This research aims to analyze the relationships between order and scale of market entry strategy and firm performance. The consideration of internal links between the entry dimensions, together with their effect on the PROFITABILITY, will enable us to analysis mediating effects of firm competitive position and customer satisfaction. Theoretical model examined on a cross-sectional sample of 118 manufacturing firms, applying structural equation modeling based on the Partial Least Squares (PLS) methodology. Findings reveal that order of entry do affect performance, in additional, entery in broad scale followed by high customer satisfaction lead to higher PROFITABILITY.

The purpose of this study is to investigate the using methods of management discretions in FUTURE PROFITABILITY reporting of companies listed on the Tehran Stock Exchange (TSE). Accordingly, we investigate the type of earnings management in these companies in terms of opportunistic or efficient earnings management. In addition, in this research we investigate the effect of five characteristics including firm size, deviance in operating activities; predict of FUTURE profits growth, debts contracts and growth of sales on the type of earnings management in companies listed on the TSE. For this purpose, we develop and test six hypotheses in four different modes by using multiple regressions.The results of testing first hypothesis show that managers of stock companies use of own discretions to communicate private information about FIRM’S FUTURE PROFITABILITY, and this is in accordance with definition of efficient earnings management. Also, results of the second to sixth hypothesis tests indicate that the in some of four different modes, efficient earnings management has a positive and significant relationship with deviance in firm operating activities, debts contracts and growth of firm sales, and negative and significant relationship with firm size and predict of FUTURE profits growth.

This paper investigates relationship between earnings management and FUTURE PROFITABILITY in listed companies in Tehran stock exchange during 2001 to 2007.Research method in this study is correlation .The results indicate that the earnings management is positively related to the FUTURE firm PROFITABILITY. There is a negative relation between FUTURE PROFITABILITY and firm size and financial leverage in study sample. Our findings contribute to the literature on earnings management that form of the earnings management is income smoothing in Iran. This finding could be helped to user of the financial statements for analyzing of financial statement in a better manner. Meanwhile, research results confirm efficient perspective of the positive accounting theory on earnings management.

Forward-looking information is intended to satisfy the increasing requirements of investors as it offers investors additional means of evaluating FUTURE perspective and risks along with current concerns of the firm. Futuristic investors want to invest in those firms who have high performance in FUTURE. As a result, the financial statements which reveal FUTURE information will useful to existing and potential investors in particular and to the other users in general. The aim of this study is to examine the effect of Forward-looking Information Disclosure on FUTURE PROFITABILITY in the Tehran Stock Exchange. The overall research method is applied in terms of its purpose and is based on post-marketing research design. Of the comparable firms listed in Tehran Stock Exchange, through systematic knockout, 130 companies have been studied over a period of 6 years. To determine the relationship between variables, multiple linear regressions based on panel data analysis with fixed effects has been used. Findings showed that there is no significant relationship between the level of forward-looking information disclosure and the tone of forward-looking information disclosure with the firms’ FUTURE PROFITABILITY.

The subject of dividend policy is one of the most important issues. Company shareholders are interested to have cash dividend and use the dividend information as a basis for investing decisions. Information content of dividend hypothesis states that dividends convey information about FUTURE earnings. The present paper verified the relationship among dividend changes and FUTURE PROFITABILITY in Tehran Stock Exchange during the period 2005-2012. The results showed that there is a significant relationship between dividend changes and current PROFITABILITY, but there is no significant relationship between dividend changes and FUTURE PROFITABILITY in Tehran Stock Exchange.

Helping investors for making economical discisions is shown as one of the first aims of financial reporting.Investors for making financial discisions focus on FUTURE PROFITABILITY and stock returns.In this study earnings is decomposed into retained and distributed earnings. And then We examined the informational content of retained earnings components (current operating accruals, non current operating accruals and retained cash flows) and similarly distributed earnings components (cash distributions to debt holders and cash distributions to equity holders) implications for FUTURE PROFITABILITY and stock returns. All variables (described above) are deflated by average total assets. The sample consists of 50 firms from Tehran stock exchange for the period 2003 -2008.The results indicate that both retained earnings and distributed earnings affect on FUTURE PROFITABILITY.but they have no effection on stock returns. Similarly retained and distributed earnings components have positive relation with FUTURE PROFITABILITY, but no relations is significant between variables and stock returns.

Valuation is the basic topic in financial and investment management. Using valuation models and accounting information investor can maximize their profit by incorporating required parameters. In this research, the effect of financial leverage, dividend policy and PROFITABILITY on FUTURE value of firm will be studied. So, two hypotheses are considered. In first hypothesis the effect of financial leverage, dividend policy and PROFITABILITY on firm value, and in second hypothesis, the effect of these variables on FUTURE value of firm are tested. The populations of this study consist of the listed manufacturing companies in Tehran Stock Exchange within the period of 2001 to 2008. To select the research sample, the systematic elimination method is used, and the sample of 92 companies is selected. Results from using Panel data and regression analysis indicate that both research hypotheses are accepted. In other word, there is a positive relationship between financial leverage, dividend policy and PROFITABILITY, and firm value exists in our sampled companies. Also, there is a relationship between these variables and FUTURE value of firm. Moreover, the findings indicate that by increasing ratios of financial leverage, dividend policies and probability the probability of increasing the companies’ FUTURE value increases.

