تاثیر سرمایه گذاری در آموزش و تبلیغات در رابطه با ارزش بازار ملزومات شرکت: تاثیر بحران اقتصادی در اسپانیا Impact of investments in training and advertising on the market value relevance of a company’s intangibles: The effect of the economic crisis in Spain

1. Introduction Some authors1 (Martelo & Cepeda, 2016) acknowledge that knowledge is the most valuable source of corporate intangible resources. Training is one of the essential factors that determine the efficiency of the organizations, given the speed at which the required skills and knowledge change and as employees are considered as an essential competitive resource to obtain a lasting competitive advantage, Furthermore, an increasingly greater number of companies are striving to maintain customers, with the main reason being the value of the clients for the companies. Therefore, this paper focuses on the influence of Intellectual Capital on business value. We have taken Human Capital and Relational Capital as the main dimensions of Intellectual Capital. Some models are put forward that analyze the impact of the accumulated investment in each dimension on the market value of the company, along witha further one that analyses the jointimpact of these IC dimensions on the market value of the company over two periods: 2006–2009 (beginning of the crisis) and 2008–2011 (during the crisis). We have deemed it convenient to analyze these two periods to separate the effect of investments in competencies on market value according to the period analyzed; we expect that the investments made when the crisis began had a higher impact on market value during the crisis, showing how the market more value those companies that have focused on competencies during a crisis period. The paper is structured as follows: Section 2, on the grounds for the Resource Based View, justifies the key role of intangible resources in business competitiveness. Itlikewise reviews the literature that considers the relevance of knowledge-based intangibles, that is, Intellectual Capital. The same section also considers the effect on the value of the company of the two dimensions of Intellectual Capital, that is, Human Capital and Relational Capital, and the investments made in it. The methodology used is subsequently set out in Section 3. The results obtained are contained in Section 4 and the paper then concludes.