Word Files
Reference for Downloading Educational Files
  2. Librarianship
  3. Investigating the relationship between intellectual capital and financial performance of companies in Iran's capital market

Investigating the relationship between intellectual capital and financial performance of companies in Iran's capital market

Number of pages: 250 File Format: word File Code: 32316
Year: 2010 University Degree: Master's degree Category: Librarianship
Tags/Keywords: Accounting - capital - Company size - Financial performance - Intellectual capital - Iran's capital market - Multiple regression - stock exchange
  • Part of the Content
  • Contents & Resources

  • Summary of Investigating the relationship between intellectual capital and financial performance of companies in Iran's capital market

    Dissertation for Master's Degree

    Major: Accounting

    Abstract:

    Organizations are entering the knowledge-based economy, an economy in which knowledge and intangible assets are recognized as the most important competitive advantage of organizations. One of the components of intangible assets is intellectual capital, which has an important impact on the performance and strategic implementation of the organization, therefore, the identification, measurement and management of intellectual capital is of particular importance and leads to the observation of the real value of organizations.

    Various classifications have been provided to measure intellectual capital, and one of these classifications is named by Palik [1] named (added value of intellectual capital) [2] and it has been proposed that of the three components of the efficiency of physical capital, The efficiency of human capital and the efficiency of structural capital. In this research, based on the model (added value of intellectual capital), the value of the intellectual capital of the companies admitted to the Tehran Stock Exchange for the 7-year period from 1380 to 1386 was calculated, and then the relationship between the components of the intellectual capital and the financial performance of the companies was evaluated. In order to calculate financial performance, eight financial performance indicators have been used in five groups representing market value, profitability, activity, capital return, based on value creation. In this research, the statistical method used for data analysis is multiple regression and correlation coefficients. The selected sample included 73 companies continuously for a period of 7 years, where the size of the company is considered as a control variable.

    The findings indicate a significant positive relationship between intellectual capital and financial performance of companies and the positive effect of company size on the levels of intellectual capital and financial performance. According to these results, it is possible to draw the attention of managers, shareholders, investors and other interested groups to the resources and capabilities within the organization and suggest the use of this model to obtain higher financial returns and access to the real value of companies. 

    Key words: intellectual capital, financial performance, company size, multiple regression, Tehran Stock Exchange

    Introduction:

    By entering the knowledge economy, knowledge compared to other Factors of production such as land, capital, machinery, etc.  It has become more preferred. So that in economy, knowledge is considered as the most important factor of production and it is mentioned as the most important competitive advantage of organizations. Also, with the rapid progress of superior technology, especially in the field of communication, computer and biological engineering, the economic growth pattern of the world changed fundamentally from the 70s, and following that, knowledge replaced monetary and physical capital as the most important capital (Chen et al., 2005, p. 388) [3].  One of the characteristics of knowledge is that it is intangible, that is, it is intangible and intangible, and its valuation and measurement is very difficult and complicated. In the past, organizations were able to fully calculate the value and size of their production using accounting methods, but today this accounting method does not have the necessary efficiency. Knowledge is considered as one of the most important components of intangible assets, if in the past most of the assets of organizations were tangible, but today most of the assets of organizations are intangible (Sulivano et al., 2002, p. 9) [4]

    -1) Introduction

    Tiles [1] (2004) intangible assets that are protected by law and They have given the title of intellectual property [2] and it includes royalties, copyrights, franchises, signs and trademarks, some of them are reflected in the balance sheet, but other intangible assets, which include intellectual capital and operate under the principles of economics, that is, their value does not decrease with more use, are usually not reflected in the balance sheet (Chan, 2009, p. 9)[3]. The large distance between the book value[4] and the market value[5] of the companies has created a great attention of the companies towards discovering the value of the intangible assets removed from the financial statement (Liu, 2002, p. 14)[6]..

