期刊名称：International Journal of Management and Business Research
印刷版ISSN：2228-7019
电子版ISSN：2228-7027
出版年度：2012
卷号：2
期号：1
页码：1-12
语种：English
出版社：Islamic Azad University
其他摘要：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.
其他关键词：Intellectual capital ; Market value ; Book value ; financial performance ; Tehran Stock Exchange
