The Impact of Intellectual Capital Disclosure on Common Cost of Equity in the Companies Listed in Tehran Stock Exchange

Mehdi Talaromi, Seyyed Hasan, Saleh Nezhad
2013 European Online Journal of Natural and Social Sciences   unpublished
Nowadays, the use of non-tangible assets due to its competitive advantage has significant impact on the success and survival of organizations, hence the identification, measurement, and management of intellectual capital is of particular importance and makes real value of the organizations revealed. The impact of intellectual capital disclosures provides useful information to assist actual and potential investors in making rational decisions. The aim of this study was to investigate the impact
more » ... f intellectual capital disclosure and its components on the sort of equity in the period of five years from 2008 to 2012 in the companies listed in Tehran stock exchange. Thus, 80 stock companies were considered as the samples and for this study, four hypotheses have been considered. The variables of the study were first identified and excel software was used to calculate the variables which are independent from Palyk model to measure the variables of the study. The data were analyzed by SPSS Statistics software version 20 and applying descriptive and inferential statistics such as correlation analysis, multiple regressions to test the hypotheses. The results of the statistical hypothesis test show there is a positive and significant relationship between intellectual capital disclosure and common Cost of equity. Also, the results indicated that the effect of the two components from the components of the intellectual capital-structural capital and human capital disclosure-on the independent variable, common Cost of equity, is not significant, but the impact of Capital Employed Disclosure on common cost of equity was significant, positive and reasonable.