Ownership Concentration, Intellectual Capital and Firm Performance of listed companies in Tehran Stock Exchange

Hassan Fotouhi Foshtomi¹ Mehdi Meshki² Mohammad hassan Gholizadeh³

1) University of Guilan , University Campus
2) Payame Noor University, Rasht, Iran
3) University of Guilan

IOI Code : XYBC-ZKAEK
Publication : 2nd International Conference On Modern Researchs in Management, Economics & Accounting(2meaconf.com)
Abstract :
    This study examines the relationship between ownership concentration, intellectual capital and the performance of listed companies on the Stock Exchange of Tehran. To measure the ownership concentration, the Herfindahl-Hirschman index and to measure intellectual capital, value added intellectual capital Pulic model is used. For the firm performance of the three indicators, Return on assets, Returns Stock and Tobins Q ratio is used. As well as company size and the ratio of debt were used as control variables. The results of tests of samples collected, from 106 companies in the Tehran Stock Exchange for the period between 2010 to 2015 using panel data regression and regression (least squares method) showed that Value added intellectual capital with return on assets is a significant positive relationship, but the its relationship with stock returns and Tobins Q ratio is positive but meaningless. Ownership concentration showed a significant positive effect with stock returns, but its effect on ROA and Tobins Q ratio is positive but meaningless. As well as the effect of ownership concentration and Value-added intellectual capital, simultaneously for return on assets and return stock and Tobins Q ratio have been done. The results showed ownership concentration and rate of value-added intellectual capital with performance indicators in this study, no significant relationship.

Keywords : ownership concentration firm performance intellectual capital vaic