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The purpose of this paper is to present the great importance and impact of the virtual intellectual capital (VIC) in the frameworks of digital economics, e-governance and business, e-trading and commerce, virtual organizations and enterprises, and information communication technologies development (based on the comparative case studies of the world, Russian and Armenian economics). These conditions increase the importance of the measurement and assessment of the VIC.

The research findings are obtained through the method of comparative analysis of the complex models of the VIC. The features are studied through measuring and assessing the VIC parameters of virtual representations on the internet. The data are complemented through virtual cluster analysis, a multidimensional statistical procedure that collects data containing information on facility selection. Three cluster groups are used in the study: the clusters of the TNCs and their virtual representations; the clusters of the network of the leading innovation centers and their virtual representations; and the clusters of the leading universities and their virtual representations.

The paper establishes the research findings of the growth forecasts of the IC clusters in the world, Russian and Armenian economic processes. This is extremely important to ensuring sustainable growth of the country’s competitiveness, economy and general welfare. The paper proposes a new model of the virtual national or transnational intellectual capital (VNTIC). The VNTIC model presents three general components: virtual representations of universities, innovation center networks and transnational corporations in global networks. The research findings show that the interactive innovative tools (IIT) can be used for early diagnosis of the world economic and financial processes.

The authors developed for the first time the IIT for measuring and assessing the three intellectual capital components. The paper presents a new approach and a more reliable tool for short-term forecasting at global and national levels based on QI ranking of the VIC clusters of the commercial enterprises, universities and networks of innovation centers.

The purpose of the work is to solve the set problem and to study the competition and perspectives of division of labor of humans and machines during creation of intangible assets in Industry 4.0.

The research is performed with the help of regression and comparative analysis by building regression curves and with the help of the qualitative structural and logical analysis.

The authors perform an overview of the factors that determine the advantages and limits of participation in creation of intangible assets in Industry 4.0, determine the perspectives and compile recommendations for division of human and machine labor during creation of intangible assets in Industry 4.0.

The results of the performed research confirmed the general hypothesis that machine technologies allow improving the innovative, marketing and organizational and managerial activities and activities in the sphere of R&D through automatization of certain stages of the process of creation of intangible assets. The authors determine the factors that define the contribution of machine technologies in this process and their competitive advantages as compared to human intellectual capital during creation of intangible assets. These advantages prove the possibility and expedience of division of human and machine labor during creation of intangible assets.

The study aims to explore the interplay between open innovation and intellectual property. Differently from previous studies, we argue that open innovation fosters firm's patenting activity.

We use linear regression analysis to test model's hypotheses. Data are drawn from the Eurostat statistics and refer to a large sample of European firms (NACE Rev.2).

The findings confirm that open innovation fosters patenting activity in health care, also thanks to huge governments' expenditures in this market.

The study focuses solely on European firms and it adopts a traditional linear approach. So, we cannot exclude that different dynamics may occur across European borders. Future research should address this concern by focusing on multi-country comparative studies.

Open innovation is the most suitable model for health industry, because it improves both innovation performance and intellectual capital of firms.

The study tackles an existing gap of the literature by considering how the presence of large customers impacts the strength of intellectual property protection.

By incorporating the role of nonperforming loans (NPLs), the study aims to assess the impact of global financial crisis (GFC) on the intermediation efficiency of Indian banks for the period of 1998/99 to 2016/17.

To obtain efficiency level of Indian banks, this study applied sequential data envelopment analysis (DEA) based directional distance function (DDF) approach, which performed simultaneous expansion of desirable output and reduction of undesirable output in the bank's loan production structure. Additionally, using fixed effect regression approach in the panel data framework, this study assesses both the phenomenon of σ- and unconditional β-efficiency convergence in public sector banks (PSBs), private banks (PBs), foreign banks (FBs) and overall scheduled commercial banks (SCBs) during the pre-crisis, crisis and post-crisis years in India.

