The Impact of Non-executive Board and Composition of Corporate Owners on Intellectual Capital of Companies

Today, the companyʹs performance cannot be assessed solely on the basis of financial criteria, because research has shown that market value of financial institutions and companies is mainly determined by non-financial assets, which refers to intangible assets. Thus, managers are required to measure intellectual capital as an important criterion to increase business performance. Accordingly the population consisting of 39 automobile companies that have been listed on the Tehran Stock Exchange during the years of 2008-2012 was analyzed in the present study to determine the relationship between some elements of corporate governance (the ratio of non-executive directors on the board and the presence of large or institutional shareholders) and elements of intellectual capital (human capital, structural capital and relational capital. In this study, the elements of intellectual capital were evaluated using the Pulic model, and then the hypotheses of the study were analyzed using MANOVA multivariate multiple regression method, i.e. multiple analysis of variance. Software SPSS was used to analyze the data collected. The results of testing the research hypotheses indicate that there is no significant relationship between the ratio of non-executive directors on the board and the elements of intellectual capital, but the variable of the presence of major or institutional shareholders in company has a significant relationship with elements of intellectual capital. In addition, during the study of the relationship between the secondary tests of hypotheses, it was found that there is no significant relationship between the performance indices of human capital and the ratio of non-executive directors on the board. Regarding the relationship between the independent variable of the presence of institutional shareholders and intellectual capita l index, it was found that this relationship is established for performance index of human capital and relational capital.