BBR: Brazilian Business Review | |
The Determinants of the Life Cycle Stages of Brazilian Public Companies: A Study Based on Financial-Accounting Variables | |
关键词: life cycle; accounting ratios; finance; brazilian public companies; capital market; | |
DOI : | |
来源: DOAJ |
【 摘 要 】
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.
【 授权许可】
Unknown