بررسی تأثیر اندازه شرکت بر رابطه بین منابع نامشهود و عملکرد شرکت در شرکت‌های پذیرفته شده در بورس اوراق بهادار تهران

نوع مقاله : مقاله پژوهشی

نویسندگان

1 استادیار، گروه حسابداری، دانشکده مدیریت و حسابداری، دانشگاه یزد، ایران

2 کارشناس ارشد، گروه حسابداری، دانشکده علوم اجتماعی و اقتصادی، دانشگاه الزهراء (س)،

چکیده

هدف این پژوهش بررسی تأثیر اندازه شرکت بر رابطه بین دارایی‌های نامشهود و عملکرد شرکت‌های پذیرفته شده در بورس اوراق بهادار تهران است. دارایی‌های نامشهود مورد بررسی در این پژوهش شامل منابع انسانی، منابع مدیریتی، قابلیت نوآوری و دارایی نامشهود مبتنی بر بازار می‌باشد. همچنین، متغیر عملکرد بر مبنای معیارهای بازده دارایی، بازده فروش و نسبت کیوتوبین سنجیده می‌شود. برای آزمون فرضیه‏ها از آزمون مقایسه میانگین دو جامعه و مدل ‌رگرسیون چند متغیره در قالب داده‏های ترکیبی استفاده شده است. نتایج حاصل از این پژوهش نشان‏دهنده آن است که بین منابع انسانی، منابع مدیریتی در شرکت‌های کوچک و متوسط و شرکت‌های بزرگ تفاوت معنی‌داری وجود دارد. همچنین، نتایج حاکی از آن است که منابع انسانی بر عملکرد بر مبنای بازده فروش و بازده دارایی و منابع مدیریتی بر عملکرد بر مبنای بازده فروش، تأثیر معنی‌داری دارد. علاوه بر آن، اندازه شرکت بر رابطه بین قابلیت نوآوری و عملکرد بر مبنای کیوتوبین تأثیر معنی‌داری دارد.

کلیدواژه‌ها


عنوان مقاله [English]

The Effect of Firm Size on Relationship between Intangible Resources and Performance in listed Tehran stock exchange Companies

نویسندگان [English]

  • Zohreh Arefmanesh 1
  • tayyebeh zare zardeini 2
1
2 alzahra university
چکیده [English]

The purpose of this research is to investigate the effect of firm size on relationship between intangible resources and performance of firms listed in the Tehran stock exchange. The 5 types of intangibles are used in this research included human resources, management resources, innovation and intangible based on market. The performance was measured based on return on assets, return on sales and Q-Tobin ratio. In this study, the ordinary least squares regression on panel data and comparison between two communities was used to test the hypotheses. The results showed that there is a significant difference between human and management resources in SMEs and large enterprises. Also, results showed that human resources have a significant impact on ROA and ROS. Management resources has a significant impact on ROS. Also, firm size has a significant effect on the relationship between innovation resources and performance based on Q-Tobin.

کلیدواژه‌ها [English]

