بررسی رابطه بین سرمایه فکری و ارزش افزوده اقتصادی با عملکرد مالی شرکت‌های دارویی پذیرفته شده در بورس اوراق بهادار

نوع مقاله: مقاله پژوهشی

نویسندگان

1 استادیار حسابداری دانشگاه فردوسی مشهد.

2 استادیار مدیریت بازرگانی دانشگاه آزاد اسلامی واحد مشهد.

3 دانشجوی کارشناسی ارشد مدیریت دولتی دانشگاه آزاد اسلامی واحد مشهد.

چکیده

مقدمه: هدف اصلی این پژوهش بررسی رابطه بین سرمایه فکری (به همراه اجزای آن) و ارزش افزوده اقتصادی با عملکرد مالی شرکت‌های دارویی پذیرفته شده در بورس اوراق بهادار تهران در بازه زمانی 1389-1386 است.
روش پژوهش: این پژوهش کاربردی، طرح آن شبه تجربی و از نظر رویکرد پس رویدادی است. جامعه آماری پژوهش را صنایع دارویی پذیرفته شده در بورس اوراق بهادار تهران تشکیل می‌دهد که نمونه آماری مورد بررسی با توجه به محدودیت‌های در نظر گرفته شده، شامل 24 شرکت است. به منظور آزمون فرضیه‌های پژوهش از دو روش تحلیل رگرسیون خطی چندگانه در سطح خطای 5‌ درصد و رگرسیون فازی استفاده شده است.
یافته‌ها: نتایج پژوهش براساس آزمون رگرسیون خطی چندگانه نشان می‌دهد که بین سرمایه فکری (به همراه اجزای آن) و ارزش افزوده اقتصادی با عملکرد مالی شرکت‌های دارویی رابطه آماری معنا‌داری وجود ندارد. با این وجود، بین کارایی سرمایه ساختاری و کارایی سرمایه رابطه‌ای با عملکرد مالی رابطه آماری معنادار وجود دارد. براساس نتایج بدست آمده از آزمون رگرسیون فازی، بین کارایی سرمایه ساختاری و ارزش افزوده اقتصادی با عملکرد مالی شرکت‌ها رابطه آماری معنا‌داری وجود ندارد اما بین سایر متغیرهای مستقل، با عملکرد مالی شرکت‌های دارویی رابطه آماری معنا‌داری وجود دارد.
 نتیجه‌گیری: بر اساس یافته‌های پ‍‍ژوهش، برخی از اجزای سرمایه فکری مانند سرمایه رابطه‌ای، می‌تواند عاملی تاثیرگذار در بهبود سطح عملکرد مالی شرکت قلمداد شود.
 
واژه‌های کلیدی: سرمایه فکری، ارزش افزوده اقتصادی، عملکرد مالی.

کلیدواژه‌ها


عنوان مقاله [English]

Investigating the Relationship between Intellectual Capital as well as Economic Value Added with Financial Performance of Companies Listed on Tehran Stock Exchange

نویسندگان [English]

  • M. Salehi 1
  • G. Enayati 2
  • P. Javadi 3
1 Assistant Professor, Accounting, Ferdowsi University of Mashhad, Mashhad, Iran.
2 Assistant Professor, Management, Mashhad Branch, Islamic Azad University, Iran.
3 MSc. Student in Public Management, Islamic Azad university of Mashhad, Mashhad, Iran
چکیده [English]

Introduction: The present study mainly aims at investigating the relationship between intellectual capital as well as economic value added with financial performance of pharmaceutical companies listed on Tehran Stock Exchange during 2008-2011.
Method: The current study is applied, semi-empirical and retrospective. The statistical population of the study includes the pharmaceutical companies listed on Tehran Stock Exchange. Given the limitations of the study, the sample consists of 24 of these companies. In order to test the research hypotheses, Multi Linear Regression and Liner Fuzzy Regression are employed.
Results: The results of the study based on Multi Linear Regression reveal that there is no significant relationship between intellectual capital as well as economic value added with financial performance of pharmaceutical companies listed on the Tehran Stock Exchange. However, there is a significant relationship between intellectual capital and economic value added. However, the results of Liner Fuzzy Regression show that there is no significant relationship between intellectual capital and economic value added.
Conclusion: Given the findings of the study, it can be concluded that some aspects of intellectual capital such as relationship capital may influence the improvement of financial performance.

