The effect of life cycle stages on relationship between intellectual capital and performance of firms in tehran stock exchange

The concept of capital is one of the richest conceptual frameworks in contemporary economic and management considerations. In recent decades, this category has been undergoing changes that have led to emergence of new theories of intellectual, orgonizational and human capital. Despite the new ideas of capital and differences in attitudes in this field, concept of capital meaning "expected" returns has retained its essence. On the other hand, in today's global economy, knowledge as the most important capital is replaced with financial and physical capital. The purpose of this study was to investigate the effect of intellectual capital on firm's performance by considering the various stages of firm life cycle. Accordingly, this research is done in Tehran Stock Exchange and has used systematic elimination method, also 108 firms were selected as sample in period of 2006–2016, and the research hypotheses are tested. The method of testing hypotheses in this study is panel data approach. The obtained results confirm that effect of intellectual capital on performance of firms in different periods of life cycle has a significant difference, and this difference eppears in periods of growth and maturity of firm's life, as well as firm growth and decline.