This study examines the relationship between intellectual capital and firm value during different corporate life cycle stages. Using the sample of Taiwan's public listed firms from 2009 to 2012, this study analyzes the data by principal component analysis and multiple regression analysis. The empirical results show that: (1) Compared to other stages, human capital and process capital are the most highly correlated to firm value during the growth period. (2) Customer capital is the most highly correlated to firm value in the decline period, followed by the maturity period. And, the correlation between customer capital and firm value is the lowest during the growth period. (3)There is no significant relationship between innovation capital and firm value during any of the three corporate life cycle stages.
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