Investigating the Relationship between Intangible Assets and Heterogeneous Firms Listed in Tehran Stock Exchange

This study aimed to investigate the effects of heterogeneity on intangible assets of companies listed on the Tehran Stock Exchange. Hence, the present study sought to see whether there is a significant relationship between the heterogeneity of companies and investments in intangible assets. For this purpose, the metrics companies, human capital and limited funding were used to measure the heterogeneity of firms. The population of this research included all listed companies in Tehran Stock Exchange and sample consisted of 161 companies listed in Tehran Stock Exchange from 2003 to 2012. Multivariate linear regression analysis and ANOVA analysis were used to test the hypothesis. The results indicated a significant and positive relationship between size of the company and human capital investment in intangible assets. Moreover, the results showed that there is no significant relationship between the restrictions on financing and investment in intangible assets. The analysis results showed that there is no significant difference between the amount of investment in intangible assets between group companies, large and small-sized companies, and also there is no significant difference between investment in intangible assets in companies with no restrictions on funding and financing constraints and firms with high and low levels of human capital.