تأثير القيمة المضافة لرأس المال الفكري على تقلبات عوائد أسهم الشركات السعودية كثيفة المعرفة و التكنولوجيا

Abstract EN

This study aimed to examine the effect of the value added efficiency of intellectual capital on stock returns volatility.

In addition to this, the study examines the effect of the level of quality of corporate governance mechanisms and risk of financial distress when introduced as moderator variables to the influence relationship between the value added efficiency of intellectual capital and stock returns volatility.

This was achieved by taking into account 88 knowledge & technology-intensive companies’ listed in the Saudi Stock Exchange over the period of 2012 to 2018.

The Pooled OLS Regression Model was adopted to examine the research hypotheses using the E-Views program (ver.10).

The research concluded to several findings, most important of which, having a positive significant effect of the value added efficiency of intellectual capital on stock returns volatility and a positive significant effect of the level of quality of corporate governance mechanisms as moderator variable.

No significant effect of risk of financial distress as moderator variable was observed on the power of positive influence relationship between the value added efficiency of intellectual capital and stock returns volatility.

The results of the study help to support and rationalize the decisions of investors when dealing with the purchase of stocks of different companies in the Saudi Capital Market in addition to urging the managements of Saudi companies to focus their efforts towards adopting an effective strategy for managing intellectual capital.

It is an important strategic and economic resource that contributes to creating and generating high levels of added value and achieving sustainable competitive advantage.