Irrespective of the bank's production model, the evidence suggests that the accounting NPLs as an undesirable output significantly deteriorating the intermediation technical efficiency levels of Indian banks, especially after the crisis years until the last year of the study period. This reflects that Indian banks failed more to achieve their financial intermediation objective in the post-crisis years as compared to the crisis and pre-crisis years. In-depth, statistical evidence of commercial bank ownership groups reveals that public sector banks exhibit a higher level of efficiency in pursuance of traditional loan-based activity followed by private and foreign banks. The study also found the existence of sigma convergence in technical efficiency levels of Indian banks and ownership groups as well.

This study is perhaps the first one, which present the robust evolution of Indian banks intermediation efficiency by taking into account both endogenous (i.e. NPLs as an undesirable output and equity as a quasi-fixed input in the bank production process) crisis and exogenous (i.e. global financial and economic stress) crises. Moreover, none of the existing studies have conducted sub-period wise analysis to show the apparent occurrence of both convergence properties in technical efficiency, adding novelty in the literature.

The purpose of this paper is to explore the issue of crisis management within the Toyota Corporation's series of worldwide recalls for multiple malfunctions on a number of different Toyota brands of vehicles. The analysis relates to the difficulty now faced by Toyota, previously recognized as the world's leading manufacturer of automotive vehicles. The crisis became so great that Toyota corporate leaders even traveled from Japan to testify before a US Congressional Committee hearing.

A crisis, typically considered to be a negative issue, can be a positive event in the life of a business firm, such as Toyota, if the management involved seizes the opportunity to make appropriate changes in its operations to facilitate continuing positive growth and development. However, this opportunity was not initially addressed by Toyota in a meaningful way, and the crisis continued to evolve through subsequent stages, bringing a vast array of negative international criticism. The crisis management paradigm that is the focus for this case identifies four stages of a crisis – the preliminary (pre‐) crisis, acute crisis, chronic crisis, and crisis resolution. The present crisis deals with several different malfunctions that were identified, apparently by customers, in various Toyota brands, but publically ignored by Toyota's management. Therefore, the pre‐crisis stage was not appropriately dealt with by Toyota, and the firm was thrust into an acute crisis that has now evolved into a chronic crisis. A brief overview of the historical development of Toyota is presented, and an analysis of the present crisis situation in which the firm found itself is presented in some detail.

It was concluded that Toyota is now in a very difficult position in the chronic crisis stage due to the failure of its management to facilitate a timely response to the malfunctions of its vehicles.

The paper presents an excellent example of crisis mismanagement by a previously recognized world leader.

The purpose of this paper is to empirically assess the effect of the factors contributing to the recovery from this crisis in terms of national GDP growth among the G7, Asian7, and Latin American7 countries.

The author uses a multivariate regression analysis of the determinants of the global financial crisis recovery.

Based on data from 21 developed and developing emerging market economies the author found that good macroeconomic fundamentals together with more open financial policy, financial liberalization, financial depth, domestic performance, and favored global conditions do linearly influence national GDP growth. Over 85 percent of cross-country variations in GDP growth during the recovery phase of the global financial crisis can be explained by its linear dependency on pre-crisis national GDP growth, financial liberalization, financial depth, domestic performance, as well as interaction terms between various explanatory variables. Cross-country differences in national GDP growth also linearly depend on macroprudence and on favorable global conditions.

Results of such empirical examination may enable governments in developing countries devise resilience strategies that may serve as powerful tools for dealing with future global financial crises.

The purpose of this paper is to examine the earnings quality of companies listed on Mexico’s primary stock market, the Bolsa Mexicana de Valores (Bolsa) before and during the global economic crisis of 2008. Previous research has shown that these economic events can have potentially conflicting effects on the quality of earnings of listed companies in capital markets around the world.

This paper operationalizes earnings quality based on earnings management. Therefore, four constructs to proxy for earnings quality are developed from previous literature, and multiple regression analysis along with tests of differences across two time periods, 2005–2007 and 2008–2010, are used to determine if there is a significant change in the accounting quality of companies listed on the Bolsa before and after the start of the global economic crisis.

