Open AccessIntellectual Capital, Tobin`s Q Ratio and Stock Return
Author(s) -
Ali Ghasemi,
Vahab Rostami,
Mona Mahdavirad,
Meghdad Karkhane
Publication year - 2020
Publication title -
journal of management and accounting studies
Language(s) - English
Resource type - Journals
ISSN - 2693-8448
DOI - 10.24200/jmas.vol8iss1pp31-37
Subject(s) - stock exchange , intellectual capital , tobin's q , stock (firearms) , economics , econometrics , financial economics , exchange rate , business , monetary economics , finance , mechanical engineering , engineering
Objective: The aim of this study was to investigate the effect of intellectual capital on the Tobin's Q rate and the efficiency of the companies' stock listed on the Tehran Stock Exchange. Methodology: To calculate the rate of value-added intellectual capital, Pulic model and to measure the financial performance, the Tobin's Q rate- one of the criteria based on the market value- have been used. The study sample consisted of the listed companies in Tehran Stock Exchange from which 90 companies were selected for a period of 5 years (2011 - 2014) by the systematic elimination and appropriate statistical tests were performed on them Results: The results of the study indicate that there isn't any significant and positive impact on the financial performance. Conclusion: Furthermore, they show a positive and significant relationship between the components of intellectual capital and return stock.