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...
Saved in:
| Main Authors: | , , , |
|---|---|
| Format: | Article |
| Language: | English |
| Published: |
FUCAPE Business School
2017-01-01
|
| Series: | BBR: Brazilian Business Review |
| Subjects: | |
| Online Access: | http://www.redalyc.org/articulo.oa?id=123050604003 |
| Tags: |
Add Tag
No Tags, Be the first to tag this record!
|
| Summary: | 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. |
|---|---|
| ISSN: | 1807-734X |