Abstract
The present study evaluates the relationship between intellectual capital and corporate board characteristics on value creation and growth. Different work experiences and education were two indexes of intellectual capital, and gender diversity was the only characteristic of board members. The study’s statistical population includes companies listed on the Tehran Stock Exchange during 2012–2018. Panel data regression models were employed to elucidate the relationship between research variables. The obtained results indicated that the intellectual capital of the board members of companies listed on the Tehran Stock Exchange does not affect companies’ value and growth. According to the results, appointing female managers should not be dependent on firm growth because gender diversity does not affect the value creation and growth of companies listed on the Tehran Stock Exchange.
Highlights
Firm value relies considerably on intellectual capital [1]
In the current knowledge-based economy, such competitive advantages are achievable only by those companies understanding the value of applicable resources of the 21st-century consist of information, knowledge, creativity, innovation, and more importantly, intellectual capital, as the fundamental source of others
The existence of a company in the competitive market significantly contingents upon its available resources, discriminating it from its potential competitors [3], which in turn may lead to firm growth and value creation
Summary
As a reliable source of sustainable competitive advantage, intellectual capital can lead a firm to economic growth and technological development. Based on the available propositions, a sustainable competitive advantage is a measure providing companies and enterprises with the opportunity of developing and maintaining some distinctive advantages on the market. In the current knowledge-based economy, such competitive advantages are achievable only by those companies understanding the value of applicable resources of the 21st-century consist of information, knowledge, creativity, innovation, and more importantly, intellectual capital, as the fundamental source of others. The existence of a company in the competitive market significantly contingents upon its available resources, discriminating it from its potential competitors [3], which in turn may lead to firm growth and value creation.
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