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Decyzje zarządzających przedsiębiorstwem w kontekście kształtowania struktury kapitału różnią się w zależności od etapu rozwoju, na którym znajduje się określony podmiot. Liczne badania potwierdziły, że cykl życia przedsiębiorstwa determinuje wybór źródeł finansowania przez zarządzających przedsiębiorstwem, a co za tym idzie wpływa na kształt struktury kapitału. Celem tego opracowania jest identyfikacja przyszłych kierunków badań nad znaczeniem teorii cyklu życia przedsiębiorstwa w kształtowaniu struktury kapitału. Zostały wyciągnięte wnioski na podstawie wstępnego przeglądu literatury w zakresie teorii cyklu życia przedsiębiorstwa.

PurposeThe purpose of this paper is to exam the relationship between migration patterns and migrant workers' consumption and study how to upgrade the consumption of migrant workers.Design/methodology/approachBased on survey data from 3,368 migrant workers in China, this paper employs the extended linear expenditure system (ELES) model to analyze the difference of migrant workers' consumption in different migration patterns. A consumption function containing migration patterns was constructed to examine the impact of migration patterns on the consumption of migrant workers.FindingsThe consumption structure of migrant workers is in accordance with the migration theory and life cycle theory; there is a significant difference in the consumption between migrant workers of different migration patterns. Migrant workers who move to the city separated from their family members have lower levels of consumption, and the consumption structure shows the characteristics of “survival consumption,” mainly based on “food, residence and traffic.” On the contrary, migrant workers who move to the city with all their family members have higher levels of consumption, and their consumption is well structured, showing a gradual trend of upgrading and transformation.Originality/valueThis paper enriches the empirical literature on analyzing the migration patterns and their impact on migrant workers' consumption, which can help policymakers design reasonable policies of adaptation for the consumption upgrading of migrant workers.

Purpose The purpose of this paper is to investigate how the organization’s life-cycle stages influence the venture capital investor’s decision. The present study also aims to explore the relationships between life cycle stages and financing decisions of investors of an organization. Design/methodology/approach The research focuses on a qualitative approach and adopts descriptive and case study methods to perceive the data collected. By the multi-case research approach, the authors conducted interviews in analytics and technological companies. The data originates from semi-structured interviews and publicly available data with various venture capital firms. Findings In this research, 10 stages of the organization’s life cycle from the Adizes theory have been considered. It starts from the first two stages as courtship and infancy to bureaucracy and death to the final stages. The results and findings indicate that life cycle stages influence venture capitalist financing decisions. Research limitations/implications The implications of the current research help venture capitalist to take investment decisions according to the life cycle stage of the organization. Furthermore, according to the stage of the organization, the owner of a venture capital firm can approach various venture capitalists for the betterment of the organization. Originality/value The novelty of this research is to consider a case-based approach involving Adizes’ life cycle in all 10 stages of venture capital firms that affect venture capitalists.

The fetal origins hypothesis suggests that health and nutrition shocks in utero are causally related to health deficits in old age. It has received considerable empirical support, both within epidemiology and economics but so far it has not been integrated into a life cycle theory of human aging and longevity. The present study shows that the health deficit model, based on the frailty index developed in gerontology, generates shock amplification consistent with the hypothesis. In order to discuss human health over the life cycle from conception to death, we develop a theory of ontogenetic growth and health in utero and during childhood, unify it with the health deficit model of adult aging, and discuss the transmission of early-life shocks to late-life health deficit accumulation.

Анотація. Зважаючи на сучасні умови переходу в дистанційний режим роботи, підприємствам важливо мати низку інструментів, які дозволять оцінити готовність об’єктів бізнесу до віддаленої роботи з усіма можливими контрагентами. Таким чином, перед підприємствами постає питання забезпечення безпеки діджиталізації. Присвячено дослідженню відмінностей між сутністю понять «інформаційна безпека» і «безпека діджиталізації», а також аналізу рівня безпеки діджиталізації підприємств. Запропоновано методику оцінювання рівня безпеки діджиталізації підприємства з позицій теорії життєвого циклу, що дозволяє виявити ознаки настання «інформаційного спаду» в його діяльності. Методологія дослідження передбачає проведення інтегрального аналізу основних аспектів функціонування підприємства на різних етапах його життєвого циклу за допомогою показника, що враховує ступінь спрацювання комп’ютерного забезпечення, рівень адміністративних витрат і витрат на збут. Виявлення умов настання «інформаційного спаду» і визначення рівня безпеки діджиталізації проводилось експертними методами. Експертами виступали спеціалісти з питань стратегічного розвитку підприємств. Зокрема, експерти виокремили такі рівні безпеки діджиталізації, як «нормальний», «допустимий» і «критичний». Методика була апробована на матеріалах провідних підприємств гірничорудної галузі Криворізького регіону України. Отримані результати характеризують умови виявлення характерних ознак «інформаційного спаду» в діяльності підприємств на таких етапах їхніх життєвих циклів, як «Становлення», «Малолітство», «Дитинство», «Ріст», «Стабільність» і «Спад». Запропонований підхід дозволить удосконалити процеси автоматизації управління та підвищити ефективність упровадження процесів діджиталізації в діяльність виробничих підприємств. Ключові слова: безпека діджиталізації, теорія життєвого циклу, інформаційний спад, метод експертних оцінок, гірничорудні підприємства, ефективність діяльності підприємства. Формул: 1; рис.: 0; табл.: 3; бібл.: 28.

