The Impact of Intellectual Capital on the Financial Performance of Listed Companies in Tehran Stock Exchange

Transcription

1 Vol. 4, No.1, January 2014, pp E-ISSN: , P-ISSN: HRMARS The Impact of Intellectual Captal on the Fnancal Performance of Lsted Companes n Tehran Stock Exchange Hossen Sharf RANANI 1 Zvar BIJANI 2 1 Management Department, Islamc Azad Unversty Khorasgan Branches, Iran, 1 E-mal: Sharf55r@yahoo.com 2 Management Department, Islamc Azad Unversty Khorasgan Branches, Iran (Correspondng author) Abstract Key words In the age of knowledge-based economy, an organzaton uses two dstngushed resources for value creaton and proft makng: materal or tangble resources and ntellectual or nvsble resources. In fact, t s clamed that ntellectual captal can explan better the materal and physcal captal and a company s performance fnancal ndces. Intellectual captal provdes a new complete model for observng organzatons real value and by usng t; a company s future value can be calculated. The objectve of the present study s to nvestgate the nfluence of ntellectual captal on fnancal performance of the lsted companes n Tehran Stock Exchange. In order to assess the ntellectual captal, the value added ntellectual captal coeffcent developed by Palyk was used, whch s one of the most mportant and valuable methods of assessng ntellectual captal. In the present study, the nfluence of ntellectual captal ndces (effcency of human, structural and physcal captals) on fnancal performance (earnngs per share and the effcency of assets) for 70 companes durng the years 2004 to 2007 was nvestgated usng the panel data regresson. Be revewng the lterature, four hypotheses were proposed. The results obtaned from testng the hypotheses showed that ntellectual captal has and sgnfcant nfluence on earnngs per share and the effcency of assets. The results of regresson models show that ntellectual captal has and sgnfcant nfluence on earnngs per share and the effcency of assets. Structural captal lke other components of ntellectual captal also has sgnfcant and on the effcency of assets. The results also ndcate that the negatve nfluence of structural captal on earnngs per share, however, because ths nfluence s not sgnfcant enough, t can be neglected. The results of the approach of panel data are ndcatve of the sgnfcant nfluence of physcal captal on earnngs per share and the effcacy of assets. Therefore, ncrease n physcal captal results n mprovng the fnancal performance of the studes companes. Intellectual captal, human ntellgence, structural captal, fnancal performance DOI: /IJARAFMS/v4-1/548 URL: 1. Introducton In today's knowledge based on economy, ntellectual captal and more mportant value than physcal assets are consdered for organzatons and busnesses and the sense of ntellectual captal as a strategc component of real captal and the captal of contemporary organzatons, especally organzatons, research centers and foundatons of knowledge. Intellectual captal s born n the realm of scence (Sanchez, 2010). In the knowledge-based economy, the ntellectual captal of the organzaton s to create value n today's world; the success of any organzaton depends upon the ablty to manage these assets. Today, the growng mportance of ntellectual captal as an effectve tool s for enhancng the compettveness of our companes. Measurng ntellectual captal n order to compare dfferent companes s necessary to determne ther true value and mprove ther controls. Knowledge of today's top tools of economcs s, where heroc acts economcs, scence and technology, there s ncreasng use of nformaton. Knowledgebased companes have a large proporton of ther nvestments n ntangble assets and for fnance and accountng management for companes that tradtonally have Unobtrusve performance n dfferent fnancal stuatons dd not reflect a real challenge of remans (Seetharaman, 2002). Longer tangble rches and natural assets of communtes and organzatons are keys of success. But havng been n the feld of ntellectual captal management and captal turbulent envronment s a key challenge. Requred to

