Document Type : Research Paper
Authors
Abstract
A great change and shift from financial resources to knowledge is being experienced nowadays. Physical and financial assets are essential but not enough to reach organizational goals, instead, knowledge, technological settings, good customer relations, information systems,... those constitute organization’s Intellectual Capital, are known as key success factors in information era. It’s believed that intellectual capital, including human capital and structural capital, has important and growing role in firm’s performance and affects on it’s financial achievements. This paper examines the effect of intellectual capital and it’s components on firm’s financial performance. The essential data are taken from 1383 -1388 fiscal years’ annual reports of publicly traded firms listed on the Tehran stock exchange and 816 firm-years are studied. Results of hypotheses testing show that, VAIC has positive effect on the four financial performance indicators. Between VAIC components, capital employed efficiency has the most effect on firms’ financial performance.
Keywords
انواری رستمی، علی اصغر و سراجی، حسن، ،)1033( “سنجش سرمایه فکری و بررسی
رابطه میان سرمایه فکری و ارزش بازار سهام شرکت های بورس اوراق بهادار تهران ” ،
. بررسی های حسابداری و حسابرسی، دوره 12 ، شماره 03
.2 خاکی، غلامرضا، ،)1033( “ روش تحقیق با رویکردی به پایان نامه نویسی ”، چاپ پنجم،
انتشارات بازتاب.
.0 رحمانی زرنق، بهروز، ،)1033( “ تأثیر سرمایه فکری بر ارزش بازار شرکت ” ، پایان نامه
کارشناسی ارشد رشته حسابداری، دانشگاه شهید بهشتی.
.3 ،) عباسی، ابراهیم و گلدی صدقی، امان، ) 1033 ”بررسی تأثیر کارایی عناصر سرمایه فکری بر
عملکرد مالی شرکت ها در بورس تهران ” ، ، بررسی های حسابداری و حسابرسی، دوره 17
. شماره 63
.0 ،) قلیچ لی، بهروز، ) 1030 “تبیین نقش سرمایه فکری و سرمایه اجتماعی در مزیت رقابتی
)مطالعه موردی شرکت های ابران خودرو و پارس خودرو( ”، رساله دوره دکتری مدیریت
گرایش رفتار، دانشگاه تر بیت مدرس.
.6 ،) مجتهد زاده، ویدا، علوی طبری، سید حسین و مهدی زاده، مهرناز، ) 1033 ”رابطه سرمایه
فکری )انسانی، مشتری و ساختاری( و عملکرد صنعت بیمه )از دیدگاه مدیران( ” ،
. بررسی های حسابداری و حسابرسی، دوره 17 ، شماره 63
7. Beasley, M., Chen, A., Nunez, K. and Wright, L. (2006, march) “Balanced scorecards and enterprise risk management”, Strategic Finance, 49-55.
8. Bhartesh, K.R. and Bandyopadhyay, A.K., (2005) “Intellectual capital: Concept & its measurement”, Finance India, Vol. 19, N. 4.
9. Bontis, N., Keow, W. and Richardson, S., (2000) “Intellectual capital and business performance in Malaysian industries”, Journal of Intellectual Capital, Vol. 1, No. 1.
10. Chan, H.K., (2009) “Impact of intellectual capital on organizational performance: An empirical study of companies in the Hang Seng Index (HSI)”, The Learning Organization, Vol. 16, No. 1.
11. Chang, S.-L., (2007) “Valuing intellectual capital and firms’ performance: Modifying Value Added Intellectual Capital Coefficient (VAIC) in Taiwan IT industry”, Thesis for the degree of doctoral of Business Administration, AGENO School of Business, Golden Gate University.
12. Choong, K., (2008) “Intellectual capital: Definitions, categorizations and reporting models”, Journal of Intellectual Capital, Vol. 9, No. 4.
13. Firer, S. and Williams, M.S., (2003) “Intellectual capital and traditional measures of corporate performance”, Journal of Intellectual Capital, Vol. 4, No. 3.
بررسی تأثیر سرمایه فکری بر عملکرد بر...... 101
14. Iswati, S. and Anshori, M., (2007) “The influence of intellectual capital to financial performance at insurance companies in Jakarta Stock Exchange (JSE)”, Proceedings of the 13th Asia Pacific Management Conference, Melbourne, Australia, 1393 – 1399.
