From Start-up to Maturity: Exploring Intellectual Capital in Firms

This study examines the effects of intellectual capital dimensions: human, structural, relational, and renewal capital among firms in the Republic of Srpska, Bosnia and Herzegovina. It also investigates their interrelationships across life cycle stages using partial least squares structural equation modelling with moderation analysis. Data were collected from a survey of 224 organizations in various economic sectors. Results indicate that most intellectual capital dimensions have stronger and more positive direct effects in firms at early stages of development. Specifically, human and relational capital significantly influence structural capital only during early stages. This study is, to the best of the author’s knowledge, the first to combine the resource-based view with life cycle theory in analyzing firm performance through variance-based structural equation modeling. The findings highlight that relationships among intellectual capital dimensions should be contextualized within stages of organizational development rather than examined at a single point in time. These insights offer guidance for managers in leveraging the most relevant dimensions of intellectual capital according to their firm’s development stage. However, the study has limitations. The modest sample size limits generalizability, and data collected at a single point in time rely on employees’ evaluations of current structures and practices, restricting causal inference. Future research should employ longitudinal designs and larger samples to provide deeper insights into the dynamics of intellectual capital across firms’ life cycle stages.