Measuring the level of intellectual capital and studying its effect on firm value by using the Q-Tobin model for companies accepted in Stock Exchange in Tehran
Journal Title: International Research Journal of Applied and Basic Sciences - Year 2015, Vol 9, Issue 11
Abstract
The rise of the “new economy”, one principally driven by information and knowledge, is attributed to the increased prominence of intellectual capital (IC) as a business and research topic. Intellectual capital is implicated in recent economic, managerial, technological, and sociological developments in a manner previously unknown and largely unforeseen. As the gap between firm value and book value of company’s increases, various researches about recognition of factors eliminated from the financial statements have been performed and developed. Value and the level of intellectual capital in organizations is one of the effective components on firms' value, but it isn't presented in financial statements. The present research aims at not only measuring the level of intellectual capital and firms' value, but also studying the effect of intellectual capital on firm value. Statistical universe of this research is the companies accepted in Stock Exchange in Tehran. This research has been carried out among 132 companies accepted in Tehran Stock Exchange between 2008- 2013 by Regression Analysis Method using SPSS19 Eviews6 software. Data gathering instrument in this research includes referring to financial recorded information, evidence, and backgrounds of companies in Rahavard Novin Software and Stock Exchange Organization's website. The results obtained from this research show that there is a significant correlation between intellectual capital (as an intangible asset) and firm value. There is also a meaningful relationship between the efficiency of human, structural, and applied capital in one hand and intellectual capital in studied companies on the other hand.
Authors and Affiliations
Hamideh Nejati| Department of Accounting and Mangment ,hamedan branch, islamic Azad University , Hamedan,iran, email: Hamide.nejati@yahoo.com, Reza Pirayesh| Assistant Professor of Management, Accounting, and Economy majors in University of zanjan
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