Proceedings of the 3rd European Conference on Intellectual Capital

Lidia García-Zambrano et al.
reason, we understand <strong>the</strong> comparative between <strong>the</strong>se values is not appropriate to measure <strong>the</strong>
efficiency <strong>of</strong> investment. Companies that invested more into training employees during prosperity
times, valued better into Stock Market in 2009. That means investors have valued better effort to build
Human Capital.
One <strong>of</strong> <strong>the</strong> possible lines <strong>of</strong> future research is to expand <strong>the</strong> selected sample and include <strong>European</strong>
companies quoted on <strong>the</strong> stock market. We could likewise see <strong>the</strong> degree <strong>of</strong> impact that <strong>the</strong> o<strong>the</strong>r two
dimensions <strong>of</strong> Intellectual Capital, Relational and Structural Capital, have on <strong>the</strong> intangible value <strong>of</strong>
<strong>the</strong> company, and <strong>the</strong>refore, on <strong>the</strong> business value overall.
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