In modern economics, Intellectual capital is described as an intangible asset which can be used as a source of sustainable competitive advantage. However, intellectual capital components have to interact in themselves to create value. The paper seeks to examine the impact of intellectual capital on firms’ market value and financial performance. The efficiency of the value added by corporate intellectual ability (Value Added Intellectual Coefficient) is incorporated to measure the intellectual capital construct. The analyses are performed using data derived from the financial statements of 28 firms listed on the Tehran Stock Exchange (TSE) during a four-year period from 2006 to 2009. Correlation and Ordinary Least Square (OLS) regressions have been carried out on panel data to check the impact of intellectual capital on firms’ market value and financial performance. Results failed to support most of the hypotheses, only concluding that there is a statistically significant relationship between structure capital efficiency and financial performance (ROE, ROA). Despite the fact that intellectual capital is increasingly recognized as an important strategic asset for sustainable corporate competitive advantages, the results of the present study give raise to various arguments, criticism and further research on the subject. پرونده مقاله

Working capital management is an essential part of the short-term finance of a firm. With anefficient working capital management, a firm can release capital for more strategic objectives, reduce thefinancial costs, and improve profitability. The present research studies the relationship of working capitalmanagement on performance of firms Listed in Tehran Stock Exchange (TSE). Average Collection Period,Inventory Turnover in days, Average Payment Period, Cash Conversion Cycle, and Net Trading Cycle were usedto assess working capital management, and Net Operating Profitability was used to assess firms performance.The findings of studying 50 firms during the period between 2006 and 2009 by using an Ordinary Least SquareMethod (OLS) showed that there would be a negative and significant relationship between the variables ofAverage Collection Period, Inventory Turnover in day, Average Payment Period, Net Trading Cycle and theperformance of firms Listed in Tehran Stock Exchange (TSE). There were no evidences to prove the existence ofa significant relationship between Cash Conversion Cycle and the firms performance (NOP) for all years from2006 to 2009. The results showed that the increase in Collection Period, Payment Period, and Net Trading willlead towards the reduction of profitability in the firm. In other words, managers can increase the profitability oftheir firms reasonably, by reducing Collection Period, Inventory Turnover, and Payment Period. پرونده مقاله