Effects of Intellectual Capital and Tangible Assets to create Value Added and Performance of Companies listed in Tehran Stock Exchange

Subject Areas :

Farzaneh Eftekharnejad ¹ , yadollah Nourifard ² , Hossein Karbasi yazdi ³

1 - کارشناس ارشد حسابداری دانشگاه آزاد اسلامی واحد تهران جنوب
2 - استادیار دانشکده مدیریت و حسابداری دانشگاه آزاد اسلامی واحد تهران جنوب
3 - استادیار دانشکده مدیریت و حسابداری دانشگاه آزاد اسلامی واحد تهران جنوب

Received: 2015-11-01 Accepted : 2015-11-01 Published : 2012-12-21

Keywords: Size, Financial Performance, Value added intellectual capital, Value added employed capital, stock market performance operating performance,

Abstract :

  According to the role of operating performance in economical entities and importance of intellectual capital and capital employed effects on value creation, the purpose of this paper is to analyze the role of intellectual capital and tangible assets on firm`s financial, operating and stock market performance. To conduct the relevant analysis in the present study, three dependent variables of operating income/sales (OI/S), return on assets(ROA) and MB were used as proxy measures for economic, financial and stock market performance, respectively. The sample consists of 80 firms from Tehran stock exchange for the period 2006-2010 by applying VAIC pulic`s model.The results show that companies’ IC has a positive impact on operating, financial and stock market performance. This result supports the importance role of intellectual capital in value creation. The results also indicate that capital employed remains a major determinant of operating, financial and stock market performance although intellectual capital has more effects on stock market performance than capital employed