This paper presents a new framework for better understanding the mechanics of police oversight reforms. It outlines a case study of New Zealand police oversight organisation reform and a comparative analysis with four other jurisdictions: England and Wales, Scotland, Northern Ireland and New York. Together these cases allow us to trace the path of police watchdog reform and demonstrate that it is not simply a series of cycles, or preordained set of management challenges. Instead it is a more complex, staggered process of reactive and proactive reform that includes reform cycles, watchdog-initiated growth, justice sector reform and the ripple effect. The paper draws upon and extends two theoretical approaches - Organisational Life Cycle theory [1, 2] and Police Complaints Reform Cycle frameworks [3] - to develop this new model of police oversight organisation reform mechanisms. Further, the paper proposes that deficits in watchdog transparency impede accountability, in turn stifling the public awareness needed for reform mechanisms to function and stunting the growth of an oversight organisation’s funding and powers.

The study aims to empirically explore the dependence of savings behavior on demographic changes in the context of the life cycle hypothesis (LCH) in a sample of 18 European transition and post transition countries. The empirical methodology is based on a multifactor modeling approach. The research estimates heterogeneous panel data models by employing three different heterogeneous coefficient estimators: mean group (MG) estimator, common correlated effects mean group (CCEMG) estimator, and augmented mean group (AMG) estimator. The findings demonstrate that the LCH is confirmed in the case of European post-transition countries and rejected as inappropriate in European transition countries due to inconsistency of regression coefficients (age dependency, unemployment rate, urbanization, and health expenditure). The models and their findings presented in this study can be used in policymaking to predict dynamic interactions and variations among selected demographic variables in the determination of savings behavior.

In this paper, we analyze the wealth accumulation and saving behavior of the retired elderly in Italy using micro data from the “Survey of Italian Households’ Income and Wealth,” a panel survey of households conducted every two years by the Bank of Italy. We find that, on average, the retired elderly in Italy are decumulating their wealth (dissaving) but that their wealth decumulation rates are much slower than expected. Moreover, we also find that more than 40 percent of the retired elderly in Italy are continuing to accumulate wealth and that more than 80 percent are doing positive amounts of saving. Thus, the Wealth Decumulation Puzzle (the tendency of the retired elderly to decumulate their wealth more slowly than expected) appears to apply in the case of Italy, as it does in most other countries, before as well as after the Global Financial Crisis. Moreover, our regression analysis of the determinants of the wealth accumulation and saving behavior of the retired elderly in Italy suggests that the lower than expected wealth decumulation rates and dissaving of the retired elderly in Italy is due largely to intergenerational transfers (bequests and inter vivos transfers) and saving for precautionary purposes, especially the former. Institutional subscribers to the NBER working paper series, and residents of developing countries may download this paper without additional charge at www.nber.org.

In this article, we emphasised that ageing population does not systematically depress savings by drawing attention to the factors that may distort that prediction of the life‐cycle hypothesis (LCH). To demonstrate it, we used two indicators for ageing: the total and aged dependency ratios and we looked at the economic context influence on national saving evolution through considering the labour market imbalance interference. By applying the autoregressive distributed lag approach, with Tunisian data during 1970–2018, a dynamic long‐run relationship between ageing and national saving is found, although it seemed to be sensitive to the used ageing indicator and the economic context. Indeed, the LCH is proved only by the total dependence ratio whereas the aged dependence ratio puts a significant long‐run upward pressure on saving. Further, in a context of unemployment without any benefit scheme, the LCH prediction cannot be endorsed by the two indicators. Hence, the social and economic conditions limit the LCH scope, bearing out that elderly not depress systematically savings. Therefore, to sustain saving major economic and financial reforms are needed, as to postpone the retirement age, to move from pay‐as‐you‐go system towards funded pension system, to promote life insurance and to diversify the long‐run savings products.

