Investigating the value level of pharmaceutical companies in Tehran Stock Exchange

Abstract

The main purpose of this research is to examine the relationship between human resources productivity and the value level of companies admitted to the stock market of Tehran Stock Exchange. The methods of library study and review of documents and the content of the materials, as well as the preparation of interviews were used to collect information. By reviewing the subject literature and interviewing managers and experts of some pharmaceutical companies, the components affecting the productivity of human resources have been determined and by brainstorming, the three components of the motivational system, work commitment and job enrichment have been determined in priority. The value level of pharmaceutical company’s stocks, is determined by the ratio of price to profitability, book and accounting value of companies and their market value. With statistical analysis and hypothesis testing, the significant relationship between the productivity components of human resources and the value levels of pharmaceutical companies have been confirmed. The results of the analysis show that unlike other companies accepted in the stock market of Tehran Stock Exchange, where the components of industry, politics and economy are effective in their success and value, for pharmaceutical companies, human resources and especially their level of expertise play a major role in the level of value. Also, high work commitment despite low motivational systems is one of the other obvious results of this research about these companies.