2 admnster and managng ts tangble assets has already shown. Intellectual property s the most mportant part of corporate knowledge whch s needed to dentfy and measure assets on a company's poston n the nternatonal arena and are very effectve n determnng a company's value. These assets create long-term compettve advantage for companes that have an mportant role. The companes that are able to recognze and manage ther assets well, they wll have a better performance than ther compettors. In other words, the asset management busness to succeed n today's compettve world of work s undenable. Intellectual captal s a topc that deals wth the management and admnstraton of assets (Mavrds, 2005). Changes n the management of publc funds and securtes n the global economy and the economy of the manufacturng sector to the servce sector and publc fnancal management based on ntangble resources, Increased attenton to knowledge and ntellectual captal and corporate performance s ts ablty and the relatonshp between fnancal performance and frm performance n emergng and developng economes has receved much attenton (Lm, 2004). - Ghorban and assocates (1383) n a study enttled the Impact of ntellectual captal on the fnancal performance of the pharmaceutcal ndustry n Iran that was conducted on the 22 pharmaceutcal companes. It Concluded that the optmum and effcent use of company resources and ntellectual mpact on ther proftablty ndex. Also, negatve mpact on productvty and effcency of human captal, structural captal effcency has a mpact on equty. -Hemmat and Mehrab (1387) n a study enttled to examne the relatonshp between ntellectual captal and fnancal performance of lsted companes n Tehran Stock Exchange 146 companes lsted on the Stock Exchange was conducted that the relatonshp between the rate of growth of ntellectual captal and the company's future performance. - Tan and colleagues n a study that began n 2007 was conducted to examne the relatonshp between ntellectual captal and fnancal performance of 150 frms between 2000 and 2002, the Sngapore Stock Exchange. The results were remarkable n several parts. Includng ntellectual captal and fnancal performance of frms are ly correlated n a meanngful way. Future performance and growth as well as ntellectual captal and ntellectual captal were ly assocated wth frm performance. On the other hand, the contrbuton of ntellectual captal on frm performance vared ndustres. - Chen and colleagues (2006) have examned the relatonshp between ntellectual captal, market value and fnancal performance of companes n Tawan's stock market durng 1992 and The results ndcated a effect on ntellectual captal, fnancal performance and market value of the company. Ths research also showed that ntellectual captal can be used as an ndex for predctng future fnancal performance. Perskl (1994) beleves the lack of success of learnng, faled and t s assocated wth the contnuous development of employees and organzatonal learnng. Hs model of organzatonal learnng n order to get a real dea of creatng a learnng organzaton should be taken and re-examne the defnton of organzatonal learnng and emphaszed on human resource development practtoners role n the mprovement and success of organzatonal learnng. -Two researchers, namely Lu and Radha Krshnan (2006) measure of organzatonal captal through sales patterns as a functon of nsttutonal nvestors, the company's net would have fxed assets, number of employees and captal, research and development, expanson. They surveyed about 250 companes showed that transcends organzatonal captal assets that wll be estmated market value and growth potental for the company's poston n partcular. Based on research conducted among 500 Tawanese companes, market value (real) company book value gradually has ncreased from 1 to more than 5-fold between 1997 and Studes have shown that about 80% of the company's market value s not reflected n ther fnancal reports. Ths study examnes the mpact of ntellectual captal on the fnancal performance of lsted companes whch has been pad n Tehran Stock Exchange of structural captal, human captal and physcal captal. Therefore, the mportance and necessty of research has become ncreasngly mportant due to the lesser-known assets (ntellectual captal) s the true value of companes and ther fnancal performance and consequently the success and falure n today's complex and compettve envronment. 120