PurposeThe purpose of this paper is to examine the dividend payout behavior of Indian firms and test whether the three prominent dividend policy theories (signaling, life-cycle and catering) explain the dividend policy of Indian firms.Design/methodology/approachThe authors test the three theories using the methodology based on the studies of Nissim and Ziv (2001), DeAngelo et al. (2006) and Baker and Wurgler (2004). For testing the signaling theory, the authors regress the change in earnings on the rate of change in dividends using the pooled and Fama–Macbeth regressions. The life cycle theory is tested by running a logistic regression of the dividend payment decision on two proxies of life-cycle measured by the ratio of earned to total equity. Finally, the catering theory tests the relationship between the decision to pay a dividend and the dividend premium.FindingsThe results based on a sample of Indian firms from 1992 to 2017 show that the dividend policy of Indian firms can be explained using the life-cycle theory. However, there is no evidence in support of the signaling and catering theories.Originality/valueIt provides insights into the dividend policy of Indian firms. Though there have been a few studies examining the dividend payout in India, none of the existing studies tests these theories of dividend payout. The existing research using the Indian data provides indirect evidence about the life-cycle theory. This study is the first one to test the application of these theories for Indian firms.

The aim of this paper is to specify the determinants from the real economy causing long-term disequilibrium in the trade balance. The analysis is carried out for all countries of the world for the period 1980-2016 (according to data availability) using panel and cross-sectional regression. We employ the absorption approach as the basic theoretical model. From the supply side of the economy, the main determinants are: export of primary resources, e.g. oil and gas, geographical factors and institutional quality of the economy. From the demand side of the economy, the trade balance is influenced mainly by the demographic structure of the population and its consumption, saving and investment habits in the context of life cycle hypothesis, marginal propensity to consume and the participation of the government sector in the economy (e.g. health care provision, social security, etc.).

PurposeThere was unfinished business to address in the version of the planner–doer model developed in Thaler and Shefrin (1981). The unfinished business involved identifying and modeling the crucial roles played by temptation and mental accounting in pensions and savings behavior. The present paper has two objectives.Design/methodology/approachThe first objective is to describe the key lessons learned in transitioning from the model in Thaler and Shefrin (1981) to the model in Shefrin and Thaler (1988), a transition which addressed some of the unfinished business. The second objective is to describe as yet unfinished business associated with developing a multicommodity, intertemporal version of the planner–doer framework, incorporating the concepts of temptation and mental accounting, to replace the neoclassical theory of the consumer.FindingsDoing so will provide a theoretical foundation for nudges related to household budgeting, spending, saving, borrowing and investing.Originality/valueThis paper presents the first behavioral theory of the consumer, focusing on the manner in which consumers actually make decisions about budgeting, spending. borrowing and saving. The approach in the paper can be viewed as a behavioral counterpart to the neoclassical theory of the consumer. In contrast to the neoclassical approach, which assumes that consumers set and follow utility maximizing budgets, the empirical evidence indicates that only a small minority of consumers describe themselves as setting and following budgets. The behavioral theory presented here focuses on the heuristic nature of consumers' actual budgeting processes and extends the approach described in Thaler and Shefrin's 1981 seminal paper on self-control. The core of the present paper is a working paper which Shefrin and Thaler began in 1980, and as such represents unfinished business from that time. The first part of this paper describes earlier unfinished business from the 1981 framework that the authors subsequently addressed as they developed the behavioral life cycle hypothesis during the 1980s.

In this paper, we first provide a brief exposition of the simplest version of the selfish life cycle model or hypothesis, which is undoubtedly the most widely used theoretical model of household behavior in economics, and then survey the literature on household saving behavior in Japan (with emphasis on the author’s own past research) to shed light on whether or not the selfish life-cycle model applies in the case of Japan. In particular, we survey the literature on the impact of the age structure of the population on the saving rate, the saving behavior of retired households, saving motives, the prevalence of bequests, bequest motives, tests of altruism, and the importance of borrowing (liquidity) constraints and show that almost all of the available evidence suggests that the selfish life-cycle model applies to a greater extent in Japan than it does in other countries. Finally, we discuss the policy implications of our findings.

This article distinguishes between use and nonuse values in their impact on two behavioral intentions to a rural cultural festival. Results from the case study showed that in the willingness to recommend the festival and intention to revisit by repeat tourists, both use and nonuse values were influential but first timers' intention to revisit was mainly affected by use values. In addition, there was support for the recency–frequency–monetary value paradigm and the distance decay theory with some evidence of a nonlinear relationship between distance and behavioral intention. The life cycle theory and length of festival stay on the other hand saw mixed effects on the two types of behavioral intention. Overall, a two-pronged marketing strategy based on the importance of use and nonuse values to attract first timers and repeat tourists could be considered for a cultural festival.

