Intellectual Capital, Tobin`s Q Ratio and Stock Return

Objective: The aim of this study was to investigate the effect of intellectual capital on the Tobin's Q rate and the efficiency of the companies' stock listed on the Tehran Stock Exchange. Methodology: To calculate the rate of value-added intellectual capital, Pulic model and to measure the financial performance, the Tobin's Q rate- one of the criteria based on the market value- have been used. The study sample consisted of the listed companies in Tehran Stock Exchange from which 90 companies were selected for a period of 5 years (2011 - 2014) by the systematic elimination and appropriate statistical tests were performed on them Results: The results of the study indicate that there isn't any significant and positive impact on the financial performance. Conclusion: Furthermore, they show a positive and significant relationship between the components of intellectual capital and return stock.