3 2. The research framework 2.1. Intellectual Captal Internatonal Journal of Academc Research n Accountng, Fnance and Management Scences Dfferent authors have nterpreted the term n varous ways, but the most commonly used means of ths word s packed wth useful knowledge. Conceptual knowledge here should be nterpreted qute broadly. Processes, nformaton systems, new products have been ntroduced to, trade names, customer lsts and staff sklls can all be part of the ntellectual captal. Intellectual captal, knowledge nventory s an organzaton at a partcular pont n tme there. Intellectual captal ncludes all sources of knowledge s central to the producton values, but they are not entered n the fnancal statements. In other words, ntellectual captal conssts of knowledge, to apply experence, organzatonal technology, customer relatonshps and suppler and professonal capabltes that create a compettve advantage n the market, t s gong to the Hall of ntellectual captal may be classfed as assets (Such as brands, trademarks, contracts and databases); As s known or sklls (such as knowledge workers know how to do that) or the company's organzatonal culture as Askandaya sad: the components of ntellectual captal ndcator s for future value of the company and the company's ablty to acheve the fnancal results, (Beram Handkar, 2007). Intellectual captal s a set of knowledge-based assets that are specfc to an organzaton and among ts features are through addng value to the organzaton's key stakeholders, to sgnfcantly mprove the compettve poston of leads (Mar, 2004). Dmensons of ntellectual captal are: 1 - human captal: human captal as defned n ndvdual knowledge, sklls, abltes and experence of staff n an organzaton to create value and solve problems of organzaton. (Mavrds, 2005) Stewart(1997), the three components of ntellectual captal s defned nto human captal (the capacty to do thngs n dfferent stuatons, to create tangble assets and ntangble assets, captal structure (royalty, concepts, models and systems offce computer) and relatonal captal (relatonshps wth raw materal supplers and customers)."intellectual captal s an asset; the enterprse's ablty to create wealth s measured. The objectve nature of the physcal asset and an asset that s nvsble can be acheved through the use of related assets, human resources and organzatonal performance relatonshps outsde the busness. All these features create value wthn organzatons and earned value because t s a completely nternal, merchantablty (Chen et al., 2008) Elements of ntellectual captal In general, researchers and those nvolved n the feld of ntellectual captal on ths thng beleved that the ntellectual captal of three human captal, structural captal and relatonal captal, whch may be explaned as follows: A) Human Captal: Roos et al (1997) argue that employees' ntellectual captal s to develop through competence, atttude and ntellectual aglty to develop. The most mportant elements of human captal enterprse workforce sklls sets on, depth and breadth of ther experence. Human resources can be regarded as sprt, mnd and ntellectual captal resources. The captal's nght out would reman unchanged, but leave the employees of the company, structural captal and relatonal captal even leave n the nght. Human captal conssts of: a) the sklls and competences of the workforce b) ther knowledge n areas that are crtcal to busness success, and c) the talents of ther conduct. Brookngs (1996) argues that human assets of an enterprse, ncludng sklls, expertse, abltes, problem solvng and leadershp styles. If an enterprse-level staff turnover s hgh, t may mean that the organzaton of ths mportant component of your ntellectual captal s lost. B) There s other captal relatonal whch ncludes all relatonshps between busness relatonshp wth any person or busness. These nclude clents, ntermedares, employees, materal supplers, regulatory authortes, credtors and nvestors. The lnks are dvded nto two groups: Group A squeezed through contractual relatonshps whch are recognzed wth customers and raw materal supplers or partners. The second group ncludes nformal relatonshps, nvestors relatonshp as a brdge and as the organzer of the ntellectual captal and ntellectual captal has become a decsve factor n market value. Ths nvestment ncludes the strength and loyalty of the customer relatons. Customer satsfacton, fnancal health and prce senstvty may be used as ndcators of ths type of nvestment. A breakdown of the relatonshp between human captal and structural captal ndcates that the busness s worth. Trademarks, company reputaton, or goods and servces, whch reflect relatonshps between companes and customers (potental or actual), they also fall nto ths category of assets. 121