15. Kok, A., (2007) “Intellectual capital management as part of knowledge management initiatives at institutions of higher learning”, The Electronic Journal of Knowledge Management, Vol. 5, No. 2.
16. Makki, M., Lodhi, S.A. and Rahman, R., (2008) “Intellectual capital performance of Pakistani listed corporate sector”, International Journal of Business and Management, Vol. 3, No. 10.
17. Marr, B., (2004) “Measuring and benchmarking intellectual capital”, Benchmarking: An International Journal, Vol. 11, No. 6.
18. Mayer, C.R., McGuigan, J.R. and Kretlow, W.J., (1997) “Contemporary financial management”, 7th edition, South-Western College Publishing,.
19. Najibullah, S., Mohiuddin, M. and Shahid, A.I., (2006) “An exploratory study on intellectual capital performance of the commercial banks in Bangladesh”, The Cost and Management, Vol. 34, No. 6.
20. Peterson, P., (1994) “Financial management and analysis”, 7th edition, Mc Grow Hill, Inc.
21. Petty, R. and Guthrie, J., (2000) “Intellectual capital literature review”, Journal of Intellectual Capital, Vol. 1, No. 2.
22. Pulic, A., (2004) “Intellectual capital-does it create or destroy value?”, Measuring Business Excellence, Vol. 8, No.1.
23. Seetharaman, A., Kevin, L.T. and Saravanan, A.S., (2004) “Comparative Justification on Intellectual Capital”, Journal of Intellectual Capital, Vol. 5, No. 4.
24. Swart, J., (2006) “Intellectual capital: Disentangling an enigmatic concept”, Journal of Intellectual Capital, Vol. 7, No. 2.
25. Tan, H.P., Plowman, D. and Hancock, P., (2007) “Intellectual capital and financial returns of companies”, Journal of Intellectual Capital, Vol. 8, No. 1.
26. Tayles, M., Pike, R.H. and Sofian, S., (2007) “Intellectual capital, management, accounting practices and corporate performance”,
Accounting, Auditing & Accountability Journal, Vol. 20, No. 4.
27. Zeghal, D. and Maaloul, A., (2010) “Analysing value added as an indicator of intellectual capital and its consequences on company performance”, Journal of Intellectual Capital, Vol. 11, No. 1.
28. Zhang, J., Zhu, N. and Kong, Y., (2006) “Study on Intellectual Capital and Enterprise’s Performance - Empirical Evidence from the Chinese Securities Market”, Journal of Modern Accounting and Auditing, Vol. 2, No. 10.
رابطه میان سرمایه فکری و ارزش بازار سهام شرکت های بورس اوراق بهادار تهران ” ،
. بررسی های حسابداری و حسابرسی، دوره 12 ، شماره 03
.2 خاکی، غلامرضا، ،)1033( “ روش تحقیق با رویکردی به پایان نامه نویسی ”، چاپ پنجم،
انتشارات بازتاب.
.0 رحمانی زرنق، بهروز، ،)1033( “ تأثیر سرمایه فکری بر ارزش بازار شرکت ” ، پایان نامه
کارشناسی ارشد رشته حسابداری، دانشگاه شهید بهشتی.
.3 ،) عباسی، ابراهیم و گلدی صدقی، امان، ) 1033 ”بررسی تأثیر کارایی عناصر سرمایه فکری بر
عملکرد مالی شرکت ها در بورس تهران ” ، ، بررسی های حسابداری و حسابرسی، دوره 17
. شماره 63
.0 ،) قلیچ لی، بهروز، ) 1030 “تبیین نقش سرمایه فکری و سرمایه اجتماعی در مزیت رقابتی
)مطالعه موردی شرکت های ابران خودرو و پارس خودرو( ”، رساله دوره دکتری مدیریت
گرایش رفتار، دانشگاه تر بیت مدرس.
.6 ،) مجتهد زاده، ویدا، علوی طبری، سید حسین و مهدی زاده، مهرناز، ) 1033 ”رابطه سرمایه
فکری )انسانی، مشتری و ساختاری( و عملکرد صنعت بیمه )از دیدگاه مدیران( ” ،
. بررسی های حسابداری و حسابرسی، دوره 17 ، شماره 63
7. Beasley, M., Chen, A., Nunez, K. and Wright, L. (2006, march) “Balanced scorecards and enterprise risk management”, Strategic Finance, 49-55.
