The mediating role of intellectual capital in the relationship between corporate governance and financial performance in theTehran Stock Exchange

• Autores: Bagher Asgarnezhad Nour, Mehdi Faraji, Milad Soltani
• Localización: Aestimatio: The IEB International Journal of Finance, ISSN 2173-0164, Nº. 17, 2018, págs. 164-181
• Idioma: inglés
• Títulos paralelos:
  • El rol del capital intelectual como figura mediadora en la relación entre la gobernanza corporativa y el rendimiento financiero en la Bolsa deTeherán
• Enlaces
  • Texto completo (pdf)
• Resumen
  • español

    El objetivo de este artículo es evaluar el efecto de los mecanismos de gobernanza corporativa en el rendimiento financiero de las empresas, así como el papel mediador del capital intelectual en esta relación. La población objeto de estudio es, inicialmente, el conjunto de compañías que cotizan en la Bolsa de Teherán. La muestra final, sin embargo, resulta de un proceso de selección sistemática y se compone de 98 empresas.

    El periodo objeto de estudio es 2009-2014. Los resultados obtenidos indican que los mecanismos de gobernanza corporativa no tienen efecto alguno en el capital intelectual.

    Entre los mecanismos de gobernanza corporativa, únicamente el porcentaje de inversores institucionales no tiene un impacto significativo en el rendimiento financiero.

    Sin embargo, la independencia del consejo de dirección, el porcentaje mínimo de acciones negociadas en el mercado y el tamaño del consejo afectan dicho rendimiento positivamente. Otro resultado interesante es que el capital intelectual tiene un efecto negativo en el rendimiento financiero; además, únicamente tiene un papel mediador negativo en la relación entre la independencia de los consejeros, el porcentaje mínimo de acciones negociadas en el mercado y el tamaño del consejo de dirección con el rendimiento financiero.

  • English

    The purpose of this study is to evaluate the effect of corporate governance mechanisms on the financial performance of firms and the mediating role of intellectual capital in this relationship. The study population consists of the companies listed on the Tehran Stock Exchange. Using systematic elimination, 98 companies were selected as the final sample, covering the period 2009-2014. The resultsindicate that corporate governance mechanisms have no significant effect on intellectual capital. The only corporate governance indicator to have no effect on financial performance isthe percentage of institutional investors. However, the independence of the board directors, the percentage of free float and board size all have a positive impact on financial performance. Other resultsshowed that intellectual capital has a negative effect on financial performance. Moreover, it was revealed that intellectual capital has a negative mediating role only in the relationships of board independence, the percentage of free float and board size with financial performance

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