The Impact of Voluntary Disclosure of Intellectual Capital Components on Stock Returns

Abstract In this study, the impact of voluntary disclosure of intellectual capital components on stock returns of companies listed in Tehran Stock Exchange's has been studied. In order to measure of voluntary disclosure of intellectual capital components, a checklist developed by Li (۲۰۰۷) and Ibekonel et al (۲۰۱۳), to gather information related to the disclosure of human capital, structural and relational capital by reports of the board of directors examined companies, has been used. Research data through multiple linear regression by using panel data and fixed effects were analyzed. In the course of this study, ۱۳۷ companies through systematically sampling removed, the ۵-year period ۲۰۱۱- ۲۰۱۴ statistical tests should be performed on them. The results show that this voluntary disclosure of intellectual capital components of stock returns is positive and significant effect. In other words, the components of intellectual capital, the greater the level of information disclosure, investor concerns and as a result, their investment risk will be reduced. In this case, their confidence level increase expected returns, to improve and to follow the trend of stock prices spiral upwards and eventually they will increase stock returns results in conformity with the findings of Li (۲۰۰۷).