Hamid Reza Hajebi - Department of Accounting, Persian Gulf University, Boushehr, Iran
Ali Ghayouri Moghaddam - Department of Accounting, Persian Gulf University, Boushehr, Iran
Safdar Alipour - Department of Accounting, Persian Gulf University, Boushehr, Iran

The main objective of the present study is to measure intellectual capital and investigate its effect on market value andperformance measures of 60 Iranian firms listed in Tehran Stock Exchange from three different industries includingpharmaceutical products, chemical products and automobile and parts manufacturing industries during the period of 2009-2012.The obtained results indicated that, in pharmaceutical products and automobile and parts manufacturing industry, market value issignificantly and positively affected by IC and its components, except for structural capital efficiency and, moreover, inchemical products industry, IC has not any significant relationship with market value, but, some of its components includinghuman capital efficiency and capital employed efficiency have significantly positive relationship with market value indicator.Regarding IC effect on performance measures, it is worth noting that two performance measures of return on asset (ROA) andreturn on equity (ROE) are significantly associated to IC and some of its components in all three types of industry especiallypharmaceutical products and automobile and parts manufacturing industries. Revenue growth (GR), as another performancemeasure, is significantly affected by IC and its components only in automobile and parts manufacturing industry. Accordingly, itcan be concluded that these observed relationships are moderately affected by industry type.

Intellectual Capital, Market Value, Financial Performance, Tehran Stock Exchange