This paper presents an empirical investigation to study the relationship between the liquidity and the reward of board of directors on 136 selected firms listed on Tehran Stock Exchange over the period 2007-2011.The study considers nine different factors including return on assets (ROA), return on equities (ROE), Q-Tobin, changes of ROA and ROE, etc. In our study, there is a direct relationship between firm sizes with reward of board & apos; s directors. In addition, there is a direct relationship between changes of ROE with reward of board & apos; s directors. Moreover, there is a direct relationship between changes of operational cash flow with reward of board & apos; s directors. Finally, there is a direct relationship between changes of Q-Tobin ratio with reward of board & apos; s directors but the relationship was reverse for some years. These evidences confirm that there was a meaningful relationship between rewarding board of directors and share liquidity.

One of the primary economic issues is associated with optimum resource allocation in profitable investments with reasonable risk. For this purpose, performance measurement’s criteria are needed some of which emphasize cash flow variables and some others focus on information content of accounting profit. On this basis, this study examines the relationship between earnings before tax and interest and operational cash flows with stockholders’ return in Tehran Stock Exchange (TSE). In this regard, information asymmetry was also examined. To test hypotheses, multivariable regression and combined data method were used. The results showed that based on the information of 102 companies in stock market from 2004 to 2009, there was a positive and significant correlation between earnings before interest and tax and stock return in the companies. While, operational cash flow has no significant impact on stock return. Increasing information asymmetry, earnings before interest and tax has a positive and significant correlation with stockholders ’return; but operational cash flow has no significant effect on stockholders’ return. In other words, earnings before interest and tax have higher information content than operational cash flow.

Capital employed efficiency is one of the intellectual capital components based on value added intellectual capital model. It is calculated by dividing value added on capital employed. Operational cash flow is made from operating activities. It is expected that created value added from capital employed could make more operational cash flow. This paper investigates the relationship between capital employed efficiency and operating cash flow. To test this hypothesis, data has been collected from a sample of 161 firms in Tehran Stock Exchange over the period 2008-2012. Results show that there is a positive and significant relationship between capital employed efficiency and operational cash flow. In other words, more cash flow from operational is created through increasing the amount of value added based on capital employed.