Representing a Model to Evaluate CVA by Intellectual Capital and Residual Income Models

One of the main purposes of companies is the value creation and increase value for shareholders. Shareholders look for models that give capability to them decide to purchase, sale or keeping their stock. Therefore, the purpose of this article is investigation of explanatory power of Intellectual Capital models and Residual Income measures of listed companies in Tehran Stock Exchange (TSE). Sample include 105 companies listed on TSE during 1383 to 1387. The results of the hypotheses using the models of Panel Data regression demonstrated that there is a significant and positive relationship between Intellectual Capital and Created Shareholder Value (CSV). Among Residual Income measures only Economic Value Added (EVA) has a significant and positive relationship with Created Shareholder Value. At the level of significance of 95% the explanatory power of Intellectual Capital is more than Economic Value Added. Also the results at the level of significance of 95% showed a higher explanation power Calculated Intangible Value (CIV) model in comparison with Pulic for model. Therefore Calculated Intangible Value model has more value-relevance in value creation for shareholders.