Corporate governance vs. intellectual capital performance of the Tehran Stock Exchange firms

Subject Areas : Management Accounting

آرزو جلیلی ¹ (مسئول مکاتبات)
هدی همتی ² (ندارد)

Received: 2011-06-26 Accepted : 2012-02-04 Published : 2011-12-22

Keywords: Intellectual Capital, Physical Capital, Human Capital, Structural Capital, Corporate Governance, Institutional investors,

Abstract :

The main objective of this article is to investigate the relationship betweencorporate governance and intellectual capital performance of the firms. The dependentvariable is the amount of intellectual capital -measured by Value Added IntellectualCapital Coefficient (VAIC), which based on Pulic model (1998,2000). On the otherhand the independent variables are: the percentage of the firms stocks which isretained by major financial institutes to the total stocks, the ratio of nonexecutivemanagers to the total members of board of directors, the existence of CEO and/or vicepresident, and the existence of internal auditing.To test the hypothesizes, the Multi Variables Regression, Panel Data, Two AverageComparison, and Variance Analysis were exploited.The results of the study showed that: There is a meaningful relation betweennonexecutive managers and structural capital variable.A meaningful relation exists between existence of CEO and/or vice president andhuman capital. There is also a meaningful relation between internal auditing, on onehand, and human capital and structural capital on the other hand.