8. Bhartesh, K.R. and Bandyopadhyay, A.K., (2005) “Intellectual capital: Concept & its measurement”, Finance India, Vol. 19, N. 4.
9. Bontis, N., Keow, W. and Richardson, S., (2000) “Intellectual capital and business performance in Malaysian industries”, Journal of Intellectual Capital, Vol. 1, No. 1.
10. Chan, H.K., (2009) “Impact of intellectual capital on organizational performance: An empirical study of companies in the Hang Seng Index (HSI)”, The Learning Organization, Vol. 16, No. 1.
11. Chang, S.-L., (2007) “Valuing intellectual capital and firms’ performance: Modifying Value Added Intellectual Capital Coefficient (VAIC) in Taiwan IT industry”, Thesis for the degree of doctoral of Business Administration, AGENO School of Business, Golden Gate University.
12. Choong, K., (2008) “Intellectual capital: Definitions, categorizations and reporting models”, Journal of Intellectual Capital, Vol. 9, No. 4.
13. Firer, S. and Williams, M.S., (2003) “Intellectual capital and traditional measures of corporate performance”, Journal of Intellectual Capital, Vol. 4, No. 3.
بررسی تأثیر سرمایه فکری بر عملکرد بر...... 101
14. Iswati, S. and Anshori, M., (2007) “The influence of intellectual capital to financial performance at insurance companies in Jakarta Stock Exchange (JSE)”, Proceedings of the 13th Asia Pacific Management Conference, Melbourne, Australia, 1393 – 1399.
15. Kok, A., (2007) “Intellectual capital management as part of knowledge management initiatives at institutions of higher learning”, The Electronic Journal of Knowledge Management, Vol. 5, No. 2.
16. Makki, M., Lodhi, S.A. and Rahman, R., (2008) “Intellectual capital performance of Pakistani listed corporate sector”, International Journal of Business and Management, Vol. 3, No. 10.
17. Marr, B., (2004) “Measuring and benchmarking intellectual capital”, Benchmarking: An International Journal, Vol. 11, No. 6.
18. Mayer, C.R., McGuigan, J.R. and Kretlow, W.J., (1997) “Contemporary financial management”, 7th edition, South-Western College Publishing,.
19. Najibullah, S., Mohiuddin, M. and Shahid, A.I., (2006) “An exploratory study on intellectual capital performance of the commercial banks in Bangladesh”, The Cost and Management, Vol. 34, No. 6.
20. Peterson, P., (1994) “Financial management and analysis”, 7th edition, Mc Grow Hill, Inc.
21. Petty, R. and Guthrie, J., (2000) “Intellectual capital literature review”, Journal of Intellectual Capital, Vol. 1, No. 2.
22. Pulic, A., (2004) “Intellectual capital-does it create or destroy value?”, Measuring Business Excellence, Vol. 8, No.1.
23. Seetharaman, A., Kevin, L.T. and Saravanan, A.S., (2004) “Comparative Justification on Intellectual Capital”, Journal of Intellectual Capital, Vol. 5, No. 4.
24. Swart, J., (2006) “Intellectual capital: Disentangling an enigmatic concept”, Journal of Intellectual Capital, Vol. 7, No. 2.
25. Tan, H.P., Plowman, D. and Hancock, P., (2007) “Intellectual capital and financial returns of companies”, Journal of Intellectual Capital, Vol. 8, No. 1.
26. Tayles, M., Pike, R.H. and Sofian, S., (2007) “Intellectual capital, management, accounting practices and corporate performance”,
Accounting, Auditing & Accountability Journal, Vol. 20, No. 4.
27. Zeghal, D. and Maaloul, A., (2010) “Analysing value added as an indicator of intellectual capital and its consequences on company performance”, Journal of Intellectual Capital, Vol. 11, No. 1.
28. Zhang, J., Zhu, N. and Kong, Y., (2006) “Study on Intellectual Capital and Enterprise’s Performance - Empirical Evidence from the Chinese Securities Market”, Journal of Modern Accounting and Auditing, Vol. 2, No. 10.
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