The Effect of Investments in Intangible Assets in the Explanatory Impact of Financial Health and Agency Problems on the Market Value Company's

Abstract

The aim of this study is to investigate the effect of investments in intangible assets in the explanatory impact of financial health and agency problems on the market value company's in the company at listed in the Tehran Stock Exchange. For this purpose five hypotheses are developed and data on the 120 companies in Tehran Stock Exchange for the period between the years 2009 to 2014 were analyzed. This regression model using panel data with fixed effects approach, reviews and tests. The results showed that the intangible asset helps to companies to create value. In other words, the results confirm that intangible assets the major driver for growth and value creation in many sectors of the economy. In addition, the results showed that intangible assets has a significant effect on the explanatory relationship between financial health of the company's (variable performance) and agency costs (profit distribution policy) on the company's market value. Also, the results indicate that the intangible asset on the explanatory impact other two variables (the solvency and debt) No significant effect on the market value of the company.

Keywords

• intangible assets
• financial health
• agency problems and the market value of the compa