ntellectual Capital, Shareholder' Wealth and Firms' Financial Performances in Tehran Stock Exchange

Subject Areas :

Ali Asghar Anvary Rostamy ¹ (استاد دانشگاه تربیت مدرس)
Vahid Ahmadian ² (کارشناس ارشد حسابداری دانشگاه تربیت مدرس)
Asghar Mirzadeh ³ (کارشناس ارشد حسابداری دانشگاه آزاد اسلامی،واحد تبریز)

Received: 2015-05-07 Accepted : 2015-05-07 Published : 2014-02-20

Keywords:

Abstract :

Value maximization regards as the important objective of mostcompanies. One of thefactorsaffecting thecompany'svalue isintellectual capital(IC). The purposeofthisstudy is to investigate theeffects of IC anditscomponents(human, physicalandstructural capital) onthe financialperformance ofcompanies(economic value added, marketvalue added, earnings per share, return onequity, return onassets,andannual return of stocks) inTehran Stock Exchange for 87companiesover theyears1389 to 1386. Results of paneldataregressionshowed that IC has positive significant effects on all six financial performance indices. Inparticular situations, physical andstructural capital have significantpositive relationship witheach ofthe six financial performance indices. Although human capital has a significantpositive relationshipwith economic value added, earnings per share, return onassets and annual return of stocks, but we could not find significant relationship between human capital with marketvalue added andreturn onequity. Result of this research help tounderstand the important role ofintellectual capitalin creatingvalueincompanies. Key Words: Intellectual Capital, Human Capital, Structural Capital, Tangible Capital, Shareholders' Wealth.

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