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This study explores the strategies adopted by companies during the economic crisis of 2008-2009. It investigates whether it is reasonable for companies to intensify their investment in intangibles during recession periods. The purpose of this paper is to find empirical evidence that companies with clear intangible-intensive profiles are likely to outperform those without a clear strategy.

This paper explores the intangible-intensive strategies of companies in terms of their dynamics during the pre-crisis, crisis and post-crisis periods. Through dummy regression applied to data from more than 1,600 European companies involved in the empirical analysis, the paper aims to show moderating effects from intangible-intensive strategies on company performance, expressed in terms of economic value added and market value added.

The results established in this study shed some light on the global economic crisis in 2008-2009. The findings of this study demonstrate that companies with a conservative profile towards intangibles outperform both those without a defined profile and those with an innovative one. However, an innovative profile enables faster recovery after a crisis.

This paper contributes to the literature on the strategic management of companies, and highlights the particular importance of intangible-intensiveness when markets experience systematic distresses. It is emphasized that lessons learned during the recent global economic crisis must be taken into account in the strategic vision of any company.

The paper aims to explore factors of the low competitiveness of Russian companies assuming that the gap in the endowment of intangible resources is responsible for the gap in competitiveness.

The framework of resources-based view is used to examine causality between the resources used and competitiveness measured by economic value added (EVA). Controlling for the most relevant factors, the authors place an emphasis on those intangible resources that are considered in the literature as being the most critical for Russian companies when contending for global competitiveness: productivity, strategic long-term orientation of companies, quality of human capital, innovative behavior of companies, foreign investments and corporate networks. The data set of more than 1,000 Russian companies benchmarked to the data set of more than 1,600 European companies during a period of 10 years: 2004-2013 is analyzed to test the hypothesis put forward.

Causal effect of the gap in intangible endowment and competitiveness of Russian companies compared with European rivals is revealed. According to our analysis, gaps in productivity, strategy implementation, qualifications of the board of directors and company location play critical roles in the global competitiveness of Russian companies. Meanwhile, underinvestment in structural resources, such as enterprise resource planning (ERP) systems and other intangible assets, are considered positive factors that reduce gaps in EVA.

The paper introduces original approach for studying the gap in performance caused by the gap in used resources.

Focusing on managerial problems related to the measurement of intangibles, this paper develops and validates a hedonic-pricing methodology for the evaluation of the intangible resources of companies obtaining their shadow prices.

The paper adapts a hedonic-pricing methodology developed primarily for markets in real estate and secondhand cars to define how much intangibles may contribute to companies' market value. A certain calibration of the original tool has been developed to make this methodology appropriate for interpretation and practical use. The main advantage of this approach is that it allows for an evaluation of the shadow prices of intangible resources. These prices can be interpreted as the market value of the intangible resources which are not reflected on the balance sheet.

The results of this study demonstrate that hedonic pricing with a self-selection correction generates robust estimates. As one can see, the positive contribution of a high endowment of intangibles for all shadow prices is confirmed through estimations using two different techniques. Meanwhile, the negative effect of a low endowment is even more evident for the baseline model. This model shows consistent negative shadow prices for the majority of underinvested intangibles. Brands have the highest shadow prices in the introduced models; human capital, as measured by the qualification of top management and investments in employees, has likewise demonstrated high prices. However, most structural resources seem to be not reflected to a large degree in companies' market value.

This paper brings new opportunities to obtain the monetary value of intangible resources based on estimated market prices of a corporation's resource portfolio. These prices may be used for several purposes – for example, benchmarking for performance management, capital budgeting or knowledge-management practices. Moreover, by having methodological value, this study opens ways to evaluate any other intangibles which are not explicitly discussed in the empirical test of this particular study.

This study primarily contributes to the methodological advancement of evaluation of corporate intangible resources. It departs from the conventional hedonic-pricing mechanism to identify cogent estimates to intangibles in monetary terms. Importantly, this mechanism implies individual shadow prices for specific intangible resources which makes the contribution of this study unique for the existing literature, both within resource-based and value-based views.

The organization of several small-scale events throughout the year is called event portfolio and may contribute to the development of the city strategy in the touristic, social and economic fields. The organization of a set of sporting events represents an important innovation in the development of city marketing. This paper analyzing the scarce literature on event portfolio provides the main elements to benefit from this innovative strategy to achieve sustainable sports tourism for host cities. Among the innovative strategies, the inclusion of leverage and cross-leverage approaches in the management of event portfolios is studied in depth.

