The Influence of Intellectual Capital on Shareholders Expected Return

This research aims to study the influence of intellectual capital in the shareholders expected return in the companies listed on Tehran stock exchange. The shareholders expected return was calculated using CAPM model. The study period was 2007 to 2011 and the selected sample includes 104 companies. In order to test research hypotheses, Panel Data statistical method was used. Results obtained from testing the hypothesis of this research indicate that there is a positive and significant relationship between intellectual capital and shareholders’ expected return. But the relationship of the size of company and financial leverage and the expected return was not confirmed.