4 C) Captal structure: Roos et al (1997) argue that structural captal ncludes the stocks of such nhumanty, data base, organzatonal charts, process nstructons, strateges and program admnstraton. A wde range of structural captal wll cover the essental elements. The most mportant, they usually nclude: 1) mplementaton of busness processes, 2) how to structure 3) polces, nformaton flows and database 4) leadershp and management style 5) organzatonal culture, and 6) the employee reward s plan (Holman, 2011) Poston from the perspectve of ntellectual captal experts The varous defntons of ntellectual captal experts: 1. Stuart beleves the ntellectual captal are a set of knowledge, nformaton, experence, ntellectual property, competton and organzatonal learnng that can be used to create wealth. The ntellectual captal of ts staff, organzatonal knowledge and sklls t takes to create added value and lead to sustaned compettve advantage (Seetharaman, 2002). 2. Bentys: ntellectual captal s acheved as a set of ntangble assets (resources, capabltes, compettve) defnes organzatonal performance and value creaton. (Bonts, 1998) 3. Advynsvn and Malone, Intellectual Captal defned as nformaton and knowledge appled to work to create value". 4. Bonts and Holland, n hs artcle n 2002, to the ntellectual captal they defne ntellectual captal reserve of knowledge n a certan pont of tme n an organzaton. It defnes the relatonshp between ntellectual captal and organzatonal learnng has not been studed. 5. Intellectual captal assets s measured that an organzaton's ablty to create wealth. The objectve nature of the asset s acheved n an ntangble asset that s not physcal assets through the deployment of human resources, organzatonal performance and relatonshps outsde of the organzaton s. All these features make the value obtaned for a purely local phenomenon, merchantablty (Bonts and Keow, 2009) Fnancal performance Accountng and fnancal evaluaton crtera play an mportant role n evaluatng corporate performance, but selectng an approprate measure of the ssue that has caused a lot of research n the management lterature. In today's compettve world, creatng value for shareholders wealth s one of the man goals of each ndvdual nvestor or nvestment frm. Investors who wsh to ncrease ther captal every day to maxmze, so look for nvestment opportuntes that wll create more wealth for them. Publc opnon, the most mportant fnancal objectve of a busness unt, maxmzng shareholder wealth s obvously, that each busness unt stakeholders such as customers, management, employees, credtors, banks and governments have ther own goals, these goals can be fnancal and nonfnancal nature. But n between, nfluental nterest groups nfluencng the company's shareholders are senor managers are usually chosen by the board to be removed and nstalled. Shareholder value over the last few years has grown to managng the organzaton's fnancal strategy plan. Also concerns about the nherent lmtatons of the mportance of the tradtonal performance evaluaton crtera that wll ultmately lead to poor fnancal decsons can be made most crtcsms rased aganst these crtera. In recent years, the concept of economc value added, market value added as man ndcator of fnancal performance and shareholder value has been consdered by many researchers and support. Varous aspects of economc value added, market value added, such as dfferent ways to calculate them, and lnk them to other fnancal concepts such as net present value. Bascally, the crtera for assessng the performance of companes n the captal market were rased nto two categores, tradtonal values and value-based crtera are dvded the use of tradtonal assessment crtera, ncludng corporate ncome, earnngs per share, cash flow and captal market so the consecutve years has been used to, value-based crtera for evaluatng the performance of these enterprses. Tradtonal methods of performance evaluaton are gven only to the accountng proft due to the lack of consderaton of the cost of captal supply companes are not n an agreeable manner. Based on these crtera the return value of the company depends on the company and the cost of captal. (Kannan, 2004). 122

