Investigation and application of intellectual capital in evaluating the financial performance of companies admitted to the Tehran Stock Exchange

Dissertation for Master's Degree

Major: Accounting

Abstract:

We all know that what gets measured gets done. However, many organizations that pursue knowledge management do not have a process to measure organizational knowledge assets or intellectual capital. Traditional financial reporting cannot calculate the real value of the company and is limited only to the measurement of the short-term financial balance sheet and tangible assets. In fact, intellectual capital provides a complete new model for observing the real value of organizations, and using it, the future value of the company can also be calculated. Due to the desire to measure and consider the real value of intangible assets, intellectual capital has increased more than before with companies, shareholders (investors) and other interested groups. In this applied research, based on Stewart's method, the value of intellectual capital of Tehran Stock Exchange companies was calculated for a period of five years, then in the next step, the relationship between the value of intellectual capital and the financial performance of companies admitted to Tehran Stock Exchange was evaluated. In this research, the statistical method used to analyze the data is regression analysis model method.

The findings indicate a significant positive relationship between intellectual capital and financial performance of companies admitted to the Tehran Stock Exchange. According to these results, it is possible to strongly recommend the use of companies, shareholders, investors and other interested groups in the use of this model to obtain higher profits in the future. and organizations have placed. Therefore, interactions and communications have developed globally and new definitions have appeared in various dimensions of individual and social life. In the meantime, business organizations have received the most impact from the new situation and willingly or unwillingly, they have been placed in the path of this continuous transformation, transformed, dissolved, merged, or accepted new situations. According to these situational changes, new approaches and literature such as: learning organizations, organization architecture, virtual organization and re-engineering and so on. It has emerged on the platform of information access. An approach that interprets from the genetic code to isomers, from linguistics to computers, and from the functioning of the human brain to the management of business organizations.

Today's organizations, more than their old examples, face a dialectic: the need for autonomy (independence) versus the simultaneous need for communication (integration). The answer to this dialectic requires creating learning opportunities for people in the organization. Because, on the one hand, organizations need structures to develop autonomy and ability to solve local problems, and on the other hand, for cultural transformation, they tend to improve communication and collaborative structure. With the expansion of communication and no need to move, and under the influence of the emergence of the virtual organization, the only element that remains in the organization are the people, that is, the people of the organizations. It is clear that in such a situation, in order to transform organizations into learning organizations, people must have a desire to learn. Learning in new organizations, in turn, depends on the information approach and the cybernetic circle of person-organization-environment-person, and is influenced by innovative behavior, information and knowledge in the environment. In fact, on the one hand, the development of communication and the mass production of information and knowledge, and on the other hand, the reduction of the half-life of various fields of human knowledge, has caused information to be considered as the most important source of organizations and as a competitive advantage. Similar to other organizational resources, this important resource also needs to be managed and its management is realized in the shadow of technology. The increasing attention to knowledge and the importance of scientists in the organization as the main capital of knowledge-based organizations has made it necessary to identify and distinguish knowledge and information, and to form frameworks for knowledge management in organizations.

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Chapter One

General research

1-1-Introduction:

Many theorists and researchers believe that the shape of the economy has taken on a global and epidemic form and from assets and incomes. Imperceptible, complex and invisibly formed, which are interwoven with each other in a special way. Processes and tools that provide the basis for increasing productivity and economic progress. Based on this definition, it is clearly clear that the management, planning and supervision of identifying, allocating and measuring the intangible assets and intellectual capital of companies is an important indicator in determining the competitiveness of companies for survival and growth in the new economy. The analysis of economic trends and statistics also confirm the truth of this statement, as the analysis of five hundred companies between 1982 and 1992 shows the growth of the share of intangible assets from 38% to 62% in the market value. Paying attention to this issue in the late nineties, investment in the development of intangible assets, including: research and development, business processes and software, acquisition of trademarks, personnel training, etc., has reached a figure equivalent to one trillion dollars - approximately equal to the total investment in the production of physical assets. For this purpose, estimating and measuring the impact of intellectual capital in the economic processes of the current state of the organization will be one of the ways to identify weaknesses and determine the necessary strategies to help managers make decisions. On the other hand, considering that determining the amount of capital required, as one of the main components of production activities, is very important, it can be seen that identifying the existing intellectual and intangible capital of the organization, in knowing the distance to the optimal situation and determining the capital needs and adopting optimal procedures, will be very important and effective for the development and growth in the future of enterprises. We express the importance and necessity of research. We also state the objectives of the research.

The theoretical framework of the research, which was the main basis of the research question and topic, is given in this chapter, and the analytical model and research hypotheses are also mentioned in the following. At the end of this chapter, there are definitions of words and terms.

Abstract:

We all know that what is measured, will be done.  However, many organizations that are pursuing knowledge management process haven't any process for measuring organizational knowledge assets or intellectual capital.

Traditional financial reports can not calculate the real value of the company and only measure short-term financial balance sheet and confined to tangible assets.

In fact, the intellectual capital will provide a new complete model for observing the real value of all organizations and can be used in calculating the future value of the company. Due to the tendency to measure the real value of intangible assets, intellectual capital has increased with the companies, shareholders (investors), and other interest groups more than in the past. In this applied research, initially based on Stewart's method, the value of listed companies in Tehran Stock Exchange' intellectual capital was calculated for a 5-year period, then in the next step, the relationship between intellectual capital and financial performance of listed companies in Tehran Stock Exchange were evaluated.