    According to "Bontis [7]", most of the different countries of the world (including Iranian industries) are using traditional financial accounting methods that were created centuries ago for a business environment based on manual work and tangible assets such as equipment and buildings, while a knowledge-based business environment requires a model that includes new intangible organizational assets such as knowledge and competence of human resources, innovation, customer relations, organizational culture, systems and processes, and structure. It seems that the traditional accounting reports incompletely reflect the real value created in companies, the gap created between the book value and the market in many companies, including the inadequacies of the traditional accounting system in the calendar and the reflection of the value of intellectual capital, which has caused the aforementioned discrepancy (Chan, 2009, p. 5) [8]. In this regard, intellectual capital [9] is the increasing attention of researchers. It has attracted academicians and organizational practitioners. According to the results of this research, all managers, brokers and investors in listed companies can approach the intrinsic value of the company by measuring the intellectual capital and by knowing the amount of intellectual capital companies have, they can predict the desired financial return more appropriately. rtl;">During the 1980s, the assumptions and ideas of the neoclassicals were challenged by the resource-based approach. According to "Pen Rus [10]", competitive advantage is not obtained only by different combinations of products and markets in a given industry, but mainly originates from differences in different types of organizational resources. Since resources are not always transferable, imitable or replaceable; It is necessary to pay serious attention to the inside of companies instead of looking outside to identify real and sustainable resources. Organizations are entering the knowledge-based economy. An economy in which knowledge and intangible assets [11] are recognized as the most important competitive advantage of organizations. Today, the way of using intangible assets has a very important effect on the success and survival of organizations, so that this issue has created a new field of study and research in management. In a simple classification, intangible assets are divided into two categories, one of the most important components of which is intellectual capital, which has an important impact on the performance and implementation of organizational strategies. Therefore, identifying, measuring and managing this intellectual capital is of particular importance (Goldi Sedki, 2016, p. 25). One of the components of intangible assets intellectual capital is an important effect on performance and implementation of strategic organization is therefore to identify, measure and manage intellectual capital has particular importance and value to all organizations is. is structured be. In this study, based on the first VAIC model, the value of intellectual capital in listed companies in Tehran Stock Exchange for seven-year period 1380 to 1386 and then calculated the relationship between intellectual capital components and the efficiency of financial companies has been assessed. To calculate the financial performance of the eight financial indicators of financial performance in five groups representing the market value, profitability, activity, investment returns, based on value creation has been used. In this study, statistical methods used for data analysis, multiple regression and correlation coefficients are. Includes 73 companies selected as a continuous period of 7 years for which firm size as control variable is considered.

  • Contents & References of Investigating the relationship between intellectual capital and financial performance of companies in Iran's capital market

    List:

    Abstract: 1

    Introduction: 2

    Chapter One: General Research

    1-1) Introduction. 4

    2-1) Statement of the research problem. 5

    3-1) Theoretical framework. 7

    4-1) Importance and necessity of research. 8

    5-1) research objectives. 9

    1-5-1) Scientific goals of research. 9

    2-5-1) applied research objectives. 10

    6-1) research hypotheses. 10

    7-1) Definitions of research words and terms: 11

    Chapter Two: Review of research literature

    1-2- Introduction. 16

    2-2) First part: Theories related to intellectual capital. 18

    1-2-2) Different definitions of intellectual capital. 20

    3-2) Second part: Intellectual capital classification models. 21

    1-3-2) Edwinson and Malone 22

    2-3-2) Ross et al. 23

    3-3-2) Bontis. 23

    4-3-2) Broking. 24

    5-3-2) Suaibi. 25

    6-3-2) Stewart. 26

    7-3-2) Yustek and his colleagues. 26

    8-3-2) Petty. 27

    9-3-2) Chen et al. 27

    10-3-2) Petty and goiter. 29

    11-2-2) Hannas and Levendahl. 30

    12-3-2) Mer and Aschuma classification. 32

    13-3-2) Lim and Dallimore. 32

    14-3-2) Norton and Kaplan classification. 33

    15-2-2) Classification of the Confederation of Danish Trade Unions. 33

    4-2) Third part: Intellectual capital measurement methods: 34

    1-4-2) Classification of intellectual capital measurement methods. 34

    1-1-4-2) Economic added value: 35

    2-1-4-2) Balanced score card: 35

    3-1-4-2) Invisible balance sheet: 36

    4-1-4-2) Control of intangible assets: 36

    5-1-4-2) Scandia's business orientation method: 37

    6-1-4-2) Intellectual capital index: 37

    7-1-4-2) Rate of return on assets: 38

    8-1-4-2) Market capital formation method: 38

    9-1-4-2) Technology broker: 39

    10-1-4-2) Direct intellectual capital method: 39

    11-1-4-2) Financial methods and stages of intellectual capital financial measurement: 40

    12-1-4-2) Intellectual capital management model. 40

    13-1-4-2) Kiwi Tobin 42

    14-1-4-2) Intelligence of human capital. 43

    15-1-4-2) Technology broker model. 43

    16-1-4-2) comprehensive valuation method. 44

    2-4-2) analytical-comparative assessment and intellectual capital measurement models. 44

    3-4-2) Classification of intellectual capital measurement methods from the client's and Darren's point of view 46

    1-3-4-2) Direct calculation methods of intellectual capital. 46

    2-3-4-2) methods of estimating the market value of capital. 46

    3-3-4-2) Assets return methods. 46

    4-3-4-2) Points card methods. 47

    5-2) How to calculate intellectual capital (using the Palik model) and financial performance indicators of companies. 53

