بررسی تجربی نقش اجزای سرمایه‌ی فکری در ارزیابی عملیات مالی شرکت‌های پذیرفته شده در بورس اوراق بهادار تهران

Journal of Accounting Advances (J.A.A)
Vol. 3, No. 2, Fall & Winter, 2012, Ser. 61/3
 
 
Extended Abstract
 
Investigating the Impact of the Components of Intellectual Capital on the Firm’s Financial Performance: Evidence from
Tehran Stock Exchange (TSE)
 
Dr. M. Namazi                                        Sh. Ebrahimi
Shiraz University
 
Introduction
       The purpose of this research is to explore the contribution of intellectual capital and its components to the financial performance of the listed companies in the Tehran Stock Exchange.
 
Research Hypothesis
       In this study the following hypotheses are formulated based upon the components of the intellectual capital:

The relationship between intellectual capital and return on equity:

1. There is a significant relationship between intellectual capital and return on equity.
2. There is a significant relationship between the components of the intellectual capital and return on equity.
B. The relationship between intellectual capital and return on assets:
3. There is a significant relationship between the intellectual capital and return on assets.

There is a significant relationship between the components of the intellectual capital and return on assets.
The relationship between intellectual capital and earnings per share:
There is a significant relationship between the intellectual capital and earnings per share.
There is a significant relationship between the components of the intellectual capital and earnings per share.

 
Methods & Variables
       In the present research, three kinds of variables were employed: independent variables, dependent variables and control variables.
       Independent variables of this research include intellectual capital and its’ components (namely, capital employed, human capital efficiency and structural capital efficiency) that are measured based on the Pulic’s model (2000b).
       Dependent variable of this research is financial performance of the examined companies, which is measured in terms of profitability ratios developed by Nevo (1989). These ratios are: return on equity, return on assets, earnings per share and income margin.
 
       The control variables of this study are as follows:
       Debt structure (financial leverage): which is measured by the total debt to book value of total assets ratio. It intends to control the impact of debt servicing on the profitability and wealth.
       Firm size: which is measured by total assets. This is done to control the effect of size on the wealth creation through economies of scale, monopoly power and bargaining power.
 
Results
       The results of estimating the first, third and fifth hypotheses using fixed method indicate that there is a significant positive relationship between intellectual capital and financial performance of the examined companies.
       The obtained results from estimating the second and fourth hypotheses, using fixed method, showed that there is a significant positive relationship between elements of intellectual capital and the financial performance of the investigated companies even after controlling for the size and debt structure. Howere, the results of estimating the sixth hypothesis using the fixed method indicate that although the relationship between elements of intellectual capital and earnings per share is positive, this relation is significant for the capital employed efficiency and human capital efficiency.
 
Discussion and Conclusion
       In this study, totally, 100 companies listed in the Tehran Stock Exchange were studied as a case study during 1380 to 1386. Value added intellectual capital coefficient model was used to measure intellectual capital and its components. The equity ratio, return on assets and earnings per share were considered as financial performance measures.
       By utilizing “panel data” technique, the results of hypotheses testing indicated that there is a significantly positive relationship between financial performance and the intellectual capital, regardless of the firm size and the debt structure. This finding is consistent with resource-based view of the firm and transactions cost theory. Furthermore, there is a significantly positive relationship between the components of intellectual capital (that is capital employed, human capital and structural capital) and financial performance, after controlling for the firm size and the debt structure. However, the relationship between structural capital and earnings per share is positive and insignificant.
       Generally, these findings are consistent with the results of Bontis (1998), Bontis et al (2000), Riahi belkoui (2003), Chen et al (2005), Chen Go (2005), Bollen et al (2006), Zhang et al (2006), Kohen and Kaminaks (2007), Apuhami (2007), Kamath (2007), Tan et al (2007). However, these are inconsistent with the results of Firrer and Williams (2003).