Influence of Intellectual Capital on Firm's Market Value in Different Life-Cycle Stages

The purpose of this study was to investigate the influence of Intellectual Capital on firm’s market value in different stage of life cycle on the Tehran Stock Exchange. To do this research, we examined six hypotheses. The multiple regression models are used to examine the hypothesis. Research samples include 113 firms during 1383-1387. The empirical results indicate that Intellectual Capital indexes have significance on firm market value. Meanwhile, among Intellectual Capital indexes, Structural Capital has the most influence on firm's market value. Furthermore, Intellectual Capital indexes have more significance in the growth stage than maturity stage. Among indexes of Intellectual Capital, the Structural Capital has the most influence in the growth stage and also in the maturity stage the Human Capital have the most influence.