The study is divided into two phases. First, the Web of Science (WOS) and SCOPUS databases are searched using keywords. Once the selection of scientific studies that analyze the phenomenon of event portfolios has been obtained, an exhaustive review is carried out, allowing us to obtain novel findings on the field of study.

The work provides a classification of the portfolios of sports events analyzed in science considering the configuration (formal vs informal) and whether there is an integrated strategy. Second, the delimitation of the deficiencies and the most important aspects to be developed in sports-events portfolio management.

This study contributes with a summary of the main elements to consider when managing sports events portfolios. Moreover, the importance of integrated strategies is underlined, as well as the relevance of leveraging the strategies. The contributions are of interest in being a novel field with room for scientific development and with an eminently practical nature.

This study aims to explore value creation through intangibles in corporations, taking into consideration the endogenous nature of managerial decisions. It is stated that intangibles bring extra information asymmetry into a company and make managers and investors’ goals less aligned.

A theoretical model is elaborated and empirically tested on the assumption that managers, while investing in intangibles, simultaneously make a company competitive and attractive to investors. The authors use a conceptual model of endogenous value creation to test how intangibles affect outperforming of a company and provoke the expectations of investors. The research is carried out on a sample of more than 1,650 European companies covering the period from 2004 to 2011. Structural equation modelling is applied for the purposes of empirical analysis.

The authors reveal a diverse impact of intangibles on outperforming of a company measured by economic value added and its ability to create market value. The study discovers that managers are prone to indicate positive signals to investors rather than create sustainable competitive advantages.

This research emphasizes on the particular importance of awareness of policymakers, namely, companies’ top managers, about the outcomes of their decisions. Decision-making in public companies should involve as much deliberation as possible about the potential impact of what is decided.

This work contributes primarily to the field of corporate finance in companies that use intangibles. The endogenous process of value creation is modelled and tested. As a result, a number of essential problems in agent relationships in intangible-intensive corporations are discovered.

The purpose of this paper is to analyse simultaneously the effect of attendance at the stadium on the size of the TV audience, taking into account the effect of price and uncertainty of outcome hypothesis on both the TV audience and stadium attendance. The paper assumes that a home-team effect exists and influences potential spectators’ decision to go to the stadium or to stay at home.

The data set consists of all 228 matches broadcast live and on open air from the Brazilian League across the seasons 2013–2015. The econometric approach of the present paper is based on three simultaneous equations through the Three-Stage Least Square estimator. This method is chosen in order to avoid endogeneity between ticket prices and live attendance and, consequently, with the television audience, too.

This work finds a correlation between TV audience and attendance at the stadium. However, it has been demonstrated that those matches that are more expensive have a larger TV audience. Scheduling and UO appear to be relevant for TVs and clubs. Scheduling is relevant, as weekend matches have a smaller TV audience but higher attendance at the stadium.

The findings indicate that Brazilian football clubs should find optimal prices for matches in order to maximise both TV audience and attendance.

Analysing simultaneously the effect of attendance at the stadium on the size of the TV audience, taking into account the effect of price on all three of these variables, is new. Another novel aspect is the use of data on audience size to observe a possible substitution effect. The authors also distinguish between home and away matches, assuming that a home-team effect exists and influences potential spectators’ decision to go to the stadium or to stay at home.

Studies that measure the economic impact of events usually disclose deterministic results. This situation implies a methodological problem that compromises the veracity of the estimates. This aspect is particularly relevant in the field of sports tourism. For these reasons, this study aims to empirically analyse the estimate of the initial injection of money from sporting events considering uncertainty, and show its variability.

Using surveys from five sporting events, a database with a total of 2,902 responses is analysed. With these cases as illustration to show the problem, the initial injection of money from the events is estimated. To include the uncertainty derived from the use of data gathered in the surveys, the confidence intervals are obtained using bootstrap.

The authors find remarkable differences between the current study’s results and deterministic results. In general, except for one of the events studied, the adverse possible scenario of being in the lower limit is higher than the more positive possible scenario. Moreover, in some cases, the lower limit is around one-third of the average or higher. It can imply an important cut in the expected impact. The results obtained allow us to show the differences between deterministic studies and those which include uncertainty.

