Title: Evaluation of the impact of information technology capital and intellectual capital on future returns of companies in the capital market

Authors: Keivan Zeinali; Fatemeh Haghverdi Zadeh; Seyed Hasan Hosseini

Addresses: Islamic Azad University, Tehran, Iran ' Management Department, University of Isfahan, Iran ' Department of Management, Faculty of Management, University of Imam Ali, Tehran, 009821, Iran

Abstract: This study evaluates the relationship between information technology capital, organisational capital, relational capital and innovation capital and the company's future returns on capital markets. The research method is applied and the used statistical method is regression model of ordinary least squares (OLS). The statistical sample included 50 companies operating in the capital market from 2009 to 2013. The results of the research hypothesis test indicate that with increasing the level of information technology capital and intellectual capital subsets, including organisational capital, relational capital and innovation capital, future returns of the companies also increase. The results of the research also showed that information technology capital played the most important role in the future returns of the companies, and among the subsets of the intellectual capital, the relational capital had the greater impact on future returns.

Keywords: stock returns; information technology; relational capital; innovation capital; organisational capital.

DOI: 10.1504/IJLIC.2019.100541

International Journal of Learning and Intellectual Capital, 2019 Vol.16 No.3, pp.239 - 253

Received: 24 Jul 2018
Accepted: 17 Oct 2018

Published online: 05 Apr 2019 *

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