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The Determinants of the Life Cycle Stages of Brazilian Public Companies: A Study Based on Financial-Accounting Variables.
- Source :
-
Brazilian Business Review (Portuguese Edition) . May/Jun2017, Vol. 14 Issue 3, p304-320. 17p. - Publication Year :
- 2017
-
Abstract
- 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. [ABSTRACT FROM AUTHOR]
Details
- Language :
- English
- ISSN :
- 1807734X
- Volume :
- 14
- Issue :
- 3
- Database :
- Academic Search Index
- Journal :
- Brazilian Business Review (Portuguese Edition)
- Publication Type :
- Academic Journal
- Accession number :
- 122956679
- Full Text :
- https://doi.org/10.15728/bbr.2017.14.3.3