Relation Between the Intellectual Capital and firm's leverage in the selected firms on Tehran Stock Exchange

Subject Areas : Financial Knowledge of Securities Analysis

بهمن  بنی مهد ¹ (نویسنده مسئول)
زهرا  قنبری ها ² (ندارد)

Received: 2011-01-10 Accepted : 2011-04-04 Published : 2011-09-23

Keywords: Intellectual Capital, Value Added Intellectual Capit, capital structure (Debit Ratio, Return on Asset, size and Tehran Stock Excha,

Abstract :

This study  examine relation between intellectual capital and firm's capital structure  over a 8- period in 69 firms in Tehran Stock Exchange.  The  measures of  a  firm's  capital structure is debt to asset ratio as a dependent variable. Findings  show  that intellectual  capital  have a positive relation with firm's capital structure . Also  the evidences indicate that capital structure have a  positive relation with firm's size. Meanwhile there are a negative relation between firm's  profitability and  capital structure. the study  advise to firms managements to improve personel  performance by training or employing foreign intellectual capital in order to decrease firm's debt. Financial analysts  and other users could also use the results of  this study  and it's model to analysis firms financial structure.