular importance during the economic crisis the irrelevance of the SC during the economic instability the role of marketing capital before and after the crisis the increasing return to scale of intangible resources The database (representative according to UE and industries): companies from 5 EU countries: UK, Germany, France, Spain, Italy proxy indicators of companies’ intangibles designed on the previous stage value creation proxies

9. Prospectives of the Analysis: Research Questions Comparative study of different time periods: before, during and after the economic crisis Comparative study of different European markets: UK+Germany+France (prosperous economy) and Spain+Italy (protracted economic crisis) Comparative study of different industries: traditional vs. innovative, production vs. services, high concentrated vs. industries with high competition …

10. Examples of the Hypotheses The more flexible the company was (in terms of changing investment strategy) the better its chances of survival during the crisis The return to scale of intangibles employment changes across the prosperity, crises and recovery periods Traditional industries were less influenced by the crisis shocks in relation to innovative ones International penetration of companies in UK and Germany provided them with the survival support during the recovery period