The work presents prominent implications. Empirically, the inclusion of uncertainty in economic impact studies provides greater reliability to the results, defeating the idea of deterministic estimates. Managerially, working only with deterministic results limits the decision-making capacity of managers, and speculation increases in impact studies.

This paper aims to develop a framework for the semantic operationalisation of the business model, which enables the automated identification of business models using content analysis.

The authors approached the operationalisation of the business model by conducting a review of the organisational and management literature to derive the key business model elements highlighted in the existing research, along with their associated keywords.

The study proposed a conceptual framework that specifies a granular structure of business model elements, as well as the keywords that characterise each element. By coming down to the level of distinct keywords, the authors arrived at measurable constructs to capture the magnitude of every element in a company’s business model.

To the best of the authors’ knowledge, this study is the first to offer a semantic operationalisation of the business model by defining the set of keywords that pertain to each element of the business model. The proposed operationalisation of the business model can aid future empirical research by serving as a tool for the automated assessment of the magnitude of every element in a company’s business model using content analysis.

Este artículo tiene como objetivo desarrollar un marco de trabajo para la operacionalización semántica de los modelos de negocio, que permita la identificación automatizada de esos modelos usando “análisis de contenido”.

Abordamos la operacionalización del modelo de negocio mediante una revisión de la literatura de organización y gestión de empresas para derivar los elementos clave de los modelos de negocio destacados en la investigación existente, junto con sus palabras clave asociadas.

Nuestro estudio propone un marco conceptual que especifica una estructura detallada de los elementos de modelos de negocio, así como las palabras clave que caracterizan cada elemento. Al llegar al nivel de palabras clave distintas, obtuvimos constructos medibles para capturar la magnitud de cada elemento dentro del modelo de negocio de una empresa.

Nuestro estudio es el primero en ofrecer una operacionalización semántica de los modelos de negocio al definir el conjunto de palabras clave que se refieren a cada elemento del modelo de negocio. La operacionalización propuesta puede ayudar a la investigación empírica futura al servir como una herramienta para la evaluación automatizada de la magnitud de cada elemento en el modelo de negocio de una empresa mediante análisis de contenido.

Este artigo tem como objetivo desenvolver um framework para a operacionalização semântica do modelo de negócio, que possibilita a identificação automatizada de modelos de negócio por meio de análise de conteúdo.

Abordamos a operacionalização do modelo de negócio realizando uma revisão da literatura organizacional e de gestão para derivar os principais elementos do modelo de negócio destacados nas pesquisas existentes, juntamente com suas palavras-chave associadas.

Nosso estudo propôs um framework conceitual que especifica uma estrutura granular de elementos do modelo de negócio, assim como as palavras-chave que caracterizam cada elemento. Ao descer ao nível de palavras-chave distintas, chegamos a construtos mensuráveis para capturar a magnitude de cada elemento no modelo de negócio de uma empresa.

Nosso estudo é o primeiro a oferecer uma operacionalização semântica do modelo de negócio, definindo o conjunto de palavras-chave que se referem a cada elemento do modelo de negócio. A operacionalização proposta do modelo de negócio pode auxiliar pesquisas empíricas futuras, servindo como uma ferramenta para a avaliação automatizada da magnitude de cada elemento no modelo de negócio de uma empresa por meio de análise de conteúdo.

This study explores company strategies for intangibles. The authors investigate whether it is reasonable for companies to intensify intangibles when the current strategy is not intangible-intensive. The purpose of this paper is to elaborate a theoretical model to describe the strategic decision making in companies.

The authors use the Bellman-equation framework to find the conditions under which a change in strategy for intangibles is reasonable.

The results determine the parameters of returns on intangibles in different strategies, the optimal intangible stock and the influence of external economic shocks. The findings of the study demonstrate that many requirements have to be met to make intangible-intensive strategy beneficial for a company. Moreover negative shocks of crises force a company to postpone a new strategy on intangibles.

This research provides an insight into strategic behavior of companies under uncertainty. The theoretical findings demonstrate under which conditions companies should decide to switch to a strategy more intangible-intensive. This model can be used to empirically test parameters of different investment strategies of companies using structural estimation techniques.

This work contributes to the theory of managerial economics giving closed form solutions for the dynamic optimization of company behavior. The findings also show how this behavior might change when economic crises are faced or expected.