Investigating the Relationship between Intellectual Capital and Financial Performance in Banks and Financial Institutions Adopted in Tehran Stock Exchange

kambakhsh farahmand habibi¹ mehdi meshki² roozbeh habibi³ mostafa keshavarz⁴

1) Assistant professor, Economics, Payame Noor university, Rasht, Iran
2) Associate Professor, Finance, Payame Noor University, Rasht, Iran
3) Assistant professor, Entrepreneurship, Payame Noor university, Rasht, Iran
4) M.S in management, payame noor university, Rasht, Iran

Publication : اولین کنفرانس ملی نقش حسابداری، اقتصاد و مدیریت در توسعه پایدار با تاکید بر اقتصاد مقاومتی (aem2017.ir)
Abstract :
The main purpose of the present research is to investigate the relationship between information asymmetry and dividend policy as well as the effect of ownership structure on the relationship between them. To this end, the relationship between information asymmetry and the ratio of dividends paid, as well as the effects of ownership structure indicators including government ownership and ownership concentration on the relationship between them, were investigated based on multivariate linear regression model. The importance of this research is to show investors, auditors and other decision makers how information asymmetry affects corporate dividend policy Also, investors and other stakeholders can, in addition to identifying the factors affecting dividend payments, can see the role of ownership structure and shareholders composition in dividend policy. The research sample includes 145 companies accepted in the Tehran Stock Exchange for a five-year period since 2011 Until 1394 The results show that there is a negative and significant relationship between information asymmetry and dividend policy; the results also show that both the concentration of ownership and state ownership have a positive and significant effect on the factor of profit sharing, and both of these factors The negative role of the information asymmetric variables in dividing the profit is adjusted.
Keywords : intellectual capital stock returns q tobin