%0 Journal Article
	%A Bita Mashayekhi and  Seyed Meisam Tabatabaie Nasab
	%D 2016
	%J International Journal of Economics and Management Engineering
	%B World Academy of Science, Engineering and Technology
	%I Open Science Index 109, 2016
	%T The Influence of the Intellectual Capital on the Firms’ Market Value: A Study of Listed Firms in the Tehran Stock Exchange (TSE)
	%U https://publications.waset.org/pdf/10003421
	%V 109
	%X Intellectual capital is one of the most valuable and
important parts of the intangible assets of enterprises especially in
knowledge-based enterprises. With respect to increasing gap between
the market value and the book value of the companies, intellectual
capital is one of the components that can be placed in this gap. This
paper uses the value added efficiency of the three components,
capital employed, human capital and structural capital, to measure the
intellectual capital efficiency of Iranian industries groups, listed in
the Tehran Stock Exchange (TSE), using a 8 years period data set
from 2005 to 2012. In order to analyze the effect of intellectual
capital on the market-to-book value ratio of the companies, the data
set was divided into 10 industries, Banking, Pharmaceutical, Metals
& Mineral Nonmetallic, Food, Computer, Building, Investments,
Chemical, Cement and Automotive, and the panel data method was
applied to estimating pooled OLS. The results exhibited that value
added of capital employed has a positive significant relation with
increasing market value in the industries, Banking, Metals & Mineral
Nonmetallic, Food, Computer, Chemical and Cement, and also,
showed that value added efficiency of structural capital has a positive
significant relation with increasing market value in the Banking,
Pharmaceutical and Computer industries groups. The results of the
value added showed a negative relation with the Banking and
Pharmaceutical industries groups and a positive relation with
computer and Automotive industries groups. Among the studied
industries, computer industry has placed the widest gap between the
market value and book value in its intellectual capital.
	%P 164 - 168