An investigation of intellectual capital and its effects on financial performance of the member corporations of Iran powerhouse project management

The increasing gap between market value and book value of enterprises has triggered many studies to be conducted to identify those factors absent in financial statements. Of the factors which exert an effect on the value of corporations but are not taken into account in financial statements are brand value and intellectual capital. The present study attempts to carry out an investigation into the relationship between intellectual capital and financial performance of enterprises. In measuring intellectual capital, Value added of Intellectual Coefficient (VAIC), proposed by Palic(2000) was employed. This measure calculates the value added of three types of data: visible capital, human capital and structural capital. The study analytically examines by means of regression the individual effects of capital value added including value added human capital, value added structural capital and value addedcapital on financial performance of 19 companies which are members of MAPNA during 2009-2011. The results obtained suggest that value added of intellectual capital (VAIC)has a positive significant effect on the financial performance of MAPNA corporations.

کلیدواژه ها:

financial performance ، human capital ، structural capital ، physical capital