Abstract:

In the current economic context, the resource on which the majority of companies rely to generate economic benefits is intellectual capital. An important part of it is the relational capital, or in other words, the enterprise relationship with the external environment. This form of capital gains major dimensions especially for multinational companies because, in their case, the non-financial side interweaves, in comparable proportions, with the financial side. For a good representation of relational capital, we considered a timely analysis of seven multinational companies, through the reports and the results published in the context of Romania's emerging economy. In the case of these pharmaceutical companies (Hoffmann-La Roche, GlaxoSmithKline, Zentiva, Pfizer, Sanofi-Aventis, Novartis, and Servier), the non-financial approach of relational capital refers mainly to their relationship with customers, in terms of loyalty, reputation and social and ecological responsibility. The analysis of relational capital was based, related to non-financial side, on publicly issued reports, and from a financial perspective, through a series of capital market indicators such as market share, number of customers, the sales and expenses related to the number of customers. Both financial and non-financial analyses are based on the concept of performance, as a strategic and social objective and as a measure of effectiveness and efficiency.