Titel: Att spara eller inte spara? - En studie om universitetsstudenters sparande och vad som påverkar sparbeteendet Författare: Edvin Pettersson och Sandra Trinh Handledare: Camilla Strömbäck Bakgrund: Enligt livscykelhypotesen är det irrationellt för studenter att spara pengar. Däremot utifrån ett riskhanteringsperspektiv finns det anledningar till att spara vilket inte överensstämmer med livscykelhypotesen. Utöver denna diskrepans har tidigare forskning visat att det finns flera faktorer som kan påverka en individs sparande. Dock har tidigare forskning ofta varit kvantitativ och enbart fokuserat på hur en faktor påverkar sparande men inte om faktorerna påverkar varandra eller givit en bred bild över området. Syfte: Syftet med studien är att undersöka svenska universitetsstudenters sparande och behovet av det utifrån ett riskhanteringsperspektiv, samt identifiera, analysera och systematisera vilka faktorer som påverkar sparandet. Genomförande: För att besvara studiens syfte har en kvalitativ metod använts där semistrukturerade intervjuer har genomförts med tio svenska universitetsstudenter. Utifrån tidigare forskning uppmärksammades fem faktorer som påverkar sparande. Dessa faktorer låg sedan till grund för intervjuguiden och analysmodellen som skapades. Slutsats: Utifrån ett riskhanteringsperspektiv är det rationellt för svenska universitetsstudenter att spara. Det har gjort att de kan hantera likviditetskriser samt bygga upp ett eget kapital för att kunna ta lån i framtiden. Mental bokföring och finansiell bildning har gjort det enklare för studenterna att hantera sina självkontrollsproblem vilket har möjliggjort att de kan spara. Title: To save or not to save? - A study about university students’ saving and what affects the saving behavior Authors: Edvin Pettersson and Sandra Trinh Supervisor: Camilla Strömbäck Background: According to the life cycle hypothesis, it is irrational for university students to save money. However, it might be necessary for university students to have a savings buffer to be able to manage liquidity risks and to afford more expensive purchases. Previous research has shown that there are several factors that affect a person’s saving behavior, but it has yet to investigate how different factors work together to affect the saving behavior. Aim: The aim of this study is to examine Swedish university students’ savings and the need for from a risk management perspective, as well as identify, analyze, and systematize which factors affect the saving behavior. Completion: To answer the research questions we have completed semi-structural interviews with ten Swedish university students. This study has used a qualitative method to be able to examine how students reflect on the needs to have savings and to identify if different factors work together to affect the university students’ saving behavior. From previous research we have identified five factors that affect a person’s saving behavior and these factors have been the basis for the creation of the interview guide and the model of analysis. Conclusion: From a risk management perspective it is rational for Swedish university students to save money to be able to manage their liquidity risks and build up their equity to enable loans in the future. Both mental accounting and financial literacy have been helpful for the students to practice self-control, which has made it possible for the students to save money.

In this paper we report and discuss estimates of life-cycle consumption profiles obtained using microdata for Portuguese households. The estimated profiles are much flatter than the profiles usually reported in the literature for other countries, namely the Netherlands, the UK and the USA. In addition, we also report estimates of cohort and business cycle effects on consumption. The estimated cohort effects are consistent with the post-war progress in median standards of living. However, there is a deceleration in the trend of consumption growth for more recent cohorts. The business cycle estimates suggest that the recent debt crisis has had a strong negative impact on household consumption., his research is financed by National Funds of the FCT – PortugueseFoundation for Science and Technology within the project UID/ECO/03182/2019.This paper benefited greatly from the comments of the Editor, the Co-Editor and two anonymous referees.

Integrated energy system (IES) is of great significance in the construction of the modern energy system. Reasonable planning is one of the important means to improve the economy of the IES and promote the consumption of renewable energy. However, the complex coupling characteristics between energy sources make it difficult to quantify the production efficiency of multi-energy heterogeneous resources uniformly in the economic benefit model during the planning cycle. Quantifying the production efficiency of the IES for planning is currently an urgent problem to be solved. This study proposes a planning method for the IES based on the life cycle and emergy theory. First, emergy theory is applied to quantify the production efficiency of the IES. A complete economic benefit model is established based on life cycle theory. Second, a bi-level planning model of the IES is established. The upper-level model aims at minimizing the whole life cycle cost of the IES to plan the capacity and location of the coupling equipment. The lower-level model aims at maximizing the emergy yield ratio of the IES to provide the operating data for the upper level. Finally, comparing experimental evaluations with traditional planning schemes considering annual average cost and energy quality coefficient, the method in this study reduces planning costs by 23.16% and increases the consumption rate of renewable energy by 4.26%. It can be seen that the planning method proposed in this study improves the planning economy and the level of renewable energy consumption of the IES.

