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  3. The title of explaining the relationship between the company's governance mechanisms and intellectual capital in Iran's capital market

The title of explaining the relationship between the company's governance mechanisms and intellectual capital in Iran's capital market

Number of pages: 346 File Format: word File Code: 32376
Year: 2011 University Degree: Master's degree Category: Librarianship
Tags/Keywords: Capital management - Capital market - Financial performance - Institutional investors - Intellectual capital - Management mechanisms of the company - Panel data - Polik model - stock exchange
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  • Summary of The title of explaining the relationship between the company's governance mechanisms and intellectual capital in Iran's capital market

    Dissertation for Master's degree

    Direction: Accounting

    Abstract:

    This research seeks to find an answer to the question of whether there is a relationship between company management mechanisms and intellectual capital?

    In order to measure intellectual capital, various classifications have been presented, one of these classifications has been proposed by Polik called (intellectual capital added value), which consists of three components: efficiency of communication capital, efficiency of human capital, and 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 was calculated, and then its relationship with the management mechanisms of the company was investigated. The external mechanisms of the company's management are the percentage of institutional investors and the percentage of major investors, and the internal mechanisms of the company's management are the ownership percentage of the board of directors and the number of directors, the number of non-executive directors and the ratio of non-executive directors to the board of directors, the dual role of the CEO. And also the whole issue was investigated in different industries, to test the hypotheses of the research, the panel data method was used using the information of 88 companies during the years 1383 to 1387. The general results of the research show that the percentage of institutional investors, the percentage of non-obligatory managers and the duality of the role of the CEO have a positive and significant relationship with intellectual capital and the number of non-obligatory managers have a negative and significant relationship with intellectual capital and in the rest of the cases there is a significant relationship between Internal and external management mechanisms of the company and intellectual capital were not observed.

    Key words: management mechanisms of the company, intellectual capital, political model, panel data, Tehran Stock Exchange

     

     

    Introduction:

    The appropriate management system of companies seeks to establish a codified framework and appropriate mechanisms to establish a balanced relationship between the interests of shareholders on the one hand and controlling or majority shareholders on the other hand, and in newer perspectives, it is oriented towards paying serious attention to the rights of all stakeholder groups, the community, the capital market, and all companies. Since the 70s, the growth pattern of the world economy has fundamentally changed, and following that, knowledge has replaced monetary and physical capital as the most important capital. One of the characteristics of knowledge is that it is intangible, that is, it is intangible and valuing and measuring it is very difficult and difficult. In the past, organizations were able to fully calculate the value and size of their production using accounting methods, but today, these accounting methods do 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.

    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 organization's performance and strategic implementation, therefore, the identification, measurement and management of intellectual capital is of particular importance and leads to the observation of the true value of organizations.

    Introduction

    The growth and development and use of technologies is perhaps the most obvious example of human progress. After the industrial revolution, the country's economy based on land and labor gradually gave way to an industrial economy, an economy that depended on the capital factor to acquire and apply technology and then labor and land, and now in the third millennium, an attitude has been placed on the path of modern nations and organizations, which is referred to as a knowledge-based economy and society, or a service or information economy, which is of course indebted to the emergence and development of information and communications.

    Attention to knowledge and intellectual capital as the main factor of the new economy is increasing day by day. Therefore, by understanding the shortcomings of the attitude of solely relying on technology - especially IT, the role of manpower and human intelligence is getting more attention day by day. Now many researchers, including Stewart, consider intellectual capital. Also, in the industry, the number of companies that have achieved significant success by applying knowledge and paying attention to intellectual assets is increasing.

    Knowledge is considered as one of the most important components of intangible assets. If in the past, most of the assets of the organizations were visible, but today most of the assets of the organizations are invisible (Solion, 2000, 340-328) [1] .

    In the early 21st century, the world witnessed a large number of financial scandals in companies such as Enron, Worldcom, Tyco, Adelphia and Global Crossing. At first glance, it seems that non-compliance with accounting standards by these companies was the main reason for the financial scandal, but when we think a little more, we see that their financial reports have been approved by auditors. For example, in 2007, in his book Corporate Governance and Accountability, Solomon believes that the lack of control and monitoring structures in companies in general, or what he names as the corporate governance system in particular, can be the reason for the occurrence of such events.

    A suitable corporate governance system seeks to establish a codified framework and suitable mechanisms to establish a balanced relationship between the interests of shareholders on the one hand and controlling or majority shareholders. On the other hand, and in more recent perspectives, serious attention has been paid to the rights of all stakeholder groups, society, the capital market, and all companies.

    Given that the existence of corporate governance mechanisms can lead to the improvement of the economic performance of the company, models and methodologies to measure knowledge and intellectual capital to improve these mechanisms seem more necessary day by day in order to create favorable economic growth in the country.