    1-5-2) Calculation of intellectual capital using Palik model. 53

    2-5-2) Financial performance indicators. 55

    2-6) Fifth section: research records. 65

    1-6-2) Similar research done inside. 65

    2-6-2) Similar research conducted abroad. 71

    3-6-2) The difference between the current research and similar domestic research. 76

    Chapter 3: Method of conducting research

    1-3) (Introduction). 79

    2-3) research method. 79

    3-3) Research scope. 80

    4-3) Information gathering methods. 80

    5-3) Information gathering tool. 81

    6-3) conceptual model of research. 82

    6-3) Statistical Research Society. 83

    3-7) Test of hypotheses. 84

    8-3) Data analysis method. 85

    1-8-3) Correlation test. 85

    2-8-3) Multiple regression. 86

    3-8-3) Normality test (Kolmogrov-Smirnov) 86

    4-8-3) Autocorrelation test (Durbin-Watson) 87

    5-8-3) Multicollinearity 87

    9-3) Method of measuring research variables: 88

    3-10) Research variables : 97

    Chapter Four: Data Analysis

    1-4) Introduction. 99

    2-4) Descriptive indices of variables. 100

    3-4) Method of testing research hypotheses. 102

    1-3-4) checking the validity of the model. 103

    4-4) Analysis of research hypotheses. 104

    1-4-4) Examining the assumption of normality of dependent variables: 105

    2-4-4) Analysis of the first hypothesis: 106

    1-2-4-4) Test of the first sub-hypothesis: 107

    2-2-4-4) Test of the second sub-hypothesis: between the components of intellectual capital and Tobin q ratio of the company Indicators of the market value of the existence of the relationship104

    1-4-4) Examining the assumption of normality of dependent variables: 105

    2-4-4) Analysis of the first hypothesis: 106

    1-2-4-4) Test of the first sub-hypothesis: 107

    2-2-4-4) Test of the second sub-hypothesis: between the components of intellectual capital and Tobin q ratio of the company There are indicators of the market value of the relationship. 111

    3-2-4-4) The third sub-hypothesis test: There is a relationship between the components of intellectual capital and the ratio of the market value of each share to the earnings (P/E) of the company from market value indicators. 114

    4-2-4-4) Test of the first main hypothesis: There is a significant relationship between the components of intellectual capital and market value indicators as an indicator of the company's financial performance. 119

    3-4-4) The second main hypothesis: There is a significant relationship between the components of intellectual capital and the profitability ratio as an indicator of the company's financial performance. 120

    4-4-4) The third main hypothesis test: There is a significant relationship between intellectual capital components and activity ratios as an indicator of the company's financial performance. 124

    5-4-4) Test of the fourth main hypothesis: There is a significant relationship between intellectual capital components and capital return ratios as an indicator of the company's financial performance. 128

    1-5-4-4) The test of the fourth sub-hypothesis: There is a relationship between the capital components of intellectual capital and the ROE index of capital efficiency measures. 128

    2-5-4-4) The test of the fifth sub-hypothesis: There is a relationship between the capital component of intellectual capital and the ASR index of capital return criteria. 132

    3-5-4-4) The result of the fourth main hypothesis test: There is a significant relationship between intellectual capital components and capital return ratios as an indicator of the company's financial performance. 136

    6-4-4) Test of the fifth main hypothesis: There is a significant relationship between the components of intellectual capital and the index based on value creation EVA as a new measure of the company's financial performance. 137

    7-4-4) Test of the sixth main hypothesis: There is a significant relationship between the size of the company and the average intellectual capital and financial performance. 142

    8-4-4) Summary of the results of hypothesis testing. 144

    Chapter Five: Conclusion and Suggestions

    1-5) Introduction. 146

    2-5) Evaluating and explaining the results of hypothesis testing according to the conditions of the variables. 146

    1-2-5) The result of the first sub-hypothesis 147

    2-2-5) The result of the second sub-hypothesis 147

    3-2-5) The result of the third sub-hypothesis. 148

    4-2-5) The result of the first main hypothesis. 149

    5-2-5) The second main hypothesis. 149

    6-2-5) The result of the third main hypothesis 150

    7-2-5) The fourth main hypothesis. 150

    8-2-5) The result of the fourth sub-hypothesis. 151

    9-2-5) The fifth sub-hypothesis. 151

    10-2-5) The result of the fourth main hypothesis. 152

    11-2-5) The result of the fifth main hypothesis 152

    12-2-5) The result of the sixth main hypothesis: 153

    3-5) The general conclusion of the research. 154

    4-5) Suggestions based on research findings. 154

    5-5) Suggestions for future research. 155

    6-5) research limitations. 155

    Appendixes

    Appendix A) The names of selected sample companies and calculated average intellectual capital: 158

    Appendix B) Statistical outputs from SPSS software. 161

    Sources and sources

    Persian sources: 174

    Latin sources: 176

    English abstract: 178

     

    Source:

     

     

    Appuhami R., 2007, "The impact of intellectual capital on investors Capital Gain On Shares: An empirical investigation in Thai banking finance & insurance sector". Journal of internet banking and commerce, April 2007, Vol.12, No.1, www.arraydev.com /commerce/jibe/,

    Bontis, N., 1998,, "Intellectual capital: an exploratory study that develops measures and models", Management Decision, Vol. 36 no. 2, pp.63-76.

