The effects of relational capital (customer) on the market value and financial performance

Abstract

The increasing difference between market value and book value in many companies caused us to pay attention to the investigation of the missing values in financial statements. According to the activities of various researchers, intellectual capital is expected to be among the hidden values ​​that lead organizations to achieve competitive advantage. Therefore, it can be concluded that the resources of economic value is the product of intellectual capital not material goods. In this case, the present study examines the effect of relational capital (customer) as one of the components of intellectual capital on the market value and financial performance. In this study, the financial data of 96 companies listed in Tehran Stock Exchange during the period 2007 to 2012 were studied. To test the hypotheses, univariate linear regression models were used using panel data and to analyze the data Eviews and SPSS software were used. Hypothesis test results indicate that relational capital has a significant positive effect on financial performance and firm value.