M. H. Ebrahimi Sarveolia; J. Jahanshahi
Abstract
In capital market, Investors, decision process is affected by acombination of financial and nonfinancial information, but theinformation that companies disclose to capital market, focusses onfinancial aspects and includes less information about intangible items.Thus, in addition to financial information, ...
Read More
In capital market, Investors, decision process is affected by acombination of financial and nonfinancial information, but theinformation that companies disclose to capital market, focusses onfinancial aspects and includes less information about intangible items.Thus, in addition to financial information, investors need moreinformation about the intangible factors that affect stock prices.Intellectual capital is one of those intangible factors. Therefore, thisstudy examines the impact of intellectual capital on decision makingprocess of investors of firms listed in Tehran Stock Exchange. Thestatistical population of the research is 140 comprised of listedcompanies in Tehran Stock Exchange and the research period is theyears during 2009 to 2013. In this research, for data analysis, paneldata has been used. Also, control variables are the size of the companyand the ratio of market value to book value of equity. The resultsshowed that there is positive significant relationship betweenintellectual capital and both EPS and β, and negative significantrelationship between the intellectual capital and P/E.
