Title: Relationship between intellectual capital with productivity and market value added in Tehran Stock Exchange
Authors: Mahmoud Mousavi Shiri; Khadijeh Mousavi
Addresses: Department of Management, Economics and Accounting, Payame Noor University, I.R. of Iran ' Department of Accounting, Islamic Azad University, Mashhad Branch, Mashhad, Iran
Abstract: The present study aims to examine the relationship between intellectual capital with productivity and market value added of listed companies on the Tehran Stock Exchange. To measure intellectual capital efficiency the value added intellectual coefficient method and to evaluate intellectual capital value the calculated intangible value method are employed. The results of the study indicate that value added intellectual coefficient and its components have a significant and positive relationship with productivity and market value added of companies. Further, only in fixed effects model is there a significant and positive relationship between calculated intangible value and productivity of firm. Further, the simultaneous effect of calculated intangible value and components of value added intellectual coefficient on productivity and market value added of firm the result of statistical tests indicate that separate from size of firm and financial leverage, the only factors which have effect on productivity would be capital employed efficiency.
Keywords: intellectual capital; human capital; structural capital employed; value added intellectual coefficient; VAIC; calculated intangible value; productivity; Iran; market value added.
International Journal of Learning and Intellectual Capital, 2015 Vol.12 No.4, pp.386 - 415
Received: 19 Dec 2014
Accepted: 28 Mar 2015
Published online: 03 Oct 2015 *