Evaluation the relation between intellectual capital and modern variables for performance measurement with creation value emphasis

Subject Areas : Financial Knowledge of Securities Analysis

Fraydoon Rahnamay Roodposhti ¹ (نویسنده اصلی مسئول مکاتبه)
Hoda Hemmati ² (ندارد)

Received: 2009-08-04 Accepted : 2009-09-22 Published : 2009-06-22

Keywords: Intellectual Capital, economic value added, Market Value Added, shareholder value added,

Abstract :

With the emergence of knowledge-based economy and changes in thecorporate nature of work, intellectual capital is an important foundationof a company to create value and return.According to importance of intellectual capital (IC), in this study weinvestigate the relation between IC and modern variables for performancemeasurement with creation value emphasis such as Economic ValueAdded (EVA), Market Value Added (MVA) and Shareholder ValueAdded (SVA).The first stage in the analysis involves calculation of IC with 6 methods,which have been examined in prior researches. In order to achieve theaim of this study the data related to IC, EVA, MVA and SVA aregathered from companies which have been listed in Tehran StockExchange through 1382-1386 by random sampling procedures.Regression and panel methods is used in order to test the hypothesis ofthis research. The results indicate a relation between MVA and IC butaccording to the different results of sixth model we can’t achieve to aunique result about relation between EVA, SVA and IC. Moreover theforth method that used in this research has highest R2, so it’s the bestmodel that we can use for calculation of IC.