Investigating the relationship between intangible assets and financial performance of listed companies in Tehran Stock Exchange
Subject Areas : Journal of Investment Knowledge
Mohammad
Namazi
1
(Professor of Accounting, Shiraz University)
Seyed Rouhollah
Mousavinejad
2
(Assistant Professor of Accounting, Islamic Azad University of Esfarayen)
Keywords: Registered intangible assets, Unregistered intangible assets, Financial Performance, Tehran Stock Exchange,
Abstract :
The purpose of this study was to investigate the relationship between intangible assets and the financial performance of the companies listed in Tehran Stock Exchange. Therefore, the present study is a practical and quasi-experimental research. Totally 134 companies for the 12-year period (1380 to 1391) were classified and examined in four categories using available databases. Intangible assets also was divided into two categories; registered and unregistered intangible assets. We used a few proxies for calculation of intangible assets. The results of the partial correlation coefficients and hierarchical regression test with regard to the control variables showed that there is a significant relationship between intangible assets and financial performance of the companies. In some cases, there is a positive and in others a negative sign relationship. The intensity of this relationship for unregistered intangible assets is stronger that registered intangible assets. The most significant positive correlation is between ROA and Tobin-Q, and then between markets over book value and net income respectively. Also, the net income measure was strongly associated with intangible assets among the other measures.
* استانداردهای حسابداری. (1391). نشریه شماره 160 سازمان حسابرسی. چاپ بیست و دوم. تهران: کمیته فنی سازمان حسابرسی.
* ستایش، محمد حسین و مصطفی کاظمنژاد (1388). بررسی تاثیر سرمایه فکری بر عملکرد شرکتهای پذیرفته شده در بورس اوراق بهادار تهران. مجله پیشرفتهای حسابداری. دوره اول. شماره اول. پیاپی 3/57. صص 94-69.
* عباسی، ابراهیم و امان گلدی صدقی (1389). بررسی تاثیر کارآیی عناصر سرمایه فکری بر عملکرد مالی شرکتها در بورس تهران. بررسیهای حسابداری و حسابرسی. دوره 17. شماره 60. صص 74-57.
* عربصالحی، مهدی؛ مویدفر، روزیتا و سجاد کریمی (1391). تاثیر ریسک محیط، استراتژی شرکت و ساختار سرمایه بر عملکرد شرکتهای پذیرفته شده در بورس اوراق بهادار تهران. مجله پژوهش های حسابداری مالی. سال چهارم، شماره سوم، شماره پیاپی 13. صص70-47.
* غیوری مقدم، علی؛ محمدی زنجیرانی، داریوش و زعیمه نعمت الهی (1391). بررسی تأثیر سرمایه فکری بر کارایی به عنوان معیار عملکرد واحد تجاری. مجله پژوهش های حسابداری مالی. سال چهارم، شماره سوم، شماره پیاپی 13. صص104-87.
* مهدوی، غلامحسین و علی اصغر قربانی (1391). بررسی مقایسه ای نقش شاخصهای نوین و سنتی نقدینگی در ارزیابی عملکرد مالی شرکت های پذیرفته شده در بورس اوراق بهادار تهران. مجله پژوهش های حسابداری مالی. سال چهارم، شماره یکم. شماره پیاپی 11. صص 88-67.
* نمازی، محمد و شهلا ابراهیمی (1388). بررسی تأثیر سرمایه فکری بر عملکرد مالی جاری و آینده شرکتهای پذیرفته شده در بورس اوراق بهادار تهران، تحقیقات حسابداری. سال اول، شماره چهارم، صص 25-4.
* نمازی، محمد و رامین زراعتگری (1388). بررسی کاربرد نسبت Q توبین و مقایسه آن با سایر معیارهای ارزیابی عملکرد مدیران در شرکتهای پذیرفته شده در بورس اوراق بهادار تهران. مجله پیشرفتهای حسابداری. دوره اول. شماره اول. پیاپی 3/57. صص 262-231.
* نمازی، محمد و شهلا ابراهیمی (1390). بررسی تجربی نقش اجزای سرمایه‌ی فکری در ارزیابی عملیات مالی شرکتهای پذیرفته شده در بورس اوراق بهادار تهران. مجله‌ی پیشرفتهای حسابداری دانشگاه شیراز. سال سوم، شماره 2 (پیاپی 61). صص197-163.
