The First Draft of the Sample: Major Features The Changing Role of Intangibles over the Crisis

Major Principles for the New Sample: Lessons from the Previous Project 5 largest economies in EU according to GDP ( GB, Germany, France, Spain, Italy) (71% GDP in EU in whole) Validity of the Country Selection: All industries Maximum Coverage: Maximum of the Sampling Depth: The Sample includes companies with available accounts for 4 years (minimum) Data Availability: Combination of the data from Bureau Van Dijk (Amadeus), Bloomberg and open sources Data Sources: Primary Information Relevant indicators from the previous project Some new Indicators Proxy-indicators: The Sample is representative (country and EU level) Total:

How we set up the Sample Step 0: All active companies: 2,846,513 Step 1: Just companies in selected countries : 1,440,635 Step 2: : Just companies with available accounts (including last year): 410,901 Step 3: Just listed companies: 13,888 Step 4: Just companies with available annual market capitalization: 1,693

NB! We could keep the Sample Structure!

Number of companies Agriculture, Forestry, Fishing and Hunting4 Mining, Quarrying, and Oil and Gas Extraction51 Utilities18 Construction64 Manufacturing332 Wholesale Trade59 Retail Trade32 Transportation and Warehousing34 Information83 Finance and Insurance173 Real Estate and Rental and Leasing77 Professional, Scientific, and Technical Services208 Management of Companies and Enterprises434 Administrative and Support and Waste Management and Remediation Services67 Educational Services2 Health Care and Social Assistance9 Arts, Entertainment, and Recreation12 Accommodation and Food Services21 Other Services (except Public Administration)11 Public Administration2 Industries (according to NAICS)

Let s see the differences between shares of industries in Entire Assembly and in the Sample…

FranceGermanyItalySpainUKEU Agriculture, Forestry, Fishing and Hunting 0% -2%0% 1% Mining, Quarrying, and Oil and Gas Extraction 0% -1%4%0% Utilities 1%0%2%-3%0% Construction 0% -8%-1%1% Manufacturing -1%-7%3%-14%-4%2% Wholesale Trade 3%0%4%-2%0%2% Retail Trade 1% -1%1%0%1% Transportation and Warehousing 0% 4%-2%-1%1% Information 1%0%-4%-2%0%-1% Finance and Insurance 0%1%-2%46%0% Real Estate and Rental and Leasing 0% -3%0%1% Professional, Scientific, and Technical Services 5% -2%-1%2%1% Management of Companies and Enterprises -13%-2%3%-9%-2%-10% Administrative and Support and Waste Management and Remediation Services 1% -2%0%1%0% Educational Services 0% Health Care and Social Assistance 0% 1%0% Arts, Entertainment, and Recreation 0% -1%0%1%0% Accommodation and Food Services 0% -2%0%1% Other Services (except Public Administration) 0% -2%-1%0% Public Administration 0%

In whole, the Sample is representative (industries, country, EU level)

Industries in the Database Agriculture, Forestry, Fishing and Hunting- Mining, Quarrying, and Oil and Gas ExtractionEnergy & Chemical UtilitiesEnergy & Chemical ConstructionConstruction & Real Estate Manufacturing Wholesale TradeTrade and Related Services Retail TradeTrade and Related Services Transportation and WarehousingTrade and Related Services InformationServices Finance and InsuranceFinance & Insurance Real Estate and Rental and LeasingConstruction & Real Estate Professional, Scientific, and Technical Services Professional Services Management of Companies and Enterprises? (Manufacturing, Professional Services…) Administrative and Support and Waste Management and Remediation Services Professional Services Educational ServicesServices Health Care and Social AssistanceServices Arts, Entertainment, and RecreationServices Accommodation and Food ServicesServices Other Services (except Public Administration)Services Public AdministrationServices

The Sample: Industries

Target and Control Variables MVA, mln EUR EVA, mln EUR Tobins QAge, years Number of Employees Mean Median Maximum Minimum Std. Dev Observations

Dynamics of mean and median (EVA)

Dynamics of Mean and Median (MVA)

Dynamics of mean and median (Tobins Q)

Some Proxy for IC VariableObsMeanStd. Dev.MinMax Earnings per employee, mln EUR121110,165,70-175,20553,71 Awards118040,302, Board of directors qualification 16,80%38,80%44,40% Corporate university 68,40%31,60% Participation in business associations 69,70%30,30% Universities 50,00% Strategy 33,30%66,70% ERP 66,20%33,80%

Next Steps R&D (too little information about it) Data Verification Descriptive & Statistical Analysis Correlation Analysis Hierarchical Analysis Future Data Collection …