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...
| Main Authors: | , , , |
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| Format: | Article |
| Language: | English |
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FUCAPE Business School
2017-01-01
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| Series: | BBR: Brazilian Business Review |
| Subjects: | |
| Online Access: | http://www.redalyc.org/articulo.oa?id=123050604003 |
| _version_ | 1797250522893254656 |
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| author | Wando Belffi da Costa Marcelo Alvaro da Silva Macedo Karen Yukari Yokoyama José Elias Feres de Almeida |
| author_facet | Wando Belffi da Costa Marcelo Alvaro da Silva Macedo Karen Yukari Yokoyama José Elias Feres de Almeida |
| author_sort | Wando Belffi da Costa |
| collection | DOAJ |
| description | 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. |
| first_indexed | 2024-03-07T20:26:45Z |
| format | Article |
| id | doaj.art-d6c00015e6ad4419845034f7718fb2cb |
| institution | Directory Open Access Journal |
| issn | 1807-734X |
| language | English |
| last_indexed | 2024-04-24T20:47:43Z |
| publishDate | 2017-01-01 |
| publisher | FUCAPE Business School |
| record_format | Article |
| series | BBR: Brazilian Business Review |
| spelling | doaj.art-d6c00015e6ad4419845034f7718fb2cb2024-03-21T19:30:18ZengFUCAPE Business SchoolBBR: Brazilian Business Review1807-734X2017-01-01143304320The Determinants of the Life Cycle Stages of Brazilian Public Companies: A Study Based on Financial-Accounting VariablesWando Belffi da CostaMarcelo Alvaro da Silva MacedoKaren Yukari YokoyamaJosé Elias Feres de AlmeidaThis 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.http://www.redalyc.org/articulo.oa?id=123050604003life cycleaccounting ratiosfinancebrazilian public companiescapital market |
| spellingShingle | Wando Belffi da Costa Marcelo Alvaro da Silva Macedo Karen Yukari Yokoyama José Elias Feres de Almeida The Determinants of the Life Cycle Stages of Brazilian Public Companies: A Study Based on Financial-Accounting Variables BBR: Brazilian Business Review life cycle accounting ratios finance brazilian public companies capital market |
| title | The Determinants of the Life Cycle Stages of Brazilian Public Companies: A Study Based on Financial-Accounting Variables |
| title_full | The Determinants of the Life Cycle Stages of Brazilian Public Companies: A Study Based on Financial-Accounting Variables |
| title_fullStr | The Determinants of the Life Cycle Stages of Brazilian Public Companies: A Study Based on Financial-Accounting Variables |
| title_full_unstemmed | The Determinants of the Life Cycle Stages of Brazilian Public Companies: A Study Based on Financial-Accounting Variables |
| title_short | The Determinants of the Life Cycle Stages of Brazilian Public Companies: A Study Based on Financial-Accounting Variables |
| title_sort | determinants of the life cycle stages of brazilian public companies a study based on financial accounting variables |
| topic | life cycle accounting ratios finance brazilian public companies capital market |
| url | http://www.redalyc.org/articulo.oa?id=123050604003 |
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