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, ...
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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.
javad jahanshahi
Abstract
In capital market, Investors decision process, affected by a combination of financial and nonfinancial information, but The information that companies disclose to capital market, focouses on Financial aspects and Includes less information about intangible items. Thus, in addition to financial information, ...
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In capital market, Investors decision process, affected by a combination of financial and nonfinancial information, but The information that companies disclose to capital market, focouses on Financial aspects and Includes less information about intangible items. Thus, in addition to financial information, investors need more information about the intangible factors that affect stock prices. Intellectual capital is one of those intangible factors. Therefore, this study examines the impact of intellectual capital on Decision making process of investors of firms listed in Tehran Stock Exchange. The statistical population of the research is 140 comprised of listed companies in Tehran Stock Exchange and the research period is the years during 2009 to 2013. In this research, for data analysis, panel data has been used. also, control variables are the size of the company and the ratio of Market value to book value of equity. The results showed that there is positive significant relationship between intellectual capital and both EPS and β, and negative significant relationship between the intellectual capital and P/E.