    In this chapter of the research, the researcher briefly and according to the topic of the research, stated the main problem of the research and the necessity of conducting the research, and then went on to the conceptual model of the research, he also stated the objectives of the research and pointed to the variables studied in the research, and finally gave the research hypotheses and definitions of words and terms.

    Abstract:

    This research want to find that there is any relationship between corporate governance and intellectual capital or not?

    Measure intellectual capital categories are presented, one of these categories by Pulic called VAIC (value added intellectual capital) proposed that three components of capital employed efficiency, human capital efficiency and structured capital efficiency. in this study, at first based on the VAIC model, the value of intellectual capital for the companies that they are accepted in Tehran stock exchange is calculated and then the relation of that with corporate governance has been assessed.

    External corporate governance includes the presence of institutional investors and the presence of major investors Internal corporate governance includes the percentage of board's ownership, the size of board, the size of non-executive directors, percentage of non-executive directors, duality of manager's role.

    And also all research has been studied in different industries. For testing research's hypothesis in the way of data panel, we used the information of 88 companies between the year 1383 till 1387.

  • Contents & References of The title of explaining the relationship between the company's governance mechanisms and intellectual capital in Iran's capital market

    List:

    Abstract: 1

    Introduction: 2

    Chapter One: General Research

    1-1 Introduction. 4

    2-1 Study history. 5

    3-1- Statement of the problem. 7

    4-1- Theoretical framework of research: 8

    5-1- Research hypotheses. 8

    6-1- The importance of research. 9

    7-1- Research objectives. 10

    8-1- Research area. 11

    9-1- Definition of words and terms. 11

    Chapter Two: Review of Research Literature

    1-2 Part One - Intellectual Capital Theoretical Literature. 14

    1-1-2 Introduction. 14

    2-1-2- An overview of the historical perspective of intellectual capital. 16

    3-1-2 Definition of intellectual capital. 18

    4-1-2 types of classifications of intellectual capital components. 21

    5-1-2 Similarities. 35

    1-5-1-2- Human capital. 35

    2-5-1-2 structural capital (organization) 36

    3-5-1-2 communication capital (customer) 38

    6-1-2 measurement of intellectual capital. 39

    1-1-6-2 Reasons for measuring intellectual capital. 39

    2-1-6-2 benefits and advantages of intellectual capital measurement. 42

    3-1-6-2 Some limitations of the traditional accounting system according to Bontis. 44

    4-1-6-2 Models and methods of measuring intellectual capital. 47

    7-1-2 non-financial measurement models of intellectual capital. 48

    8-1-2 Monetary and financial measurement models of intellectual capital. 53

    2-2 Part II – Company management. 60

    1-2-2 Definitions of the management system of companies. 60

    2-2-2 The importance of the issue. 64

    3-2-2 Theoretical foundations of company management. 64

    1-3-2-2 Theory of representation. 64

    2-3-2-2 The theory of stakeholders. 65

    3-3-2-2 Transaction cost theory. 66

    4-2-2 Scientific typology of corporate governance. 67

    5-2-2 corporate governance criteria. 68

    6-2-2 Organization for Economic Cooperation and Development 68

    7-2-2 Corporate governance in Iran. 69

    8-2-2 Classification of corporate management systems. 71

    9-2-2 Supervisory institutions in Iranian companies. 72

    10-2-2 Definitions of the structure of the board of directors and investors. 74

    1-10-2-2 Duality of the Chairman of the Board of Directors. 78

    2-10-2-2- Proportion of mandated and non-mandatory managers in the board of directors. 79

    3-10-2-2 Board ownership concentration. 80

    4-10-2-2 The size of the board of directors of the company. 81

    5-10-2-2 The importance of institutional investment in corporate governance. 82

    6-10-2-2 The role of major shareholders in corporate governance. 84

    3-2 Part III- An overview of the research background. 85

    1-3-2 Foreign research. 85

    2-3-2 Internal investigation. 94

    Chapter 3: Research Implementation Method

    1-3 Introduction. 99

    2-3- Research method. 99

    3-3- Statistical population. 100

    4-3- Methods and tools of information gathering. 101

    5-3- The studied variables and the method of measuring the variables. 101

    6-3- Conceptual model of research. 105

    3-7- Intellectual added value coefficient model. 105

    8-3- The reasons for choosing the VAIC intellectual added value coefficient model. 108

    9-3- Data analysis method: 108

    10-3- Descriptive statistics. 109

    3-11- Necessary regression tests are presented in the following three sections. 110

    12-3- The regression of research assumptions is as follows. 112

    13-3- Determination coefficient: 113

    14-3- Durbin-Watson (D-W) recognition test: 113

    Chapter four: Data analysis

    1-4 Introduction. 115

    2-4- Results of descriptive statistics. 115

    3-4- Analyzing the nature and characteristics of research variables. 117

    4-4- First part: Regression tests of the relationship between the company's management mechanisms and intellectual capital 118

