The Effect of Intellectual Capital Components on Effective Indicators and Investor Decisions

Iranian Journal of Accounting, Auditing and Finance

مقاله 3، دوره 1، شماره 1، اردیبهشت 2017   

نوع مقاله: Accounting

شناسه دیجیتال (DOI): 10.22067/ijaaf.v1i1.69643

نویسنده

Alireza Fazlzadeh^*

Tabriz University

چکیده

This study examines the effects of intellectual capital components on the investment decision indicators. Decision-making process of investors is influenced by a combination of financial and non-financial information. The purpose of this study is to introduce variables that investors take into account in the decision model to achieve a better efficiency. Our sample consists of 120 publicly listed companies on the Tehran Stock Exchange operating in eight industries over a five-year period (2011-2015). We use the estimated generalized least squares method in the present study. The results show a significant and positive impact of the components of intellectual capital on stock liquidity, earnings per share, stock returns, and stock price volatility. However, there is no statistically significant relationship between the components of intellectual capital and price to earnings ratio as well as dividends per share. Overall, the present paper indicates the different components of intellectual and capital-based indicators of investment decisions in various industries

کلیدواژه‌ها

Intellectual capital؛ Human Capital؛ Capital employed؛ Structural capital؛ Economic value added