Abstract
Article history: Received March 25, 2015 Received in revised format June 1 2015 Accepted June 19 2015 Available online June 24 2015 This paper presents an empirical study to determine the effects of four different factors including human capital, innovation capital, communication capital and information technology (IT) capital on firms’ return. The study selects the information of 50 selected firms from Tehran Stock Exchange over the period 2007-2013. Using regression analysis, the study has determined that there were some positive and meaning relationships between human capital, innovation capital, communication capital and information technology capital and firms’ return, however, each of these four factors had various effect. Other results indicate that IT capital had the greatest impact on future returns of companies and among intellectual capital components, communication capital had the highest impact on future earnings. Growing Science Ltd. All rights reserved. 5 © 201
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