Academic journal article International Journal of Education and Management Studies

The Relationship between Intellectual Capital and Market Value of Companies Listed in Tehran Stock Exchange

Academic journal article International Journal of Education and Management Studies

The Relationship between Intellectual Capital and Market Value of Companies Listed in Tehran Stock Exchange

Article excerpt

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In today's world, behind the industrial economy and new economy based on knowledge is highlighted. An economy in which production and exploitation of knowledge, plays a major role in the process of wealth creation (Chen Goh, 2005). The characteristics of the knowledge-based economy, massive investments in human capital and information and communications technology, and human capacity to produce knowledge is unlimited since, in the knowledge - based economy, presented an unlimited resource. The emergence of a knowledge-based economy, the increasing importance of intellectual capital as an intangible asset and an important source of competitive advantage a company (Rosorus, 1997).

Intellectual capital as a key factor in maintaining a competitive advantage and better known companies and many researchers believe that the role of intellectual capital as the main source of competitive advantage is increasingly (Edvinsson & Malone, 1997) In fact, era of the rule of knowledge on communities and companies. The scientists of the twentieth century to century industrial economy based on resources and tangible assets considered, but the twentyfirst century as the centuiy of knowledge economy based on intellectual capital is known. Knowledge only your products or services produced in the economy or not to see, but to survive in the competitive economy to creating value and innovate. Many experts believe that the most important factor in the creation of intellectual capital to create value and added value to companies and their performance is acceptable. Reality shows the importance of intellectual capital, the gap between the book value and market value, especially since the 80 AD after which, according to most financial analysts to increase the company's investment in intellectual capital is concerned. It is noteworthy that during the 1980s to 1990s has doubled its investment in intellectual property (Lev & Zarowin, 1999). Due to the above, the identification, valuation and management of intellectual capital, it became crucial for companies. Managers should be aware of the intellectual capital of the company to effectively manage the company's intellectual capital. Users of the financial statements should also be aware of the intellectual capital of the company to predict the company's future and take conscious decisions. After identifying and valuing correct intellectual capital firms both for managers and for users of financial statements, which are essential to the day on added importance (Campbell & Abdul-Rahmani, 2010) In this study, given the increasing importance of intellectual capital, to investigate the relationship between intellectual capital The market value of companies listed in Tehran Stock Exchange was discussed. The findings of this research is useful for managers, because research shows that managers should be aware of the importance of intellectual capital and know that knowledge is a key factor for increasing the company's ability to remain competitive in the market today.

The need for research

Increasing gap between the actual value and the corporate office, the attention of researchers to explain the invisible value in the financial statements has been deleted, has attracted. We called it as we trust the value of intellectual capital and in all aspects of the organization as a body of knowledge exists, but goes unnoticed. According to research done among 500 Taiwanese companies, the market value (real) book value of the company to gradually from 1 to more than 5 times between 2010 and 2014, respectively. Studies have indicated that about 80 percent of the company's market value is not reflected in financial reports. (Madhoshi & Asgharnejad Amiri, 2011) the importance and necessity of this research is becoming increasingly important due to the less well-known capital (IC) in the real value of companies and their financial performance and its subsequent success and failure in today's complex and competitive environment There. …

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