The Impact of Voluntary Disclosure of Intellectual Capital on the Stock Return in Listed Companies of Tehran Stock Exchange
DOI:
https://doi.org/10.24200/jmas.vol2iss04pp1-5Abstract
In this Study, the effect of voluntary disclosure of Intellectual capital information on the stock return of the listed companies in Tehran Stock Exchange will be discussed. Methodology: According to Li (2007) and Ibikunle (2013), a dummy variable was defined and the required items for intellectual disclosure were designed. Then, by assessing the items in the board directors’ report, number 1 was assigned to the items evident and zero to those forgone. In the end, a score for each company was determined to expose the intellectual capital disclosure. 137 companies were selected by systematic samplings for a period of 5 years (2010-2014) and appropriate statistical tests were applied. Results: By referring to the financial statements and reports of the board of directors wanted data for companies were collected Data analysis included multiple regressions using panel data and fixed effects. Conclusion: The results showed that voluntary disclosure of intellectual capital has a positive and significant impact on the stock return of those companies. This result is in compliance with the past finding of Li (2007).References
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