Comparing the explanatory power of EVA and intellectual capital In determining the market price

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سعید  Jabarzadeh ¹ (استادیار، گروه آموزشی حسابداری، واحد ارومیه، دانشگاه آزاد اسلامی، ارومیه، ایران)
علیرضا  Bashiri ² (کارشناسی ارشد، گروه آموزشی حسابداری، واحد همدان، دانشگاه آزاد اسلامی، همدان، ایران)

Received: 2015-05-06 Accepted : 2015-05-06 Published : 2014-12-22

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Abstract :

The aim of this study is to compare explainatry power of economic value added (EVA) and intellectual capital (IC) in determination of firm's stock price in Tehran Stock Exchange. To do so, 70 firms listed in TSE are investigated for the priod of 1382 to 1389. Pulic (2000) model is used for IC measurement and Stewart (1991) for EVA. The results of the study show that EVA has more explainatry power than IC. This result shows that, in contrast with most of countries, TSE firms put more emphasis on financial and physical capital and IC have not obtained its real placement in the capital market of Iran.