Investigation of the Relation between Disclosure of Intellectual Capital and Investment Costs with Regard to Technology Factor in the Listed Companies in the Stocks Exchange of Tehran

Abstract

In the industrial age, capital meant physical and financial capitals or tangible assets of a company. But in the present era, the paradigm of intellectual capital is stated as the most valuable asset and creator of competitive advantage of companies which is resulted from science and knowledge. Companies try to reduce their capital costs by volunteer disclosure of these assets. Based on this, the main purpose of this study is to investigate the relation between disclosure of intellectual capital and investment costs (the costs of shareholders’ rights and liability costs) of the listed companies in the Stocks Exchange of Tehran. The studied period is 2007-2011 and the selected sample includes 40 companies. The findings of testing the research hypotheses using Multivariate Regression Method show there is no negative relation between disclosure of intellectual capital and capital costs (the costs of shareholders’ rights and liability costs). Influencing the factor of technology and classification of companies to high and low technology companies and also as modifier factor the obtained results from testing hypotheses have not changed. And the existence of negative relation between disclosure of intellectual capital and capital costs with the impact of the factor of technology is not proved.