Corporate life cycle and cost of equity capital
The main objective of this paper is to evaluate the effect of the corporate life cycle stages on the cost of equity of firms listed on the Tehran Stock Exchange. In this study we used Dickinson's Model (2011) to determine the corporate life cycle stages and Gordon Model to calculate cost of equ...
| Main Authors: | , |
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| Format: | Article |
| Language: | fas |
| Published: |
Allameh Tabataba'i University Press
2016-12-01
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| Series: | مطالعات تجربی حسابداری مالی |
| Subjects: | |
| Online Access: | https://qjma.atu.ac.ir/article_11517_d41d8cd98f00b204e9800998ecf8427e.pdf |
| _version_ | 1797378314332012544 |
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| author | غلامرضا کرمی امید آخوندی |
| author_facet | غلامرضا کرمی امید آخوندی |
| author_sort | غلامرضا کرمی |
| collection | DOAJ |
| description | The main objective of this paper is to evaluate the effect of the corporate life cycle stages on the cost of equity of firms listed on the Tehran Stock Exchange. In this study we used Dickinson's Model (2011) to determine the corporate life cycle stages and Gordon Model to calculate cost of equity. In this study, we first took samples using the cash flow statement data (including cash flow from operating activities, cash flow from investing activities and cash flow from finance activities) and separated the firms in the growth stage, maturity stage and decline stage, then, using multivariate regression analysis and mean comparison tests, hypotheses have been studied and tested. The results of 110 firms (990 company - year) during the period from 2006 to 2014 shows that the firms cost of equity in different stages of the life cycle (growth, maturity, decline) are significantly different. The results also show that in the decline stage the cost of equity is at the highest level and in the maturity stage it is at the lowest level. |
| first_indexed | 2024-03-08T20:04:58Z |
| format | Article |
| id | doaj.art-65d2601783b0464e8df70571c2057f66 |
| institution | Directory Open Access Journal |
| issn | 2821-0166 2538-2519 |
| language | fas |
| last_indexed | 2024-03-08T20:04:58Z |
| publishDate | 2016-12-01 |
| publisher | Allameh Tabataba'i University Press |
| record_format | Article |
| series | مطالعات تجربی حسابداری مالی |
| spelling | doaj.art-65d2601783b0464e8df70571c2057f662023-12-23T10:36:34ZfasAllameh Tabataba'i University Pressمطالعات تجربی حسابداری مالی2821-01662538-25192016-12-01135210.22054/qjma.2020.9869.132811517Corporate life cycle and cost of equity capitalغلامرضا کرمی0امید آخوندی1دانشیار و مدیر گروه حسابداری دانشگاه تهرانحسابرس ارشدThe main objective of this paper is to evaluate the effect of the corporate life cycle stages on the cost of equity of firms listed on the Tehran Stock Exchange. In this study we used Dickinson's Model (2011) to determine the corporate life cycle stages and Gordon Model to calculate cost of equity. In this study, we first took samples using the cash flow statement data (including cash flow from operating activities, cash flow from investing activities and cash flow from finance activities) and separated the firms in the growth stage, maturity stage and decline stage, then, using multivariate regression analysis and mean comparison tests, hypotheses have been studied and tested. The results of 110 firms (990 company - year) during the period from 2006 to 2014 shows that the firms cost of equity in different stages of the life cycle (growth, maturity, decline) are significantly different. The results also show that in the decline stage the cost of equity is at the highest level and in the maturity stage it is at the lowest level.https://qjma.atu.ac.ir/article_11517_d41d8cd98f00b204e9800998ecf8427e.pdfcorporate life cyclecost of equitycash flow statement |
| spellingShingle | غلامرضا کرمی امید آخوندی Corporate life cycle and cost of equity capital مطالعات تجربی حسابداری مالی corporate life cycle cost of equity cash flow statement |
| title | Corporate life cycle and cost of equity capital |
| title_full | Corporate life cycle and cost of equity capital |
| title_fullStr | Corporate life cycle and cost of equity capital |
| title_full_unstemmed | Corporate life cycle and cost of equity capital |
| title_short | Corporate life cycle and cost of equity capital |
| title_sort | corporate life cycle and cost of equity capital |
| topic | corporate life cycle cost of equity cash flow statement |
| url | https://qjma.atu.ac.ir/article_11517_d41d8cd98f00b204e9800998ecf8427e.pdf |
| work_keys_str_mv | AT gẖlạmrḍạḵrmy corporatelifecycleandcostofequitycapital AT ạmydậkẖwndy corporatelifecycleandcostofequitycapital |