Survey on Relationship between Intellectual Capital and Variables Influencing on Investors Decision of the Companies Listed in Tehran Stock Exchange

In capital market, Investors, decision process is affected by a combination of financial and nonfinancial information, but the information that companies disclose to capital market, focusses on financial aspects and includes less information about intangible items. Thus, in addition to financial information, investors need more information about the intangible factors that affect stock prices. Intellectual capital is one of those intangible factors. Therefore, this study examines the impact of intellectual capital on decision making process of investors of firms listed in Tehran Stock Exchange. The statistical population of the research is 140 comprised of listed companies in Tehran Stock Exchange and the research period is the years during 2009 to 2013. In this research, for data analysis, panel data has been used. Also, control variables are the size of the company and the ratio of market value to book value of equity. The results showed that there is positive significant relationship between intellectual capital and both EPS and β, and negative significant relationship between the intellectual capital and P/E.