Examining the relation of financial crisis, life cycle and asset and financial restructuring strategies, Companies with financial crisis

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.