5 2.5. To obtan a representatve ndcators of fnancal ratos Preparng fnancal statements, fnancal data analyss s the most commonly used one. Each group of users of fnancal statements s to evaluate the success of any actvty n the stock market from your perspectve. One of the crtera for success n an ndustry or actvty s fnancal ratos. Ths rato, n fact, s abstract fnancal reports of companes that provde much nformaton about the stuaton wthn the company. Fnancal ratos, s good ndcators for measurng the performance and fnancal poston of frms. These ratos can be classfed based on the nformaton provded. There are dfferent categores of fnancal ratos. But a general classfcaton than other classfcaton systems have been used n dfferent contexts fnancal ratos s categorzed n fve groups as follows; 1-Lqudty 2 - Leveragng 3-4 market values - Actvty 5 Proftablty Lqudty ratos can be used to evaluate a company's ablty to fulfll short-term labltes. Leverage ratos, debt payment oblgatons and the company's ablty to assess the maturty. Market value ratos, whch are measures of market prce and book value per share and proft communcators. Effcences, asset management perspectve, usng the measured actvty ratos and those of the fnancal ratos of the company's operatons (net proft, gross proft, operatng proft, proft before nterest and taxes EBIT) from dfferent perspectves (sales, assets) are revewed, called Proftablty Ratos. In ths research, fnancal ratos (accordng to Table 1) are used to evaluate fnancal performance. In ths table, the proportons of the plus sgn (+), they are tems of nterest, It means that the hgher the value, the better. Ratos wth a negatve sgn (-), are the tems of ther low cost and desrable (Baltag, 2005). Fnancal Ratos, table (5.2.) Rato name Earnngs per share (+) Prce to Earnngs (-) Book Value (+) Dvdend yeld (+) Dvdends pad (+) P/B )-( Turnover of accounts recevable (+) The average collecton perod (-) Inventory turnover (+) Crculaton of goods (-) Volume Operatons (-) Turnover of total assets (+) Source: (Guthre, 2011) Type Market Value actvty Rato Name )Net workng captal (+) Net workng captal to total assets (+) Current rato (+) Quck rato (+) Debt rato (-) Debt to equty rato (-) Read student nterest expense (-) Gross margn (+) Net proft (+) Total return on assets - ROA (+) Return on common equty - ROE (+) Equty turnover (+) Type Lqudty Leverage Proftablty Certan fnancal ratos, are consstent wth the pattern and structure therefore, the gray relaton analyss s used for classfcaton of fnancal ratos, so that n each category are fnancal ratos that are smlar n characterstcs. Then for each category, wll be an ndex that measures the fnancal performance representaton obtaned n ths study. The gray relaton analyss theory s proposed by Deng n 1989.Informaton gray ones that are ncomplete or unknown. Grey relaton analyss method to determne the relatonshps between the nformaton. Grey relaton analyss method to determne the relatonshps between the nformaton. Frst, fnancal ratos, are normal. If you are among the tems of fnancal ratos are, the formula (1) If one tem s negatve, the formula are used (2) for balancng amounts of fnancal ratos are used (Guthre, 2011). x(k) y (k) y (k) m x (t) t 1 1/ x m 2 1/ x(t) t 1 (k) 2 (1) (2) 123

6 In the above formulas, y (k) s the normal amount of fnancal ratos ( = 1,2,..., s) for frm k (k = 1,2,..., m) s.m represents the total number of frms s nvestgated. Then for any company, from fnancal ratos normalzed usng the formula (3) can be acheved n two by two. ( k) y0(k) y (k) (3) Any fnancal ratos normalzed to the reference nterval (y0 (k)), and the dstance that can be acheved n other ratos. Grey relaton s obtaned to formula (4). 1 ( y m 0, y ) (yo (k), y (k)) r0 m k 1 (4) In formula (4) of the formula (5) s calculated. ( y 0 mn ( k) max ( k) ( k), y ( k)) ( k) max ( k) (5) In ths formula, called the segregaton ndex value s between zero and one (). Usng the above relatonshps can be gray relatonshp matrx (R = (rj)) obtaned fnancal ratos related to the bnary matrx form shows. In ths matrx, = 1,2,.., s and j = 1,2,..., s, and s represents the total number of fnancal ratos. After calculatng the matrx R, the followng defntons are used for clusterng fnancal ratos (Flamholtz, 1985). Defnton 1: If rj r and rj r, then fnancal ratos Y and Yj are belong to one cluster. r s the clusterng threshold. Defnton 2: If rj r and s rj r and rk r and rk r, but rjk<r or rkj<r, f mn {rj, rj} mn {rk, rk}, then Y and Yj are n one cluster. Defnton 3: When Y and Yj belong to a cluster, f rj rj, then the representatve of the cluster fnancal ratos. Defnton 4: When Y, Yj and Yk are n a cluster, the cluster represents wth the values of the ndex (rj + rk), (rj + rjk) and (rk + rkj).if the three quanttes, (rj + rk) s the maxmum value, ndcatng the ndex cluster, s a fnancal rato (Hsao, 2003). 