An Investigation of Explanatory Power between Financial Capital and Intellectual Capital in Determining the Market Value of Listed Companies in Tehran Stock Exchange

Subject Areas : Financial Knowledge of Securities Analysis

سعید جبارزاده کنگرلویی ¹ , انبر بایزیدی ²

1 - مسئول مکاتبات
2 - ندارد

Received: 2011-02-09 Accepted : 2011-05-05 Published : 2011-03-21

Keywords: explanatory power, financial capital, intellectual capital and marke,

Abstract :

The aim of this study is to investigate of the explanatory power between the financial capital and the intellectual capital in determining the market value of the listed companies in Tehran Stock Exchange. In this study, the economic value added, the residual income and the equity book value were proxy for the financial capital, and the human capital, the relation capital, the innovation and the procedure capital were the components of the intellectual capital. The market value of the companies was used as the dependent variable. The research sample was 66 companies during 2006-2010. Panel data method with fixed effects in econometric software EViews 6 was applied for analyzing of research data. The findings show that the financial capital rather than the intellectual capital has more explanatory power in determining the market value of the listed companies in Tehran Stock Exchange, and the residual income variable is of the highest correlation and the most explanatory power in determining the market value of the listed companies in Tehran Stock Exchange between the financial capital variables. The reason of this subject that the intellectual capital variables were not of real explanatory power in determining the market value of the companies is the lack of efficiency in Tehran capital market or the incorrect understanding of the users from these variables in the financial statements and its accompany notes.