کلیدواژه‌ها [English]

  • Intellectual capital
  • Economic Value Added
  • financial performance
1        Ramaswami, S. N. and K. Rajendra (2009). “Market-based Capabilities and Financial Performance of Firms: Insights into Marketing's Contribution to Firm Value”, Journal of the Academy of Marketing Science, No. 37, pp. 97-116.

2        Chang, C. (2004). “The Study of Relationships among Intellectual Capital, Business Performance and Business Value for the Biotechnology Industry in Taiwan”, Master's Thesis, Graduate Institute of Accounting Management Decision, Available at:http://ethesys.lib.fcu.edu.tw/ETD-search/view_etd?URN=etd-0628105-154505. [online] [25 December 2012].

3        Newbert, S. L. (2007). “Empirical Research on the Recourse-Based View of the Firm: An Assessment and Suggestion for Future Research”, Strategic Management Journal, No. 28, pp. 121-146.

4        Riahi-Belkaoui, A. (2003). “Intellectual Capital and Firm Performance of U. S. Multinational Firms: A Study of the Resource-Based and Stakeholder Views”, Journal of Intellectual Capital, No. 4, pp. 215-226.

5        Chang, K. H. (2009). “An Empirical Study of Companies in the Hang Seng Index, Impact of Intellectual Capital Organizational Performance”, Journal of Intellectual Capital, No. 16, pp. 131-150.

6        Hussi, T. (2004). “Reconfiguring Knowledge Management-Combining Intellectual Capital, Intangible Assets and Knowledge Creation”, Journal of Knowledge Management, No. 8, pp. 36-52.

7        Namamyan, F.; Gholizdeh, H.; and F. Bagheri (2011). “Intellectual Capital and its Measurement Methods”, Executive Management Conference, Tehran, 22 and 23 June, pp. 20-28. [In Persian]

8        Hemmati, H.; Moin O Din, M.; and M. Mozaffari Shams (2010). “Investigating the Relationship between Intellectual Capital on the one hand and Market Value and Financial Performance of Nonfinancial Corporations on the other hand”, Journal of Financial Accounting, Vol. 2, No. 7, pp. 23-40. [In Persian]

9        Rezaei, F.; Hemmati, H.; and B. Kargar Shamlou (2010). “Intellectual Capital and the Performance based on the Value and Intellectual Capital”, Journal of Accounting and Auditing Research, Vol. 2, No. 7, pp. 52-76. [In Persian]

10    Barney, J. (1991). “Firm Resources and Sustained Competitive Advantage”, Journal of Management Information Systems, Vol. 17, pp. 99-120.

11    Roos, J. (1997). “Measuring Your Company's Intellectual Performance”, Journal of Long Range Planning, Vol. 30, pp. 413-426.

12    Bontis, N. (1998). “Intellectual Capital: Exploratory Study that Develops Measures and Models”, Journal of Management Decision, Issue. 36, pp. 63-76.

13    Bontis, N.; Chua, W.; and S. Richardson (2000). “Intellectual Capital and the Nature of Business in Malaysia”, Journal of Intellectual Capital, Vol.1, pp. 85-100.

14    Marr, B. (2004). “Management Consulting Practice on Intellectual Capital: Editorial and Introduction to Special Issue”, Journal of Intellectual Capital, Vol. 6, pp. 496-473.

15    Ghelichlee, B. and A. Meshki (2006). “The Role of Social Capital in Creating Intellectual Capital (A study of two Iranian Automotive Manufaturing Companies)”, Journal of Management Knowledge, Vol. 19, No. 57, pp. 125-147. [In Persian]

16    Abbassi, A. and A. G. Sedghi (2010). “Examining the Impact of Intellectual Capital on the Financial Performance of the Companies Listed on Tehran Stock Exchange”, Journal of Accounting and Auditing Review, Vol. 17, No. 60, pp. 57-74. [In Persian]

17    Mehrmanesh, H. and M. Amini (2012). “Intellectual Capital”, Journal of New Moon, Vol. 3, No. 39, pp. 30-35. [In Persian]

18    Lotfinia, A. (2011). “The Role of Intellectual Capital in Creating of Value”, Journal of Engineering Management, Vol. 5, No. 44, pp. 66-71. [In Persian]

19    Brooking, A. (1996). “Intellectual Capital: Core Asset for the Third Millennium”, International Thompson Business Press, Vol. 8, pp. 76-89.

