The present study examines the effect of intellectual capital on the performance of pharmaceutical companies listed in Tehran Stock Exchange. To assess intellectual capital, the Pulic value added intellectual capital (VAIC), and to evaluate the performance of market value, market value measure to book value of the of assets (M / B) and Q tobin ratio are used. This research, in an analytic and separately, studies the effects of each of VAIC components on market performance value of 26 companies active in the pharmaceutical industry and listed in the Tehran Stock Exchange during 2008 to 2012 using multivariate regression based on panel. The results show that VAIC coefficient has a significant impact on market performance variables of pharmaceutical companies accepted in Tehran Stock Exchange, and among its components employed or physical capital has the greatest impact on market performance variables.
کلید واژگان :
Intellectual Capital;Value Added Ratio of Intellectual Capital; Performance; Book Value; Market Value; Q tobin ratio
