Farid Rahimi, Behnam Badri Bageh Jan, Mostafa Baghbanian


We all know that what gets measured gets done. However, the organizations which pursuing the knowledge management don't have any process for measuring the organizational knowledge or intellectual capitals of assets. The traditional financial reporting cannot measure the actual value of the company (or company) and will suffice the measurement of short-term balance sheet and tangible assets. In fact, the intellectual capital provides a new complete model for observing the actual value of the organizations and through its using; the future value of company can be also measured. Due to the willingness to assess and consider the real value of intangible assets, the intellectual capital has increased more than ever to company, shareholders (investors) and other stakeholder groups. In this study, according to the justified Pulic model (e-VAIC™), the intellectual capital value of listed companies in Tehran Stock Exchange during 10 years period from 2005 to 2015 got measured and then, the relationship between components of intellectual capital and companies' performance was evaluated. In the current study, the statistics method was used and data analysis was conducted with multifold regression and correlation coefficient. The sampling was continuously for a period of 10 years which the company size and financial leverage were considered as control variable. The results indicate that there is a meaningful positive relationship between intellectual capital and financial performance of listed companies in Tehran Stock Exchange. According to the results, using this model for achieving higher profit can be intensely recommended for utilizing companies, shareholders, investors and other beneficiaries.


JEL: E44, G15, H25, O16


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intellectual capital, financial performance, communicational capital, justified Pulic model (e-VAIC™)


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