* هاشمی، سید عباس؛ حسینی، سید محسن و سجاد برعندان (1391). مقایسه محتوای فزاینده اطلاعاتی نسبتهای نقدی و تعهدی برای ارزیابی عملکرد مالی شرکت ها با رویکرد داده کاوی. مجله پژوهش های حسابداری مالی. سال چهارم، شماره دوم، شماره پیاپی 12. صص82-63.
* Barney, Jey. (1991). Firm resources and sustained competitive advantage. Journal of Management., Vol. 17, No. 1, pp. 99-120.
* Ben Brahim, Houneida and Mounira Ben Arab. (2011). The effect of intangible resources on the economic performance of the firm. Journal of Business Studies Quarterly. Vol. 3, No. 1, pp. 36-59.
* Berk, Jonathan B.; Green, Richard C. and Vasant Naik. (1999). “Optimal investment, growth options, and security returns”. Journal of Finance., Vol. 54, No. 5, pp. 1553-1599.
* Bloom, Martin. (2009). Accounting for goodwill. ABACUS., Vol. 45, No. 3, pp. 379-389.
* Bollen, Laury.; Vergauwen, Philip and Stephanie Schnieders. (2005). Linking intellectual capital and intellectual property to company performance. Management Decision., Vol. 43, No. 9, pp. 1161-1185.
* Brigham, Eugene F and Michael C . Ehrhardt. (2010). Financial management: theory and practice. 13 edition. South-Western Cengage Learning.
* Bontis, Nick. (1998). Intellectual capital: An exploratory study that develops measures and models. Management Decision., Vol. 36, No. 2, pp. 63-76.
* Chen, Shimin and James L. Dodd. (1997). Economic value added (EVA(TM)): an empirical examination of a new corporate performance measure. Journal of Managerial Issues., Vol. 9, No 3, pp. 318-333.
* Choi, Gun-Ae. (2007). The effect of intangible capital on lodging firms' foreign market entry mode (Ph.D. Dissertation, The Ohio State University). [Online]. Retrieved from Proquest digital dissertations database (AAT 3279760).[20 November 2011].
* Choi, Won W.; Kwon, Sung S. and Gerald J. Lobo. (2000). Market valuation of intangible assets. Journal of Business Research., Vol. 49, No. 1, pp. 35-45.
* Cloninger, Peggy A. (2004). The effect of service intangibility on revenue from foreign markets. Journal of International Management., Vol. 1, pp. 125– 146.
* Corona, Carlos. (2009). Dynamic performance measurement with intangible assets. Review of Accounting Studies., Vol. 14, pp. 314–348.
* Corona, Carlos. (2006). Dynamic performance measurement with intangible assets. (Ph.D. Dissertation, The Stanford University, 2006).[Online]. Retrieved from Proquest digital dissertations database (AAT 3235206).[20 November 2011].
* Damodaran, Aswath. (2007). Return on Capital (ROC), Return on Invested Capital (ROIC) and Return on Equity (ROE): measurement and implications. Stern School of Business. [Online]. <www.stern.nyu.edu/~adamodar/pdfiles/papers/returnmeasures .pdf>.[20 November 2011].
* De Wet, Johannes H.V.H and Elsa Du Toit. (2007). Return on equity: a popular, but flawed measure of corporate financial performance. South African Journal of Business Management., Vol. 38, No. 1, pp. 59-69.
* Ely, Kirsten and Gregory Waymire. (1999). Intangible assets and stock prices in the pre-SEC era. Journal of Accounting Research., Vol. 37, studies on credible financial reporting. pp. 17-44.
* Gardberg, Naomi A and Charles J Fombrun. (2006). Corporate citizenship: creating intangible assts across institutional environments. Academy of Management Review., Vol. 31, No. 2, pp. 329-346.
* Godfrey, Jayne and Ping-Sheng Koh. (2001). The relevance to firm valuation of capitalising intangible assets in total and by category. Australian Accounting Review., Vol. 11, Iss. 24, pp. 39–48.
* Hall, Richard. (1992). The strategic analysis of intangible resources. Strategic Management Journal., Vol. 13, Iss. 2, pp. 135-144.