Background: The dividend payout policy remains one of the key functional areas of corporate finance because it is through receipt of dividends that shareholders can share in the profits of their investments. Amongst the dividend payout theories that have been developed over the decades, the life-cycle hypothesis has received little attention in research. Aim: The aim of this study was to test the dividend life-cycle hypothesis in the South African contex. Motivation for the study: Justification for this study in the context of South Africa is that there is minimal research in this regard in emerging economies. South Africa presents a good platform for this research because it is amongst the highly regarded emerging markets and this has been confirmed by its representation in Brazil, Russia, India, China and South Africa (BRICS) countries. Hence, results in this regard would shed some light in the form of a relative representation of overall emerging markets trend. Research approach/design and method: A panel data of 119 Johannesburg Stock Exchange (JSE) listed sample companies were used to test the hypothesis during the period 2006–2015. A combination of basic and dynamic panel data estimators was used to analyse the data. Main findings: The study finds that the dividend life-cycle hypothesis is prevalent amongst South African companies. Specifically, it was observed that the considered companies pursuing growth projects paid less dividends. Furthermore, the growth companies have shown to be more aggressive in their pursuit for growth and hence are able to create more value for shareholders than value for companies. Managerial implications: Financial managers will be afforded with enhanced decision alternatives in respect of their fiduciary duties towards the shareholders in respect of maximising value. Conclusion: These results provide a mirror image of those of the developed markets and a good context for future research in the same area in an emerging economy setting.

This study examined that if efficient firms at their mature stage of life cycle may skip dividends. For doing so, this study investigated the direct and indirect impacts of firm efficiency on the dividends. To calculate the firm efficiency, data envelopment analysis (DEA) was used and for analyzing the data, logistic regression models were used. This study uses data of 1010 firm year observations of the firm’s listed Pakistani non-financial firms over the period 2011–2015. Findings of this study indicated that the probability to pay dividends is high in the firms having high level of efficiency. Likewise, probability to pay dividend is high in the mature firms as compared to the growth firms. However, efficient and mature firms may skip the dividends. These findings present an alternative view on the signaling and life cycle theories of dividends in that the mature firms having high efficiency which may not necessarily pay dividends in contradiction to the life cycle theory. Likewise, efficient firms may not necessarily pay dividends to signal their future growth prospects. Therefore, the future research may focus more on the role of firm efficiency while examining the dividend pay-out under the life cycle and signaling theories of dividends. This study is among the first studies to examine the direct impact of firm efficiency on probability to pay dividends by examining the interaction effect of firm efficiency and firm maturity on probability to pay dividends.

The life-cycle hypothesis predicts that longer life expectancy should, ceteris paribus, lead to the accumu- lation of more wealth during working life to fund consumption in retirement. The prediction is tested by examining whether subjective survival probability (SSP)- a proxy measure of self-assessed life ex- pectancy - affects wealth holdings among the pre-retirement older population. SSP is instrumented to address measurement error and reverse causality. The findings suggest that a 1 percentage point increase in the self-assessed probability of reaching age 75 increases an individual's financial wealth by approximately EUR 3,400 and total wealth (including pension wealth) by approximately EUR 6,200.

This article provides an in‐depth, longitudinal analysis combining real‐time and retrospective data on a set of Mondragon's industrial cooperatives that are organized as international groups. We examine the life cycle of these international cooperative groups, which is expected to evolve differently to that of small‐ and medium‐sized cooperatives that operate exclusively on a local scale. The article is theoretically informed by the cooperative life cycle theory, as well as by recent insights from the degeneration and regeneration theses. Our analysis yields an intricate picture of the evolution of cooperatives faced with a ‘grow‐or‐die’ dichotomy. On the one hand, our findings reject the highly simplistic and deterministic view of the degeneration thesis by demonstrating that these cooperatives can mobilize resources to revitalize cooperative values and practices. On the other, we find that regeneration may not occur in a consistent, sequential fashion as the previous literature suggests, but rather degenerative and regenerative tendencies can occur simultaneously, even leading to long‐lasting, unresolvable situations. In light of this, the article asks future research to draw on power‐aware and politically informed approaches for further understanding of how cooperatives manage the tensions at each organizational stage of their life cycle, and of which organizational actors benefit, and how, from reversing some degenerative tendencies while maintaining others intact.