Investigating the Relationship Between Intellectual Capital Efficiency and Corporate Performance in Accepted Firms of Tehran Exchange

Abstract

The increasing gap between market value and book value of firms leads many researches to recognize removed factors of financial statements in the firms. Among factors affecting firms but not represented in financial statements, there are brand equity, intellectual capital etc. This study aims to investigate the relationship between intellectual capital efficiency and corporate performance in accepted firms of Tehran Stock Exchange. Statistical population included 111 firms whose financial information was available from 2006 to 2011. According to performance evaluation measures in previous researches, return of asset (ROA), return of equity (ROE), and return on sale (ROS) explain financial measures of performance evaluation and Tobin Q, market value added (MVA), and economic value added (EVA) are economic performance evaluation measures. Next, to examine intellectual capital’s components (human capital, structural capital, and communicative capital) as independent variables, added value coefficient of intellectual capital proposed by Pulic (2000) was used. Correlation and regression tests were used to test hypotheses. The findings of tests showed that there is a positive and significant correlation between intellectual capital’s efficiency and firms’ performance.