* Hendry, Chris; Selim, Georges; Citron, David; Holtham, Clive; Brown, James; Holden, Jo; Courtney, Nigel and Fatma Oehlcke. (2008). Facilitating innovation through the measurement of management of intangibles. In H. Scarbrough (Ed.). The evolution of business knowledge (pp. 319-338). Oxford, England: Oxford university press.
* Hoegh-Krohn, Nils E. Joachim and Kjell Henry Knivsfla. (2000). Accounting for intangible assets in Scandinavia, the UK, the US, and by the IASC: Challenges and a solution. The International Journal of Accounting., Vol. 35, pp. 243-265.
* Ittner, Christopher D. (2008). Does measuring intangibles for management purposes improve performance? A review of the evidence. Accounting and Business Research., Vol. 38, No. 3, pp. 261-272.
* Izedonme,Prince, F.; Odeyile, Lucky, G. and Kingsley Kuegbe. (2013). Human resource accounting and its impact on organisational performance. Journal of Economics and Sustainable Development. Vol.4, No.15. pp 50-56.
* Jui Hsu, Feng; Chen, Mu-Yen; Chen, Yu-Cheng and Wei-Chieh Wang. (2013). An Empirical Study on the Relationship between R&D and Financial Performance. Journal of Applied Finance & Banking, vol. 3, no. 5.pp 107-119.
* Leewillen, Wilbur G. and Swaminathan G. Badernet. (1997). On the measurement of Tobin’s Q. Journal of Financial Economics., Vol. 44, No. 1, pp. 77-122.
* Lehn, Kenneth and Anil K. Makhija. (1996). EVA & MVA as performance measures and signals for strategic change. Strategy & Leadership., Vol. 24, No. 3, pp. 34-38.
* Lev, Baruch. (1997). The old rules no longer apply: Intellectual capital measurement. Forbes Magazine., Vol. 72, No. 13, pp. 34-38.
* Mehralian, Gholamhossein; Rajabzadeh, Ali; Sadeh, Mohammad Reza and Hamid Reza Rasekh. (2012). Intellectual capital and corporate performance in Iranian pharmaceutical industry. Journal of Intellectual Capital. Vol. 13 No. 1. pp. 138-158.
* Mitton, Todd. (2002). A cross-firm analysis of the impact of corporate governance on the East Asian financial crisis. Journal of Financial Economics., Vol. 64 , pp. 215–241.
* Namazi, Mohammad and Hamid Allahyari Abhari. (2010). An investigation of the Balanced-Scorecard's applications for performance Measurement of the Firms Accepted in the Tehran Securities Exchange Market. Journal of Applied Sciences Research, Vil 6(8), pp. 943-955.
* Penman, Stephen. H. (2009). Accounting for intangible assets: There is also an income statement. ABACUS., Vol. 45, No. 3, pp. 359-371.
* Salamudin, Norhana; Bakar, Ridzwan; Ibrahim, Muhd Kamiland Faridah Haji Hassan. (2010). Intangible assets valuation in the Malaysian capital market. Journal of Intellectual Capital. Vol. 11 No. 3. pp. 391-405.
* Shin, Namchul. (2009). Information technology and diversification: How their relationship affects firm performance. International Journal of E-collaboration., Vol. 5, No. 1, pp. 69-83.
* Stewart, G. Bennett. (1991). The Quest for Value. New York: Harper Collins.
* Sveiby, Karl Erick. (1997). The New Organizational Wealth: Managing and Measuring Intangible Assets. San Francisco, CA: Berrett Koehler.
* Rowbottom, Nicholas. (1998). Intangible asset accounting and accounting policy selection in the football industry. (Ph.D. Dissertation, The University of Birmingham, 1998). [Online]. <http://www.etheses.bham.ac.uk/899/>. [20 November 2011].
* Ukiwe, Alladin. (2009). The joint impact of brand value and advertising on corporate financial performance and on stock return: A case study of the computer industry. (Ph.D. Dissertation, Walden University, 2009). [Online]. Retrieved from Proquest digital dissertations database (AAT 3366989). [20 November 2011 ].
* Wernerfelt, Birger. (1984). A resource-based view of the firm. Strategic Management Journal., Vol. 5, pp. 171-180.
* X. Qiu, David. (2009). Relationships between firms intangible assets and their financial performance. (Ph.D. dissertation, the Capella university). [Online]. Retrieved from Proquest digital dissertations database (AAT 3373472).[20 November 2011]