Investigating the Impact of Intellectual Capital on the Financial Performance of Companies Active in the Tehran Stock Exchange
محورهای موضوعی : International Journal of Finance, Accounting and Economics Studiesmojtaba Dabagh Bagheri 1 , ali jafari 2 , ali akbar ramezani 3 , . Mohammad Hassan Hashemi Khokhsarai 4
1 - PhD student, accounting department, Qaimshahr branch, Qaimshahr Islamic Azad Un
2 - Assistant Professor, Department of Accounting, Qaimshahr Branch, Qaimshahr Islamic Azad University, Iran
3 - Assistant Professor, Department of Accounting, Qaimshahr Branch, Qaimshahr Islamic Azad University, Iran
4 - Assistant Professor, Department of Accounting, Qaimshahr Branch, Qaimshahr Islamic Azad University, Iran
کلید واژه: Intellectual capital, Value-added coefficient, Pulic's value-added model,
چکیده مقاله :
The value of intellectual capital is one factor that affects the value of companies. The present research examines the relationship between intellectual capital, market value and financial performance of companies. The value-added coefficient of intellectual capital measures the efficiency of three data types. These data include used capital (financial and physical), human and structural capital. Analytically, this study uses a regression method to examine the separate impacts of capital efficiency, including human and structural capital efficiency and the efficiency of used (physical) capital, on market value and financial performance in relation to 10 companies in 2019. The research results show that the relationship between the efficiency coefficient of intellectual capital and market value (book-to-market ratio) is insignificant. This research finding confirms the growing gap between companies' market value and book value. The results of the obtained tests also indicate that the coefficient of intellectual capital has a positive and significant effect on the company's financial performance (return on asset ratio).
The value of intellectual capital is one factor that affects the value of companies. The present research examines the relationship between intellectual capital, market value and financial performance of companies. The value-added coefficient of intellectual capital measures the efficiency of three data types. These data include used capital (financial and physical), human and structural capital. Analytically, this study uses a regression method to examine the separate impacts of capital efficiency, including human and structural capital efficiency and the efficiency of used (physical) capital, on market value and financial performance in relation to 10 companies in 2019. The research results show that the relationship between the efficiency coefficient of intellectual capital and market value (book-to-market ratio) is insignificant. This research finding confirms the growing gap between companies' market value and book value. The results of the obtained tests also indicate that the coefficient of intellectual capital has a positive and significant effect on the company's financial performance (return on asset ratio).
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