Impacts of Intellectual Capital on the Assets and Share Liquidity : Evidence from Tehran Stock Exchange

Subject Areas : Financial engineering

khosro moradi shahdadi ¹ , Ali Asghar Anvary Rostamy ² , Mohammad Hossein Ranjbar ³ , seyed jallal sadeghisharifasl ⁴

1 - PhD Candidate of financial management, UAE branch, islamic azad university, Dubai, UAE
2 - Professor of Finance, Tarbiat Modares University, Tehran, Iran
3 - Assistant Professor, Department of Management and Accounting, Bandar Abbas Branch,, Islamic Azad University, Bandarabbas, Iran
4 - Assistant Professor, Department of Management of finance, shahid Beheshti Universty, Tehran, Iran

Received: 2018-06-20 Accepted : 2019-02-16 Published : 2019-03-21

Keywords: Tehran Stock Exchange, Intellectual Capital, asset liquidity, share liquidity,

Abstract :

Asset and share liquidity regards two major subjects in financial literature. Liquidity increases firms’ attractiveness instock markets and reduces their risk and financing costs. According to the literature, one expect that firms with a higher value of intellectual capital intelligently pay more attention to their asset and shar liquidity. This research aims to investigate the impacts of intellectual capital on asset and share liquidity of companies listed in Tehran Stock Exchange. For this purpose, data for 147 manufacturing companies for the period of 1388-1394 was gathered. In order to measure intellectual capital Pulic model applied. To measure the asset liquidity the liquidity ratio, and to measure share liquidity, the liquidity rank of companies that announces by Tehran Stock Exchange was used. In orer to test the hypothese, multi- variable regression models with combined data method applied. The results indicate significant relations between intellectual capital with both asset and share liquidity in Tehran Stock Exchange, which means that companies with a higher intellectual capital are more liquid.