مطالعات مالی و بانکداری اسلامی (Feb 2017)
The Impact of Intellectual Capital on The Cost of Capital (Case: Firms Listed in Tehran Stock Exchange)
Abstract
In this study, the relationship between weighted average cost of capital (as one of the economic approach to assess the performance) with intellectual capital was studied. In order to compute intellectual capital Value-Added Intellectual Coefficient (VAIC) model and to compute weighted average cost of capital (WACC) Gordon model were used. Statistical sample consists of 80 companies and 380 company-year observations for period of 2010 till 2014. To examine the relationship between independent and dependent variables linear regression model and to perform calculations and data analysis Excel, SPSS and Eviews have been used. The results showed that in the case of banks the relationship between human capital efficiency (HCE), structural capital efficiency (SCE), and intellectual capital efficiency (ICE) with weighted average cost of capital (WACC) is positive and significant. So, intellectual capital caused an increase in company wealth and a decrease in the cost of capital. While relationship among capital employed efficiency (CEE) and weighted average cost of capital (WACC) regardless of positive or negative relationship coefficient is not significant. Also, in the case of both banks and companies, the relationship between human capital efficiency (HCE), intellectual capital efficiency (ICE) and capital employed efficiency (CEE) with weighted average cost of capital (WACC) regardless of positive or negative relationship coefficient is not significant. In other words, intellectual capital did not lead to an increase in company’s wealth. While relationship between structural capital efficiency (SCE) and weighted average cost of capital (WACC) is positive and significant. Also, the results showed that the relationship between value-added intellectual coefficient (VAIC) with intellectual capital efficiency (ICE) is positive and significant. The correlation coefficient in banks was 0.99 and correlation coefficient for both banks and companies calculated to be 0.94. Therefore, intellectual capital causes an increase in value-added intellectual coefficient
