Paper Information

Journal:   JOURNAL OF EMPIRICAL RESEARCH IN ACCOUNTING   WINTER 2019 , Volume 8 , Number 2 (30) #r00443; Page(s) 155 To 173.
 
Paper: 

Life Cycle Effects on Financing Policy, Investment, Liability and Liquidity

 
 
Author(s):  SAVARI ZOHA*, ROSTAMI MOHAMMAD REZA, ABBASI EBRAHIM
 
* Foreign Exchange Accounting
 
Abstract: 
Today, organizations follow specific financing, investment and liquidity policies with regard to their lifecycle stage. This study investigates firms' financing, investment and liquidity policies at different stages of their lifecycle. The population of this research is firms listed in the Tehran Stock Exchange during the years 2009 to 2015. The sample consists of 128 firms selected through the screening method and removal of outlier observations. This study determines the life cycle using accounting variables in order to examine its impact on capital expenditures, net of equity, debt and liquidity changes. This research uses panel data structure with fixed effect and multivariate regression model of analysis at confidence level of 90%. Findings show that investment is more in growth stages than of maturity and decline stages. Also, results show that there is a significant positive relation between the growth stage and debt issues.
 
Keyword(s): life cycle,financing,investment,corporate liquidity,Capital expenditures ratio
 
References: 
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