3. Research purposes 1. The effect of the structure of ntellectual captal on the fnancal performance of lsted companes n Tehran Stock Exchange 2. The Effect of human ntellectual captal on the fnancal performance of lsted companes n Tehran Stock Exchange 3. The effect of physcal captal, ntellectual captal on the fnancal performance of lsted companes n Tehran Stock Exchange 4. Hypotheses 1. The ntellectual captal, structural captal on the fnancal performance of lsted companes n Tehran Stock Exchange has an effect. 2. Human captal, ntellectual captal on the fnancal performance of lsted companes n Tehran Stock Exchange has an effect. 3. After physcal captal, ntellectual captal on the fnancal performance of lsted companes n Tehran Stock Exchange has an effect. 5. Materals and Methods In ths study, the purpose of ths research whch has been used s descrptve - survey. The study perod from 1383 untl 1386, and the statstcal study of all companes lsted on the Tehran Stock Exchange. The followng constrants have been consdered n the sample selecton. 124

7 1. Fscal year end s 29 March 2. Not negatve equty 3. Change Research durng the fnancal year and the tradng halt should not be more than three months. 4. Component of nvestment frms, brokerage, leasng and not the bank. 5. Complete nformaton s requred about all the varables n ths study. Due to the lmtatons descrbed n ths study ncluded 70 companes. The data n ths study extracted to analyze the relatonshp between the data requred by the Stock Exchange of nformaton n lbrares, fnancal reports and statements by lsted companes In Stock. For analyss was used of test data to determne whether money or panel models, fxed effects, random effects models, Hausman test, Palyk model. 6. Results The man hypothess The underlyng assumpton of ths study was to nvestgate the relatonshp between ntellectual captal and corporate stock that the results can be seen n the followng table. Table (4-13), the man research hypothess test results Sgnfcant )Sgnfcant (accept default )Sgnfcantly (by default nfluence The underlyng assumpton Intellectual captal rato has a sgnfcant effect on earnngs per share Intellectual captal has a sgnfcant effect on the rate of return on assets Sub-hypothess Secondary hypotheses of ths study nclude the mpact of human captal, ntellectual captal and physcal captal on the fnancal performance of companes n stock. Table (4-14) secondary research hypotheses test results )Sgnfcantly (by default )Sgnfcantly (by default )Not sgnfcant (assumng rejecton )Sgnfcantly (by default )Sgnfcantly (by default )Not sgnfcant (assumng rejecton )Sgnfcantly (by default nfluence negatve Auxlary assumptons Effcency of human captal has a sgnfcant effect on earnngs per share Effcency of human captal has a sgnfcant effect on asset returns Performance of physcal captal has a sgnfcant effect on earnngs per share Performance of physcal captal has a sgnfcant effect on asset returns Effcency of structural captal has a sgnfcant effect on earnngs per share Performance nfluences the effcency of structural captal assets Concluson and suggestons They have attracted ncreasng gap between the actual value and the corporate offce, accordng to the researchers explaned n the fnancal statements of the unseen deleton. We talk about t as the value of ntellectual captal and knowledge whch s present n all aspects of such a body. Become ncreasngly mportant but s gnored when t s known that less captal (ntellectual captal), the real value of companes and ther fnancal performance and consequently the success and falure n today's complex and compettve envronment plays an mportant role. Be gven greater emphass on ntellectual captal n organzatons and understandng the sgnfcance and mpact of these factors on the overall performance of the organzaton and ts mpact on the value creaton process n organzatons as a factor nfluencng Improve the fnancal performance of organzatons. As was seen n the prevous part of ntellectual captal stock has a mpact on frms' performance. In fact, the components of ntellectual captal, especally human captal and physcal captal have a sgnfcant mpact on fnancal performance. So companes surveys can provde through more nvestment and ncrease the effcency of these two factors to ncrease earnngs per share and return on assets. Explanng the mportance of knowledge management and ts mpact on organzatonal performance largely depends on

