Did relational capital matter during the financial crisis?

Anna Bykova and Evgeniia Kuminova ()
Additional contact information
Evgeniia Kuminova: National Research University Higher School of Economics (Perm, Russia)

HSE Working papers from National Research University Higher School of Economics

Abstract: This paper aims to contribute to the body of empirical studies that address the importance of investments in companies’ relationships and the way in which they influence value creation in the global economic crisis. We employ linear panel analysis using the Hausman–Taylor model to analyse panel data for companies from the five largest European countries in the period 2004–2011. Different types of exogenous and endogenous links which a company could have in different stages of the crisis are investigated. The findings suggest that there is a statistically significant and positive link between relational capital and a firm’s value. Moreover, we identify several differences in the significance of the inputs during different crisis periods. The study provides both theoretical and practical insights into investments in intangibles for framing strategy decisions with a particular focus on the role of relational capital. This could provide scholars and practitioners with a working basis for understanding connections and the implications of strategizing in the context of a company’s networks.

Keywords: relational capital; economic crisis; value creation; Hausman-Taylor specification (search for similar items in EconPapers)
JEL-codes: G32 G34 (search for similar items in EconPapers)
Pages: 24 pages
Date: 2013
References: View references in EconPapers View complete reference list from CitEc
Citations:

Published in WP BRP Series: Financial Economics / FE, December 2013, pages 1-24

Downloads: (external link)
http://www.hse.ru/data/2013/12/19/1338944723/23FE2013.pdf (application/pdf)

Related works:
Journal Article: Did relational capital matter during the financial crisis? (2014)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:hig:wpaper:23/fe/2013

Access Statistics for this paper

More papers in HSE Working papers from National Research University Higher School of Economics
Bibliographic data for series maintained by Shamil Abdulaev () and Shamil Abdulaev ().