20    Edvinsoon, L. (2000). “Some Perspectives on Intangibles and Intellectual Capital”, Journal of Intellectual Capital, Vol. 1, pp. 12-16.

21    Chen, J.; Zhu, Z.; and H. Y. Xie (2004). “Measuring Intellectual Capital: A New Model and Empirical Study”, Journal of Intellectual Capital, No. 5, pp. 195-212.

22    Ghosh, S. and A. Mondal (2009). “Indian Software and Pharmaceutical Sector IC and Financial Performance”, Journal of Intellectual Capital, No. 5, pp. 369-388.

23    Seetharaman, A.; Sooria, H. H.; and A. S. Saravanan (2002). “Intellectual Capital Accounting and Reporting in the Knowledge Economy”, Journal of Intellectual Capital, Vol. 3, No. 2, pp. 128-148.

24    Bozbura, F. T. (2004). “Measurement and Applications of Intellectual Capital”, The Learning Organization and International Journal, No. 11, pp. 357-367.

25          Diez, J. M.; Ochoa, M. L.; Prieto, M. B.; and A. Santidrian (2010). “Intellectual Capital and Value Creation in Spanish Firms”, Journal of Intellectual Capital, No. 11, pp. 348-367.

26    Khavndkar, J.; Khavndkar, A.; and A. Mottaghi (2009). Intellectual Capital: Management, Development and Measurement Models. Tehran: Iran Industrial Research and Training Center Publication. [In Persian]

27    Soleimani, G. (2010). “Investigating the Models of Intellectual Capital Measurement and a Case Study of One Model”, Ravesh Monthly, Vol. 19, No. 12, pp. 42-47. [In Persian]

28    Stern, J. M.; Shiely, J. S.; and I. Roos (2001). The EVA Challenge: Importuning Value-Added Change in an Organization. New York: John Wiley & Sons.

29    Sheikhi, Z. (2012). “Investigation of the Relationship between Intellectual Capital and Creativity in Educational Organization”, Journal of Basic and Applied Scientific Research, No. 2, pp. 10737-10741.

30    Izadinia, N. and A. Karbalaee Karim (2011). “Understanding the Effect of Selected Financial Variables on Stock Returns in Tehran Stock Exchange”, Journal of Fininical Accounting Research, Vol. 4, No. 1, pp. 17-30. [In Persian]

31    Molla Hoseyni, A. (2006), “The Analysis of Economic Value Added in Iran Copper Industries Company”, Journal of Name Mofid, Vol. 2, Issue. 54, pp. 123-136. [In Persian]

32    Stewart, T. (1997). Intellectual Capital: The New Wealth of Nations, 1st Edition, New York: Doubleday Dell Publishing Group.

33    Jahankhany, A. and A. Zariffard (1995). “Do the Directors and Shareholders Use Appropriate Criteria to Measure Firm Value?”, Journal of Financial Research, Vol. 2, No. 7, pp. 41-66. [In Persian]

34    Kapopoulos, P. and S. Lazaretou (2007). “Corporate Ownership Structure and Firm Performance: Evidence from Greek Firms”. Corporate Governance: An International Review, Vol. 15, No. 2, pp. 144-158.

35    Carter, D. A.; Simkins, B. J.; and W. G. Simpson (2003). “Corporate Governance, Board Diversity, and Firm Value”. Financial Review, Vol. 38, No. 1, pp. 33-53.

36    Kiong Ting, I. W. and H. H. Lean (2009). “Intellectual Capital and Value Creation in the Furniture Manufacturing Sector in Brazil”, Journal of Intellectual Capital, No. 10, pp. 559-588.

