The Relationship between Intellectual Capital and Market Value of Companies Listed in Tehran Stock Exchange

In the world of today's knowledge-based, knowledge assets and intellectual capital, profitability and Keep the company competitive advantage. The emergence of a knowledge-based economy, the increasing importance of intellectual capital as an intangible asset and an important source of competitive advantage a company. Reality shows the importance of intellectual capital, the gap between the book value and market value of companies, especially from the eighties onwards, which, according to most financial analysts to increase business investment in intellectual capital is concerned. The main objective of this paper is to the effect of intellectual capital on the market value of companies listed on the Stock Exchange in Tehran. In this study, to measure the intellectual capital of the Pulic and Pulic modified version was used. The period of study between 2010 and 2014 and was selected sample of 200 companies. The results of this study using panel data regression (method of least squares) suggest that there is a significant relationship between intellectual capital and market value. The results showed that the modified version of the earlier model of Public have greater explanatory power. The results showed that among the elements of intellectual capital, human capital efficiency has the greatest impact on the market value of the company.