نویسندگان
1 دانشگاه الزهرا
2 دانشگاه یزد
3 دانشگاه اصفهان
کلیدواژهها
عنوان مقاله [English]
نویسندگان [English]
In a knowledge-intensive economy, a company’s intellectual capital contributes to
its success and its ultimate value. Most of these intangible assets cannot be
included into the company’s balance sheet and intellectual capital disclosures in
the annual report and financial statements have been largely voluntary. one reason
for disclosing such information is to reduce the information gap between
companies and investors and thus to reduce the cost of capital. This paper
investigates the relationship between intellectual capital disclosure and voluntary
financial disclosure and the cost of equity capitalin the firms listed on Tehran
Stock Exchange. Intellectual capital disclosure and its components and also
voluntary financial disclosure is measured using a checklist developed by Li et al
(2008) and Gray et al (1995) and using content analysis of annual report of 85
companies in 2010. Cost of equity capital is measured using PEG model of Easton
(2004) and hypothesis are analyzed by T test, Pearson correlation and regression
analysis. The results of this study indicate that larger firms disclose more
information about their intellectual capital and its components. Also results show
that there is a negative and insignificant relationship between intellectual capital
disclosure and its components, which are human capital disclosure, structural
capital disclosure and relational disclosure and voluntary financial disclosure and
the cost of equity. Also there is no significantly different cost of equity capital
between firms which make greater levels of intellectual capital disclosure and
firms making lower intellectual capital disclosures. Interaction between
intellectual capital disclosure and voluntary financial disclosure has no significant
effect on cost of equity capital.
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