37    Namazi, M. and S. Ebrahimi (2011). “Empirical Examination of the Role of Intellectual Capital Components in the Evaluation of the Performance of Companies Listed on Tehran Stock Exchange”, Journal of Advances in Accounting, Vol. 3, No. 2, pp. 163-197. [In Persian]

38    Pourzamani, Z.; Jahanshad, A.; and A. Mahmoud Abadi (2011). “The Impact of Intellectual Capital on Market Value and Financial Performance”, Journal of  Accounting and Auditing Review, Vol. 19, No. 2, pp. 17-30. [In Persian]

39    Tseng, C. Y. and Y. J. Goo (2005). “Intellectual Capital and Corporate Value in an Emerging Economy: Empirical Study of Taiwanese Manufacturers”, R&D Management, Vol. 35, No. 2, pp. 187-201.

40    Zeghal, D. and A. Maaloul (2010). “Analysing Value Added as an Indicator of Intellectual Capital and its Consequences on Company Performance”, Journal of Intellectual Capital, No. 11, pp. 39-60.

41    Fariha Abdullah, D. and S. Sofian (2012). “The Relationship between Intellectual Capital and Corporate Performance”, Procedia-Social and Behavioral Sciences, No. 40, pp. 537-541.

42    Costa, R. (2012). “Assessing Intellectual Capital Efficiency and Productivity: An Application to the Italian Yacht Manufacturing Sector”, Expert Systems with Applications, No. 39, pp. 7255-7261.

43    Anvari Rostami, A. and H. Seraji (2005). “Measuring Intellectual Capital and Examining the Relationship between Intellectual Capital and Stock Market Value of Companies Listed on Tehran Stock Exchange”, Journal of Accounting and Auditing Review, Vol. 11, No.37, pp. 3-21. [In Persian]

44    Namazi, M. and S. Ebrahimi (2009). “Examining the Effect of Intellectual Capital on the Current and Future Financial Performance of Companies Listed on Tehran Stock Exchange”, Journal of Accounting Research, Vol. 1, No. 4, pp. 4-25. [In Persian]

45    Ghorbani, M. G.; Shahaie, B.; Mousavi, S.; and A. Anvari Rostami (2010). “The Impact of Intellectual Capital on the Financial Performance of the Pharmaceutical Industry in Iran”, Journal of Outlook Business Management, Vol. 10, No. 4, pp. 27-40. [In Persian]

46    Hemmati, H. and A. Mehrabi (2011). “Investigating the Relationship between the Intellectual Capital and Financial Returns of Companies Listed on Tehran Stock Exchange”, Journal of Accounting Research, Vol. 3, No. 10, pp. 75-94. [In Persian]

47    Sinayi, H.; Hajipoor, B.; and Kh. Taheri (2011). “Investigating the Relationship between the Intellectual Capital and Firm Performance”, Transformation Management Journal, Vol. 3, No. 5, pp. 68-89.[In Persian]

48    Abbasi, M. and A. Kalantari (2012). “Examining the Effect of Intellectual Capital on the Value of Companies Listed on Tehran Stock Exchange”, 1st National Conference on Modern Management, Gorgan, 26 August, pp. 12-24. [In Persian]

49    Williams, M. (2001). “Is Intellectual Capital Performance and Disclosure Practices Related?”, Journal of Intellectual Capital, No. 2, pp. 192-203.

50    Pulic, A. (1998). “Measuring the Performance of Intellectual Potential on Knowledge Economy”, Available at: http//www.measuring-ip.at/paper/public/vaictxt/vaictxt.html. [online] [2 October 2012].

51    Sullivan, P. H. (2000). “Value- Driven Intellectual Capital: How to Convert Intangible Corporate Assets into Market Value”, Available at: http://www.sveiby.com/articles/icmmovement.htm. [online] [25 November 2012].

52    Tan, H. P.; Plowman, D.; and P. Hancock (2007). “Intellectual Capital and Financial Returns of Companies”, Journal of Intellectual Capital, No. 8, pp. 76-95.

53    Andriessen, D. (2004). “IC Valuation and Measurement: Classifying the State of Art”, Journal of Intellectual Capital, No. 5, pp. 230-248.

54    Mahdavi, G. and M. Hoseyni Azan Akhari (2008). “What is the Best Measure for the Fininical Performance Evaluation?”, Economic Research Review, Vol. 8, No. 31, pp. 121-146.

55    Mahdavi, G. and N. Rastegari (2007). “The Value-Relevance of Economic Value Added for Predicting Income”, Shiraz University Journal of Humanities and Social Sciences, Vol. 26, No. 1, pp. 137-156. [In Persian]