8 the strength experment that explans ts role n the compettveness of the organzaton and gan a larger share of t. One of the most reasonable approaches to the assessment of mpact of ntellectual captal on organzatonal performance through measurements of ntellectual captal n an organzaton's overall performance s measured, that would be n an organzatonal level or at the level of ndvdual processes and projects. The meanng of ths phrase s that t should open up n a row to the other rows measurements yeld a value of ntellectual captal and ntellectual captal contrbute a certan amount to be consdered, dong ths s very hard to although n practce. Another mportant organzatonal orentaton usng tradtonal fnancal measures such as returnng of captal to the value-based measures s such as economc value added, market value added. On the other hand the ntellectual captal should be used for fnancal and non-fnancal metrcs and measurements systems used a cloth. One of the non-fnancal measure of ntellectual captal as a debt tem s consdered to convert an ntangble asset and ts value n terms of fnancal returns wll be measurements. Thus helps admnstrators of ntellectual captal growth or declne n captal vew of the ssue. In the end, ndexes of ntellectual captal should be derved from the company strategy s mportant and useful ntellectual captal can be seen n (It should be the ntellectual captal of the company to note). In fact, the strategy of a company, the mportance of ntellectual captal components and ther nterrelatonshps through strategy map s defned and descrbed. Accordng to the research results, suggestons are provded as follows: 1. Create a separate busness unts for measurement and management of ntellectual captal for the beneft of the ntangble assets, gan hgher fnancal performance s suggested. 2. Note that corporate managers to strengthen the captal structure. Structural reform, the reform processes, comply wth regulatons, operatonal programs, strengthen governance, reform, nfrastructure, mprovements n organzaton and workng methods of ganng trademarks nnovatve ntatves to strengthen the captal structure s effectve and thus on the mprovement of functon ndces future fnancal ad. 3. Companes can be non-materal ntangble assets nclude ntellectual captal (human, structural and customer) to calculate and report captal market. Prompt reportng wll help ntangble assets on the balance sheet to balance sheet valuaton of real stock market analysts. 4. Beneft shareholders (nvestors) n the use of evaluaton model, the evaluaton true and comng companes (based on ntellectual captal) n order to obtan hgher fnancal performance n the future. Organzatons need to exchange wth experts and other analysts to value companes based on ntellectual captal measurements. Part of the commsson's board s to renforce the value of the ntellectual captal of the subsdary. Captal losses f the market dd not dsclose ths type of nformaton, captal, ntellectual captal s an mportant ndcaton. Examples of these losses are: 1. Shareholders may be longer than the access to nformaton relatng to ntangble assets are dened n prvate meetngs wth large shareholders may be held. 2. If the managers of nformaton derved from nternal decsons regardng the use of ntangble assets wthout nformng other nvestors who traded on confdental nformaton ncreases the lkelhood of t. 3. Rsk of mproper valuaton of companes s ncreasng and ths makes bankers and nvestors more rsk level for organzatons to consder about t. 4. Cost of captal ncreases. If dsclosure of such nformaton due to the uncertanty regardng the future outlook, a more accurate assessment of the company s to operate and the cost of captal falls. Accordng to the present results the components of ntellectual captal mpact on the company's fnancal performance and effcency therefore, corporate managers should be vglant n order to boost captal to strengthen them, n accordance wth the results obtaned n order to nvestgate the nfluence of ths comparson would effect on recent decades, wth partcular attenton to the measurements of ntellectual captal and to provde reports to stakeholders expressed frustraton are n tryng to fnd a way to assess ntangble assets ntangble value of domestc mnng and extractng tangble value. In fact, the ntellectual captal of a new model perfect for organzatons that provdes real value and can be used to calculate the performance and future value of the company. 126

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