The Investigation of the Effect of Intellectual Capital on the Investor's Return of Investment in the Tehran's Stock Exchange: A Case Study of Industrial Chemical

Abstract

The purpose of this study was to investigation the impact of intellectual capital on capital gains of investors in the chemical industry in Tehran stock exchange. However, the model used in the present study was Pulic model (1998). This model examines the relationship between intellectual capital based on his trilogy of the human capital, structural capital, and relational capital with capital gains and the investors of the companies related to the chemical industry in Tehran stock exchange. The total value of this model is stated according to efficiency coefficient value (VAICit), and total resources of the firm. The scope of the study is, between the years 2004-2011. The present Study is based on a survey of analytical descriptive method which in a functional form studies the relationship between intellectual capital and capital gains, the investors of the companies related to the chemical industry in Tehran stock exchange. But it is worth noting that in this study data are analyzed using Pulic model and (SPSS) Software and multiple regression. In the present study, data are collected using internet and information networks and referring to books, journals and dissertations and review of literature and achieving the overall structure and for testing the hypotheses, the list of data of accepted companies in Tehran stock exchange and Through the application of various software and websites related to Tehran stock exchange. Data were collected by referring and viewing financial statements and also for testing the hypotheses, the data of the accepted companies in Tehran stock exchange Through the application of Rah avarde novin software were used and also using data collection method and viewing financial statements. This study shows a significant relationship between the independent variables, The model of intellectual capital (human capital, structural capital, relational capital), and the dependent variable as capital gains for investors active in the chemical industry in the Tehran Stock Exchange which its results in significance level less than 5% (the null hypothesis) and confidence level of 95% are confirmed.