    Bontis, N., 2000,, "Assessing knowledge assets: a review of the models used to measure intellectual capital". Available at: www.business.mcmaster.ca, accessed 22 June 2004,.

    Brooking, A. 1997. Management of intellectual capital. Long Range Planning 30, 3,: 364-5.

    Chen Goh P., 2005,, "intellectual capital performance of commercial banks in Malaysia", Journal of intellectual Capital, Vol.6, No.3, 2005 pp.385-396, www.emeraldinsight.com /1469-1930.htm,

    Chin Chen M., Ju Cheng S. Hwang Y, 2005, "An empirical investigation of the relationship between intellectual capital and firms" market value and financial performance" Journal of intellectual capital, Vol.6, No.2, 2005 pp.159-176, www.emeraldinsight.com /1469-1930.htm,

    Edvinsson, L, Malone, M.S, 1997,. Intellectual capital: Realizing your Company's True Value by Finding Its Hidden Brainpower.

Investigating the relationship between intellectual capital and financial performance of companies in Iran's capital market
How To Access The File
Related Contents:
Number of pages: 169 Category: Management

Dissertation for Master's Degree (M.A. Field of Study: Public Administration (Financial Orientation) Abstract: Today, knowledge as the most important capital has replaced material capital, especially in a competitive and technological environment. Therefore, the concept of intellectual capital has become important and widespread. Intellectual capital manifests itself in ...

Number of pages: 117 Category: Management

Thesis for Master's degree in the field: MBA Management. Abstract: The purpose of the current research is to investigate the relationship between the corporate governance index and intellectual capital on the performance of companies admitted to the Tehran Stock Exchange. Based on this, after a comprehensive review of the subject literature related to intellectual capital and ...

Number of pages: 346 Category: Librarianship

Dissertation for receiving a master's degree, specialization: accounting, abstract: this research seeks to find an answer to the question of whether there is a relationship between the company's management mechanisms and intellectual capital. To measure intellectual capital, various classifications have been presented, one of these classifications has been proposed by Polik ...

Number of pages: 159 Category: Management

Dissertation for Master's Degree in Business Administration, Financial Management, Abstract The main purpose of this research is to investigate the effect of intellectual capital and working capital on financial performance, including return on assets, return on equity and profit margin of manufacturing companies admitted to the Tehran Stock Exchange during the years 2008 to ...

Number of pages: 149 Category: Economics

Dissertation for receiving a 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 only measures the ...

Number of pages: 252 Category: Librarianship

Dissertation for receiving a master's degree, specialization: accounting, abstract: evaluating the financial performance of companies is one of the most important topics of interest to investors, creditors, governments and managers. Managers use performance evaluation to evaluate the performance of their covered areas. Investors (shareholders) in order to evaluate the success ...

Number of pages: 152 Category: Librarianship

Dissertation for receiving a master's degree, orientation: accounting. Abstract In this research, we have examined the relationship between dividend policy and productivity. The intended research is an applied research. In terms of the type of research design, it is retrospective in order to rely on historical information, and its inference method is inductive and correlational. ...

Number of pages: 110 Category: Librarianship

Dissertation for M.A. in Accounting. Profit abstract for effectiveness should be available on time. The timeliness of the profit makes the yield real and if it is presented in short intervals, it reduces the information risk. Timeliness is considered one of the most important qualitative features of financial information. If in a potential transaction one party has more ...

Number of pages: 137 Category: Librarianship

Dissertation for receiving the master's degree ""M.A."" Abstract In the last two decades, we have moved towards an economy where investment in human resources, information technology, research, development and advertising seems necessary in order to maintain competitive advantage and environmental guarantee of organizations. Therefore, it can be said that the source of creating ...

Number of pages: 168 Category: Librarianship

Dissertation for obtaining a master's degree, specialization: accounting, abstract: several studies have proven that stock returns perform differently in different time horizons, short-term, medium-term, and long-term. Two important and widely used strategies among analysts, portfolio managers and other investors in the current capital markets of the world are the reverse ...