Shahid Bahonar University of Kerman Journal of Accounting Knowledge 2008-8914 3 11 2013 02 26 Study on the Importance and Role of Intellectual Capital in Portfolio Selection among Companies Listed in Tehran Study on the Importance and Role of Intellectual Capital in Portfolio Selection among Companies Listed in Tehran 133 160 507 10.22103/jak.2013.507 FA Fakhriye Hamidiyanpour Zaeime Neamatollahi Journal Article 2013 02 26 Abstract <br />The objective of this research is to study the importance of intellectual capital in investors’ decision-making. In fact, this research aims to answer the question of whether it is necessary to disclose information concerning intellectual capital of business entities to investors. The authors, using DEA approach, selected two groups of portfolios (each consists of 36 portfolios) from companies listed in Tehran Stock Exchange in the years 1383-1388. The difference between these two groups is only in input variable that intellectual value added of capital is taken for one group and tangible assets efficiency is taken for the other. Finally, in order to answer the research question, returns of two groups have been compared with each other, using statistical tests. <br />The results indicated that intellectual capital has a significant role in investors’ decision-making. Thus it is necessary the required information about intellectual capital created by companies be disclosed in their financial statements or in other general information Abstract <br />The objective of this research is to study the importance of intellectual capital in investors’ decision-making. In fact, this research aims to answer the question of whether it is necessary to disclose information concerning intellectual capital of business entities to investors. The authors, using DEA approach, selected two groups of portfolios (each consists of 36 portfolios) from companies listed in Tehran Stock Exchange in the years 1383-1388. The difference between these two groups is only in input variable that intellectual value added of capital is taken for one group and tangible assets efficiency is taken for the other. Finally, in order to answer the research question, returns of two groups have been compared with each other, using statistical tests. <br />The results indicated that intellectual capital has a significant role in investors’ decision-making. Thus it is necessary the required information about intellectual capital created by companies be disclosed in their financial statements or in other general information https://jak.uk.ac.ir/article_507_2d6cc4b2d139a53512fb8cbb3086ae2e.pdf