The Determinants of the Life Cycle Stages of Brazilian Public Companies: A Study Based on Financial-Accounting Variables
This paper analyses the relation between firms’ life cycles stages according to Dickinson’s (2011) definition and accounting and financial ratios. We applied multinomial logistic regression analysis on a sample of 1,515 observations of public companies listed on BM&FBOVESPA between 2005 and 2012...
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| Autores principales: | , , , |
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| Formato: | article |
| Lenguaje: | EN PT |
| Publicado: |
FUCAPE Business School
2017
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| Materias: | |
| Acceso en línea: | https://doaj.org/article/d6c00015e6ad4419845034f7718fb2cb |
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| Sumario: | This paper analyses the relation between firms’ life cycles stages according to Dickinson’s (2011) definition and accounting and financial ratios. We applied multinomial logistic regression analysis on a sample of 1,515 observations of public companies listed on BM&FBOVESPA between 2005 and 2012. Based on the literature about firms’ life cycle stages (YAN; ZHAO, 2010; MILLER; FRIESEN, 1984; FAMA; FRENCH, 2001) the accounting and financial ratios used were dividends distribution, leverage, market-to-book, return on equity, firm size and revenue growth. The results show that leverage, dividends distribution, market-to-book, return on equity, firm size and revenue growth could be used as explanatory factors to classify firms’ life cycle stages. |
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