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.
Mohsen Khoshtinat; Mehdi Rezaei
Volume 4, Issue 14 , July 2006, , Pages 1-37
Abstract
Earning as an important item of financial statement is considered by many researchers. Many researches in different aspect of earning show the extreme important of it. Here, we attempt to consider earning persistence as a basic and effective factor in making decision and stock price ...
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Earning as an important item of financial statement is considered by many researchers. Many researches in different aspect of earning show the extreme important of it. Here, we attempt to consider earning persistence as a basic and effective factor in making decision and stock price so we investigate the explanatory power 's of earning (include three level of earnings: operating earnings, net profit and earnings forecast) in stock price.
Book value as an important factor is considered in the recent decade and some stock evaluation models use book value as a relevant factor .we also investigate the explanatory 's power of book value in stock depend on higher or lower earning persistence.
Our results show, when earning persistence increase, the explanatory's power of earning in stock price increase too. These evidences accompany our hypothesis in different level of earnings. But we could not find any evidence about contemporary role of book value and earning persistence in stock price.