1- IntroductionTrade credit is one of the most important sources of short-term financing for companies. The existing literature states that firms use more trade credit when they have external financing issue, suffered a liquidity shock, or have a high risk of insolvency (Chen et al., 2017). Firm’s life cycle plays an important role in determining firm’s growth and development. Existing studies classify life cycle into different stages, including introduction, growth, maturity, decline and shake out (Dickinson, 2011). Introduction stage companies are relatively younger, smaller and less profitable. They have access to fewer resources (Helfat and Petraf, 2003) and face uncertainty in cash flows, information asymmetry, and high level of risk (Dickinson, 2011; Hassan and Habib, 2017). These companies experience higher cost of capital (Hasan et al., 2015) and it is predicted that these companies are prone to using more trade credit. Growing companies are characterized by rapid sales growth, improved PROFITABILITY, and higher level of innovation. At this stage, cash flow uncertainty, information asymmetry and capital costs are reduced, all of which increase their access to external financing (Dickinson, 2011; Hassan et al., 2015) and therefore it is expected that they use less trade credit. Mature companies are characterized by stability, more resources and competitive advantage (Hassan and Cheong, 2018). These companies produce more operating cash flows and profits, and they are dealing with less cash flow risk, capital of cost and financial distress (Dickinson, 2011; Habib and Hassan, 2019). So, they will need less trade credit than previous stages. Finally, declining firms experience declines in sales, operating cash flow, PROFITABILITY, and competitive advantage. Studies show that companies in the decline stage are dealing with higher cash flow risk, information risk, cost of capital and financial restrictions (Hasan et al., 2015; Al-Hadi et al., 2019) and therefore they expected to use more trade credit. The question that is raised is whether the use of trade credit by companies is different in the stages of the life cycle? The present research seeks to answer this question. 2- HypothesisH1: Firms use more trade credit in the introduction stage of the life cycle than in the shake out stage.H2: Firms use more trade credit in the growth stage of the life cycle than in the shake out stage.H3: Firms use less trade credit in the maturity stage of the life cycle than in the shake out stage.H4: Firms use more trade credit in the decline stage of the life cycle than in the shake out stage.H5: Firms in stages of introduction and decline, compared to the stages of growth and maturity, use more trade credit than firms in the shake out stage. 3- MethodsWe base our sample on firms listed on TSE (Tehran Stock Exchange) during 2009-2021 period. The sample consists of 171 firms. The sample excludes: financial firms (like banks, investment firms, insurance firms, etc.), firms with missing data and firms that do not have fiscal year ending 12.29 or change the fiscal year end during the time period. The resulting sample is 1881 firm-year observations. Our basic methodology involves multiple regressions using Panel Data method. Models estimated with Generalized Least Square (GLS) method and controlling industry and year effect method as supplementary method. Variables definitions are coming below.The dependent variable is trade credit. Trade credit is measured as ratio of accounts payable to cost of goods sold. This ratio was applied in previous research (Lau et al., 2007; Molina and Peru, 2012). The independent variable is life cycle stages. Dickinson's (2011) approach was applied to measure life cycle stages (following Hassan et al., 2021; Faf et al., 2016; Hassan and Chong, 2018; Koh et al., 2015). Dickinson used cash flow statement information to classify companies into life cycle stages.Control Variables are firm size, market-to-book ratio, return on equity, debt ratio, fixed asset ratio, change in sales, cash holdings, age, financial constraints, and cash flow volatility. 4- ResultsThe results of the tests showed that the companies in the stages of introduction (H1), growth (H2) and decline (H4) use more trade credit than in the shake out stage, while trade credit in the maturity stage (H3) is not significantly different from the shake out stage. The results of supplementary tests also confirm the initial results. 5- Discussion and ConclusionIn less developed markets, where the financial network has low efficiency, financing through banking system is difficult, especially when a company has financial constraints. So, companies finance through other methods like trade credit. Therefore, investigating factors affecting trade credit in TSE has double importance. In this research, the impact of life cycle stages on trade credit was investigated. The results show a significant positive relationship between the stages of introduction, growth and decline with trade credit, while this relationship is not significant for maturity stage. The results are generally consistent with Akbar et al. (2022) and Hassan et al. (2021). According to the results, companies were recommended to determine their financial policies (short-term and long-term financing) according to the stages of the life cycle and long-term policies, and in this regard, avoid expensive financing as much as possible, especially in the introduction and decline stages of the cycle to avoid their lives so as not to increase the firm’s risk. Keywords: Corporate Life Cycle, Trade Credit, Cash Flow Statement, Generalized Least Squares.