  • Firm Performance
  • Firm size
  • Intangible assets
Abbasi,M. , Ahmadi,M. (2013). The Relationship between Institutional Governance Ownership and Firm Value. process Development & management, 26 (1) , 191-213. (In Persian)
Abubakar, S. , & ABUBAKAR, M. (2015). Intangible assets and value relevance of accounting information of listed High-Tech firms in Nigeria. Research Journal of Finance and Accounting, 6 (11) , 60-79.
Adika, C. O. (2015). The effect of intangible assets intensity on volatility of stock prices for firms listed at the Nairobi Securities Exchange (Doctoral dissertation, University of Nairobi).
Anderson, E. W. , Fornell, C. , & Mazvancheryl, S. K. (2004). Customer satisfaction and shareholder value. Journal of marketing, 68 (4) , 172-185.
Andonova, V. , & Ruíz-Pava, G. (2016). The role of industry factors and intangible assets in company performance in Colombia. Journal of Business Research, 69 (10) , 4377-4384.
Arefmanesh, Z. , Rahmani, A. (2015). Modeling of intangible assets in Tehran Stock Exchange Firms. Management Accounting, 8 (26) , 81-112.. (In Persion).
Ballester, M. , Livnat, J. , & Sinha, N. (2002). Tracks. Journal of Accounting, Auditing & Finance, 17 (4) , 351-373.
Ballot, G. , Fakhfakh, F. , & Taymaz, E. (2001). Firms' human capital, R&D and performance: a study on French and Swedish firms. Labour economics, 8 (4) , 443-462.
Riahi‐Belkaoui, A. (2003). Intellectual capital and firm performance of US multinational firms. Journal of Intellectual capital.
Cheng, C. A. , & Chen, C. J. (1997). Firm valuation of advertising expense: an investigation of scaler effects. Managerial Finance.
Corrado, C. , Hulten, C. , & Sichel, D. (2005). Measuring capital and technology: an expanded framework. In measuring capital in the new economy (pp. 11-46). University of Chicago Press.
Elbannan, M. A. (2013). Do analysts follow emerging economy firms with higher intangible assets? Empirical evidence from Egypt. Advances in accounting, 29 (1) , 50-59.
Ferdaous, J. , & Rahman, M. M. (2019). The effects of intangible assets on firm performance. American Journal of Business.
Fernández, P. (2001). Valuation of brands and intellectual capital. IESE Business School, 9.
Fornell, C. , Mithas, S. , Morgeson III, F. V. , & Krishnan, M. S. (2006). Customer satisfaction and stock prices: High returns, low risk. Journal of marketing, 70 (1) , 3-14.
GARCÍA‐AYUSO, M. A. N. U. E. L. , MORENO‐CAMPOS, I. N. E. S. , & SIERRA‐MOLINA, G. U. I. L. L. E. R. M. O. (2000). Fundamental analysis and human capital: empirical evidence on the relationship between the quality of human resources and fundamental accounting variables. Journal of Human Resource Costing & Accounting.
Greco, M. , Cricelli, L. , & Grimaldi, M. (2013). A strategic management framework of tangible and intangible assets. European Management Journal, 31 (1) , 55-66.
Han, D. , & Han, I. (2004). Prioritization and selection of intellectual capital measurement indicators using analytic hierarchy process for the mobile telecommunications industry. Expert Systems with applications, 26 (4) , 519-527.
Hua, N. (2007). Valuation of Intangible Assets for Publicly Traded Hotel Firms in the US.
Lajili, K. , & Zéghal, D. (2005). Labor cost voluntary disclosures and firm equity values: Is human capital information value-relevant?. Journal of International Accounting, Auditing and Taxation, 14 (2) , 121-138.
Lev, B. , & Schwartz, A. (1971). On the use of the economic concept of human capital in financial statements. The accounting review, 46 (1) , 103-112.
Li, Q. , & Wu, Y. (2020). Intangible capital, ICT and sector growth in China. Telecommunications Policy, 44 (1) , 101854.
Lin, B. W. (2007). Information technology capability and value creation: Evidence from the US banking industry. Technology in Society, 29 (1) , 93-106.
Mehrazin, A. , Froot, O. , Taghipoor, M. & Ghobdiyan, B. (2012). Establishing the relationship between trademark valuation and firm Performance. Journal of Financial Accounting Knowledge, 02 (4) , 125-139. (In Person)
Mishra R. K. & Jhunjhunwala, S. (2009). Valuation of intangibles. Study sponsored by ICAI, Accounting Research Foundation.
Miyagawa, T. , & Hisa, S. (2013). Measurement of intangible investment by industry and economic growth in Japan. Public Policy Review, 9 (2) , 405-432.
Molodchik, M. , Fernández-Jardón, C. M. , & Barajas, A. (2013). The firm size effect on performance due to intangible resources. Higher School of Economics Research Paper No. WP BRP, 35.
Morgan, N. A. , & Rego, L. L. (2009). Brand portfolio strategy and firm performance. Journal of Marketing, 73 (1) , 59-74.
Namazi, M. , Mousavinejad, S. R. (2017). Investigating the relationship between intangible assets and financial performance of listed companies in Tehran Stock Exchange, 5 (20) , 243-262. (In Person)
Park, H. (2019). Intangible assets and the book‐to‐market effect. European Financial Management, 25 (1) , 207-236.
Rao, V. R. , Agarwal, M. K. , & Dahlhoff, D. (2004). How is manifest branding strategy related to the intangible value of a corporation?. Journal of marketing, 68 (4) , 126-141.
Rompho, B. , & Siengthai, S. (2012). Integrated performance measurement system for firm's human capital building. Journal of Intellectual Capital.
Russell, M. (2016). The valuation of pharmaceutical intangibles. Journal of Intellectual Capital.
Sahay, A. , & Pillai, A. (2009). Differential impact of advertising and distribution expenditure on Tobin's Q. Journal of Indian Business Research.
Simon, C. J. , & Sullivan, M. W. (1993). The measurement and determinants of brand equity: A financial approach. Marketing science, 12 (1) , 28-52.
Spanos, Y. , Prastacos, G. , & Papadakis, V. (2001). Greek Firms and EMU: Contrasting SMEs and Large-Sized Enterprises. European Management Journal, 19 (6) , 638-648.
Sveiby, K. E. (1997). The intangible assets monitor. Journal of Human Resource Costing & Accounting.
Sydler, R. , Haefliger, S. , & Pruksa, R. (2014). Measuring intellectual capital with financial figures: Can we predict firm profitability?. European Management Journal, 32 (2) , 244-259.
Tseng, C. Y. , & James Goo, Y. J. (2005). Intellectual capital and corporate value in an emerging economy: empirical study of Taiwanese manufacturers. R&D Management, 35 (2) , 187-201.
Ugboro, I. O. , & Obeng, K. (2000). Top management leadership, employee empowerment, job satisfaction, and customer satisfaction in TQM organizations: an empirical study. Journal of quality management, 5 (2) , 247-272.
Ukiwe, A. O. (2009). The joint impact of brand value and advertising on corporate financial performance and on stock return: A case study of the computer industry.
Wakelin, K. (1998). Innovation and export behaviour at the firm level. Research policy, 26 (7-8) , 829-841.
Wyatt, A. , & Frick, H. (2010). Accounting for investments in human capital: A review. Australian Accounting Review, 20 (3) , 199-220