    1-4-4- Analysis of variance heterogeneity. 118

    2-4-4- Checking autocorrelation. 119

    3-4-4- F test and Hausman test. 119

    4-4-4- Regression tests of the relationship between each component of the company's management mechanisms and intellectual capital (without control variables) 120

    5-4-4- Examining the model without the presence of control variables. 141

    6-4-4- The test of research hypotheses in the first part (with the presence of control variables) 144

    4-5- The second part: Regression tests of the relationship between the company's management mechanisms and each of the components of intellectual capital. 150

    1-5-4- The first part: Regression tests of the relationship between company management mechanisms and communication capital. 150

    2-5-4- Part Two: Regression tests of the relationship between company management mechanisms and human capital. 152

    1-2-5-4- Test of research assumptions in the second part and the second part. 152

    3-5-4- The third part:152

    3-5-4- The third part: regression tests of the relationship between the company's management mechanisms and structural capital. 154

    1-3-5-4- Testing research hypotheses in the second part and the third part. 154

    6-4- The third part: Regression tests of the relationship between company management mechanisms and intellectual capital in industries. 156

    1-6-4- Part 1: Regression tests on the relationship between company management mechanisms and intellectual capital in the automotive and metal industries. 156

    1-1-6-4- Test of research assumptions in the third part of the first part. 157

    2-6-4- Part Two: Regression tests of the relationship between corporate governance mechanisms and intellectual capital in the non-metallic minerals industry. 162

    1-2-6-4- Test of research assumptions in the third part of the second part. 162

    3-6-4- The third part: Regression tests of the relationship between company management mechanisms and intellectual capital in the chemical and pharmaceutical industry. 168

    1-3-6-4- Test of research assumptions in the third part of the third part. 168

    Chapter Five: Conclusion and Suggestions

    5-1 Introduction. 176

    2-5- Evaluation and explanation of hypothesis test results. 176

    1-2-5 The first hypothesis. 176

    2-2-5 The second hypothesis. 177

    3-2-5 The first main hypothesis (Ahm) 178

    4-2-5 The third hypothesis. 178

    5-2-5 The fourth hypothesis. 179

    6-2-5 The fifth hypothesis. 180

    7-2-5 The sixth hypothesis. 181

    8-2-5 The seventh hypothesis. 182

    9-2-5 The second main hypothesis (Ahm) 183

    3-5 The general conclusion of the research. 183

    4-5- Suggestions based on research findings. 183

    5-5- Suggestions for future research. 184

    6-5- Research limitations. 185

    Appendices

    Automotive metal industry (33 companies) 187

    Analysis without control variables. 211

    Analysis of control variables. 213

    Sources and sources

    Persian sources: 242

    Latin sources: 244

    Internet sources: 251

    English abstract: 252

    Source:

    Persian sources:

    Ahmad Pour, A. and Hossein Kordtabar, 1378, "Examination of the relationship between non-commissioned members of the board of directors and institutional investors with the behavior of corporate profit management", Mazandaran University Master's Thesis. Anwar Rostami, A.A. and Hassan Saraji, 1384, "Intellectual capital measurement and investigation of the relationship between intellectual capital and stock market value of stock exchange companies", Accounting and Auditing Reviews, No. 39, page 49-62.

    Haj Karimi, A. et al., 1385, "Investigation of the effects of intellectual capital on the organizational performance of companies covered by the Organization of Development and Modernization of Industries and Mines", Master's Thesis of Business Administration, Shahid Beheshti University. 1387, "World Economic Magazine", reference number 1738

    Hass Yaganeh, P., 1385, "Corporate Governance in Iran", Chaslamnama Habars, No. 32, (38-37).

    Daryai, A., 1387, "Factors affecting the rate of corporate governance and its relationship with performance in companies listed on the Tehran Stock Exchange", master's thesis of the University of Accounting Mazandaran.

    Madhoshi, M. and colleagues, 1387, "Intellectual capital measurement and its relationship with financial performance", Master's thesis of business administration, Mazandaran University. and Maryam Esmaili, 1385, "Investigating the relationship between profit quality and some aspects of management principles in companies listed on the Tehran Stock Exchange", Journal of Accounting and Auditing, page 45-25

    Malekian, Z. and Mohammad Javad Behnamiri, 2018, "Intellectual capital and performance in pharmaceutical companies", Mazandaran University accounting master's thesis.

    Manourian, A.  et al., 1385, "Investigating the interrelationships of the components of intellectual capital and their effects on the organizational performance of Bank Mellat branches in Tehran", Bachelor's Thesis of Public Administration, University of Tehran

    Midari, D. 1381, "Compatibility of types of corporate governance with Iran's economy", PhD dissertation, University of Tehran, Faculty of Economics. 1388, "Relationship between board structures and intellectual capital in pharmaceutical companies", Master's thesis in accounting, Mazandaran University.

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