Open AccessThe Impact of Voluntary Disclosure of Intellectual Capital on the Stock Return in Listed Companies of Tehran Stock Exchange
Author(s) -
Ghasemi Ali,
Vahab Rostami,
Behzad Ghorbani
Publication year - 2019
Publication title -
journal of management and accounting studies
Language(s) - English
Resource type - Journals
ISSN - 2693-8448
DOI - 10.24200/jmas.vol2iss04pp1-5
Subject(s) - intellectual capital , stock exchange , business , voluntary disclosure , accounting , annual report , turnover , stock (firearms) , panel data , actuarial science , inventory turnover , finance , economics , econometrics , management , mechanical engineering , engineering
In this Study, the effect of voluntary disclosure of Intellectual capital information on the stock return of the listed companies in Tehran Stock Exchange will be discussed. Methodology: According to Li (2007) and Ibikunle (2013), a dummy variable was defined and the required items for intellectual disclosure were designed. Then, by assessing the items in the board directors’ report, number 1 was assigned to the items evident and zero to those forgone. In the end, a score for each company was determined to expose the intellectual capital disclosure. 137 companies were selected by systematic samplings for a period of 5 years (2010-2014) and appropriate statistical tests were applied. Results: By referring to the financial statements and reports of the board of directors wanted data for companies were collected Data analysis included multiple regressions using panel data and fixed effects. Conclusion: The results showed that voluntary disclosure of intellectual capital has a positive and significant impact on the stock return of those companies. This result is in compliance with the past finding of Li (2007).