جستجوی مقالات مرتبط با کلیدواژه « life cycle » در نشریات گروه « مالی »

The purpose of this research is to investigate the effect of capital structure determination policy (conservative and non-conservative policy) on the stock price crash risk. The data of 143 companies admitted to Tehran Stock Exchange during the period of 2014-2015 was analyzed using multiple regression with the control of year and industry fixed effects. Conservative capital structure does not have a significant effect on the stock price crash risk. It also highlights the information asymmetry, the relationship between the conservative capital structure and the stock price crash risk; But the life cycle of the company does not have a significant effect on the relationship between the conservative capital structure and the stock price crash risk. Companies with a conservative capital structure are more likely to use suitable investment opportunities on the one hand and reduce opportunistic behavior on the other hand, and are less likely to face the stock price crash risk. This conclusion also applies to Iran's inflationary economy.Innovation: The current study analyzes the determinants of conservative financial policy, it is the first study that examines the impact of conservative capital structure on the stock price crash risk and the role of life cycle adjustment and Information asymmetry deals with the relationship between capital structure management and stock price crash risk and develops the existing literature regarding financial conservatism and its contradictory effect in inflationary economies.

In this paper, analysis of the sensitivity of the bankruptcy index to financial variables during the firm life cycle was investigated using Monte Carlo simulation. To measure bankruptcy risk, Altman's modified bankruptcy model was used. To simulate score ​​of Altman's modified model, the probability distribution of each index of Altman's modified model was determined based on the historical data of the listed firms listed in the Tehran Stock Exchange (TSE) during the years 2011-2021. With the help of these distributions, 10,000 items for the bankruptcy index were simulated in each life cycle. The results of simulations showed that the bankruptcy index had high and low sensitivities to the indicators of working capital to total assets (X1) and accumulated earnings to total assets (X2) compared to the indices of earnings before interest and taxes to total assets (X3), the book value of equity to book value of total liabilities (X4), and sales to total assets (X5) in all stages of the firm life cycle, except for the decline stage.

Increasing the debt capacity leads to improving the company's financial flexibility. Financial flexibility plays an important role in the financial empowerment of the company regarding investment in the future, which is important to maintain flexibility according to the existing risks, which is possible with risk management. The current research aims to track the effect of business risk management and life cycle on the debt capacity of the companies listed in the Tehran Stock Exchange. In this regard, a sample of 124 companies from the Tehran Stock Exchange along a period of 2012-2021 were selected as sample and the research hypotheses were tested with aide of multiple linear regressions based on pooled data. The results showed that business risk management has a positive effect on the debt capacity of companies, and this business risk management effect during the recession stages of the life cycle of companies is more dominant. As expected, in the conditions of better use of business risk management mechanisms, the debt capacity of companies has also improved significantly. With better applying of risk management mechanisms, the reliability of loans and creditors to the company is increased too and as a result, the company's debt capacity is also improved.

The purpose of this study is the investage effect of financial flexibility and management efficiency by controlling the life cycle of the performance of a firm, eventually lead increasing the wealth of shareholders. This research answer two questions. First, whether financial flexibility and management efficiency affect performance and the second question is at what stage of the firm life cycle, financial flexibility, and management efficiency have the greatest impact on firm performance.

The method of this research is descriptive-correlational and quantitative data analysis is combined. The sample includes 84 firms in the period 2011 to 2021. Anthony and Ramesh's method is used for the operational definition of life cycle variables, the VOFF index is used for financial flexibility and the Demorjian method is used for managerial efficiency.

This study shows that financial flexibility and managerial efficiency have a positive and significant effect on firm performance. Also, after separating companies into different stages of the life cycle, management efficiency in the decline of the life cycle of companies has the greatest impact on performance, while in the growth stage and then maturity, management efficiency has the least impact. The greatest impact of financial flexibility on the company's performance is in the stages of maturity, decline, and growth respectively. The effectiveness of flexibility on company performance is in the stages of maturity, decline, and then growth respectively. Examining the simultaneous and interactive effect of financial flexibility and management efficiency on the company's performance shows that if the effect of one of them is weak and the other is effective and efficient, then it covers another like an umbrella.

Corporate social responsibility includes a set of corporate activities and actions that it performs with the aim of doing good for people inside the organization such as employees or people outside the organization, including suppliers, consumers and people. The result of social responsibility motivations of participate in management has been better performance company in terms of better allocation of organizational resources and reform of organizational strutures in line with the companys value oriented goals. The purpose of this study was to investigate the relationship between social responsibility during different stages of the life cycle on the financial constraints of the company. It took place until 1398. The results showed that due to the inverse relationship discovered between social responsibility and financial constraints, firms at each stage of development face different goals of social responsibility and show different capabilities in performing social responsibility. Also, for companies that are in the stages of growth, maturity and decline, the higher their social responsibility scores, the less financial constraints they face.

