Effect of Corporate Life Cycle on Corporate Governance

[Purpose]The purpose of this study is to investigate how corporate life cycle affects corporate governance. [Methodology]This paper reviews the definitions of the corporate life cycle, each stage of the corporate life cycle, the characteristics of each stage, the measurements of the corporate life cycle, the number of stages in the corporate life cycle, definition of corporate governance and theories related to corporate governance. [Findings]We find that each stage of the corporate life cycle may demand different corporate governance structures because threats, opportunities, and resources vary depending on the stages of the corporate life cycle. [Implications]Corporate life cycle and corporate governance are interrelated, suggesting that they both should be carefully examined each other rather than they are examined independently.