Results indicate a statistically significant decrease of earnings quality on three out of the four constructs used to proxy for earnings management. There is only one construct in this category that shows a significant increase of earnings quality.

There are different number of constructs and methodologies used to test for earnings quality. This study draws on four different constructs on two dimensions of earnings quality from previous literature, but other methodologies and constructs can potentially be used as well, such as discretionary accruals. Furthermore, there is a chance that there can be confounding factors affecting the results of this study besides the effects of the global economic crisis. Finally, the sample used in this study comprises non-financial public companies listed on the Bolsa, which can affect the generalization of the results to countries other than Mexico.

The results of this study can be of interest to Mexican and foreign investors, standard setters and regulators of the Bolsa, as the results show a strong incentive to manage companies’ earnings using income smoothing in an emerging economy during an economic crisis even after converging to a higher-quality set of accounting standards. Results can also be of interests to investors and regulators in other Latin-American countries with economies similar to that of Mexico.

This is the first study to test the quality of earnings of Mexican companies before and during the global economic crisis of 2008. Thus, this study contributes to the accounting quality literature by offering evidence showing a significant increase of income smoothing during the global economic crisis for companies listed in a developing economy with a relevant history of economic crises, even when these companies were using recently converged, higher-quality accounting standards.

The study evaluates the effects of GVC participation on firm productivity and profitability. Hence this study aims to find evidence whether there is a clear difference between the productivity and profitability effects of simple and complex backward and forward participations for Turkish firms.

The authors employ a firm level data from the Türkiye's both first and second top 500 industrial enterprises from 1993 to 2019. In addition, the authors calculate country-sector level both backward and forward GVC participation indices with their simple and complex sub-indices for each year from 1990 to 2015 from the Full Eora data of the Eora Global Supply Chain Database. The authors estimate the model with OLS and fixed effects. To understand the role of the 2008 global crisis, the authors also undertake estimations for the pre-crisis and post-crisis. The authors also divide the data by R&D intensity of sectors.

While backward GVC participation lowers both labor productivity and profitability growth, forward GVC participation promotes both. Moreover, simple and complex backward participation have similarly negative effects on productivity and profitability growth, simple and complex forward participation have the completely opposite effects though. The authors then provide substantial evidence for the differing effects of participation on productivity and profitability growth between pre-crisis and post-crisis periods. Interestingly, backward participation has a negative impact for both hi-tech and low-tech firms while forward participation boosts the productivity growth only for low-tech firms, probably due to the relatively more upstream position of low-tech firms.

To the best of the knowledge, no previous study has yet examined the profitability effects of GVC for firms. Second, in addition to overall backward and forward GVC participation rates, the authors also calculate and utilize simple and complex GVC measures in the estimations. Third, to reveal whether the global financial crisis leads to a shift in the productivity and profitability effects of GVCs, the authors separately run the regressions for the pre- and post-crisis periods. Fourth, the authors then investigate the argument that hi-tech sectors/firms could benefit more from joining GVCs compared to firms in low-tech technology sectors.

The purpose of this paper is to explore empirically the effects of the current financial crisis on the integration and co‐movements of selected stock markets of the emerging economies, namely Indonesia and Malaysia.

The paper employs the standard time series technique and vector autoregressive framework.

The results of this paper support the general view that stock markets tend to show greater degree of integration or increased co‐movements during the crisis period, resulting in lesser benefit of diversification that can be gained by investors participating in these markets.

This paper only focuses on emerging equity markets of Malaysia and Indonesia.

This paper reveals that unlike during the pre‐crisis period, the long‐run diversification benefits that can be earned by investors across the emerging equity markets of Indonesia and Malaysia during the crisis period tend to diminish.

By dividing the study periods into the pre‐crisis period and during the crisis period, it enables us to explore whether the cross‐market linkages between these markets change due to the crisis.