The main purpose of the present experimental study is to determine the effect of corporate governance mechanisms on the information retrieval rate in stock prices, with an emphasis on the life-cycle pattern of cash flow patterns. The research sample consisted of 112 companies that have been selected from Tehran Stock Exchange for the period of 2013-2019. The results of the hypothesis test showed that the quality of corporate governance does not have a significant effect on the information retrieval rate in stock prices. The results of the hypothesis test showed that the quality of corporate governance does not have a significant effect on the information retrieval rate in stock prices.

Restructuring is a concept of profound and deep changes that have an extensive impact on the future activities of the company. In this regard, the need to investigate the effect of enforcement of these strategies is highlighted. The purpose of this study is to investigate the effect of implementation restructuring strategies in different stages of crisis life cycle companies. For this purpose, we used Z-score Toffler to select crisis companies. 406 years – Company in the period 2005-2015 were selected as a samples.It was used to determine the stages of the company's life cycle from Dickinson's cash flow model (2011). The The Logit regression model was used to test the hypotheses. The results of the paper suggest that Toobin's variable only significant and negatively correlated with the asset restructuring strategy. The total assets variable negatively correlated with the restructuring of management structures positively and with the asset restructuring strategy. Between the financial leverage variables, the cash flows of the institutional shareholders, the firm's assets, and both strategies were not found. Thus the results of the paper indicate that growth stage companies are less likely to use the asset restructurings plan than firms in the stage of birth, maturity, shake - out and decline. Similarly, The birth stage Companies use less than Management restructuring than firms in growth, maturity, and shake - out. GEL classification: G3, G30, G320.

Today, corporate restructuring strategies are presented as a solution by chief executives officer and in order to exit the company from the crisis. In this regard, it is necessary to examine the impact of implementing these strategies is highlighted. The purpose of this study is to investigate the effect of implementation restructuring strategies in different stages of crisis life cycle companies. For this purpose, we used Z-score Toffler to select crisis companies. 406 years - Company were selected as samples. it was used to determine the stages of the company's life cycle from Dickinson's cash flow model. The Logit regression model was used to test the hypotheses. The results of the paper suggest that Toobin's Q variable only has a significant and negative relationship with the asset restructuring strategy, the total assets variable negatively correlated with the restructuring of management and financial restructuring and with the asset restructuring strategy. Financial leverage variables and institutional shareholders only have a meaningful and negative relationship with the financial restructuring strategy. The cash flow variable only has a positive and meaningful relation with the financial restructuring strategy. There was no relation between the firm's asset return variable and all three restructuring strategies. The growth stage companies use less than the asset - restructuring plan. Birth phases are less likely to be used than restructuring management structures than in other stages. In addition, the decline stage is used as compared to other stages of financial restructuring.

Given the growing complexity of financial markets and the specialization of investment, financial market participants need tools, methods and models to choose the best investment. This has led to a variety of models for capital asset pricing and calculation of stock return forecasting. For this purpose, the researcher uses a theoretical matrix of the most widely used and most effective variables of the predicted model for accurate analysis. More data and calculation of the final model. Also, by using the multivariate correlation and regression analysis and the parent test, we compared the predicted model in the corporate life cycle. The results of 88 companies during the period of 2007 to 2016 in the Tehran Stock Exchange show that the distress risk in the experimental pricing model explains the average return on a portfolio based on momentum. The rate of return expected in the aftermath of the financial risk mitigation has decreased. Also, in healthy firms, the return on a portfolio consisting of a losing company is less than the return on a portfolio of winning shares. On the other hand, the results show that among the various stages of the company's life cycle, the average return on the portfolio of portfolios is higher for the valuation of capital assets at the maturity stage. Finally, the new adjustment modality can be explained by 59% of variations of the variables dependent on the independent variables of the model. Which has a higher coefficient than previous models. It indicates the high power of the conjunction and the higher explanatory power of the new model.

The purpose of this research is to examine the relationship between free cash flow، life cycle and dividend policy in companies listed in the Tehran Stock Exchange (TSE) over the period 2002-2009. Using 304 company-year data and conducting OLS regression model showed that there are no significant relationship between dividend policy and free cash flow. These results are not consistent with free cash flow hypothesis and the relationship with dividend policy which is proposed by some prior researchers (Fama and French، 2001; Grullon and et al.، 2002 and Deangelo and et al.، 2006). Also the findings show no significant relationship between companies'' life cycle and their dividend policies.