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The Impact of Voluntary Disclosure of Intellectual Capital Components on Stock Returns
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| Ali Gasemi, Vahab Rostami, Behzad Ghorbani |
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Abstract: (1301 Views) |
Abstract
In this study, the impact of voluntary disclosure of intellectual capital components on stock returns of companies listed in Tehran Stock Exchange's has been studied. In order to measure of voluntary disclosure of intellectual capital components, a checklist developed by Li (2007) and Ibekonel et al (2013), to gather information related to the disclosure of human capital, structural and relational capital by reports of the board of directors examined companies, has been used. Research data through multiple linear regression by using panel data and fixed effects were analyzed. In the course of this study, 137 companies through systematically sampling removed, the 5-year period 2011- 2014 statistical tests should be performed on them. The results show that this voluntary disclosure of intellectual capital components of stock returns is positive and significant effect. In other words, the components of intellectual capital, the greater the level of information disclosure, investor concerns and as a result, their investment risk will be reduced. In this case, their confidence level increase expected returns, to improve and to follow the trend of stock prices spiral upwards and eventually they will increase stock returns results in conformity with the findings of Li (2007). |
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| Keywords: Intellectual capital, Intellectual capital components, Intellectual capital disclosure, Stock return. |
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Full-Text [PDF 887 kb]
(16 Downloads)
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Type of Study: Research |
Subject:
General
Received: 2015/03/15 | Accepted: 2014/07/17 | Published: 2015/03/21
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