Shaikh Aftab Anwar - Principal at Poona College of Arts, Science and Commerce, Poona University, Poona, India
Alireza Fazlzladeh - Associate Prof. Management Department, Faculty of Economic, Management and Commerce, Tabriz University, Tabriz, Iran
Esed Selmani Herab - English Literature Student, English Literature Department, Faculty of Literature, Tabriz University, Tabriz, Iran

This study examines the effects of the components of intellectual capital on indicators ofthe investment decision. Decision making process of investors is influenced by a combinationof financial and non-financial information. The purpose of this study is to introduce variablesthat investors take into account in the decision model to achieve better efficiency. Our sampleconsists of 120 publicly listed firms on the Tehran Stock Exchange operating in eightindustries over a five-year period (2011-2015). We use the estimated generalized least squaresmethod in the present study. The results show a significant and positive impact of thecomponents of intellectual capital on stock liquidity, earnings per share, stock returns andstock price volatility. However, there is no statistically significant relationship between thecomponents of intellectual capital and price to earnings ratio as well as dividends per share.Overall, the present paper indicates different components of intellectual and capital-basedindicators of investment decisions in various industries.

Intellectual capital, Human capital, Capital employed, Structural capital, Economic value added