Business failure is an important issue for companies in the 21st century, and green business is of global concern. Therefore, it is of vital importance to reveal the critical factors that could lead ...to green business failure. Nevertheless, existing research has not fully addressed this yet. This study adopts the company life cycle theory to identify such critical factors. The Decision Making Trial and Evaluation Laboratory (DEMATEL) method is applied to convert the expert opinion into quantifiable data, and grey relational analysis is used to take the imprecise information into account in order to improve the validity of the results. Research frameworks constructed from company life cycle is able to reflect the critical factors that lead to green business failure at different development phases. Meanwhile, the adoption of Grey DEMATEL improves the accuracy of assessment, and the result of assessment provides feasible and practical suggestions for decision-making.
The purpose of this study is to compare the method of financing through capital increase with the method of borrowing from banks in the stages of growth and maturity of the life cycle of companies ...listed on the Tehran Stock Exchange. To achieve this goal, Dickinson (2011) model was used in calculating the life cycle of the company, the statistical sample includes 80 companies during the period 2009 to 2018. Hypotheses were tested by comparing the means using Eviews software. The results showed that in the growth stage of companies, financing isn’t performed by increasing cash capital more than borrowing from banks; While in the maturity stage of companies, financing through borrowing from banks is more than cash capital.
Energy is important for environmental improvement and company development, and is displayed by information disclosure which plays a critical role in investment efficiency. This study re-explored the ...effect of energy information disclosure on investment efficiency in heavy pollution industry from the cross-perspective of company life cycle and expected expenditure. Specifically, this study divided companies into three groups: growth, maturity, decline stages, and in these groups, companies were sub-divided into two sub-groups: over-investment and under-investment. Collecting data from the listed companies in China, the results show that energy information disclosure significantly improves investment efficiency in growth and maturity stages when companies over-invest. However, this relationship is not obvious for over-invested companies in decline stage. Furthermore, when the investment is insufficient, the disclosure of energy information also has a positive effect on investment efficiency in growth and decline stages. While this relationship is inverted U-shaped in mature companies. This work provides suggestions for managing companies in heavy pollution to improve investment efficiency, and improve environmental improvement.
This paper identified the intangible aspects (IA) that generate impacts in companies of the agricultural sector in the different stages of the companies life cycle. This paper is based on a ...systematic review methodology to identify intangibles in the agricultural sector. Studies on the life cycle of companies were analyzed to classify the impact of intangible aspects according to the reality of companies. Identify the intangible aspects that impact the agricultural sector through a review of the scientific literature. How intangible aspects affect each stage of the life cycle of companies in the sector shows that they have a different impact depending on the period in which the company is located. Although, much of the previous literature has suggested that intangible aspects have positive effects on a variety of performance variables, there are no scientific studies that specifically address the importance of these intangible aspects in the life cycle of companies in the agricultural sector.
RESUMO: O objetivo deste trabalho é identificar os aspectos intangíveis (AI) que geram impactos nas empresas do sector agrícola nas diferentes fases do ciclo de vida das empresas. Para isso, utilizamos a metodologia de revisão sistemática para identificar os intangíveis no setor agrícola. Foram analisados estudos sobre o ciclo de vida das empresas para classificar o impacto dos aspectos intangíveis de acordo com a realidade das empresas. A forma como os aspectos intangíveis afetam cada fase do ciclo de vida das empresas do setor mostra que estes apresentam um impacto diferente consoante o período em que a empresa se encontra. Embora grande parte da literatura anterior tenha sugerido que os aspectos intangíveis têm efeitos positivos em diferentes variáveis de desempenho, não existem estudos científicos que abordem especificamente a importância destes aspectos intangíveis no ciclo de vida das empresas do setor agrícola.
Earnings information as part of the financial statements is usually the target of engineering using opportunistic steps from management in maximizing its interests, which can cause loss to ...shareholders and investors. Management behavior that is used to adjust earnings to suit what is desired is known as earnings management. The purpose of this study is to determine the effect of leverage, firm size and company life cycle on earnings management in mining sector companies. The population used in this study are mining sector companies listed on the Indonesia Stock Exchange that have published annual and financial reports in the 2015-2019 period. The data collection technique used in this study is the purposive sampling method which aims to obtain samples in accordance with defined criteria. Based on the predetermined criteria, there were 29 companies in this study that were used as research samples with a total of 145 observations for 5 periods. In this study, the company's life cycle is divided into 4 stages, namely introduction, growth, mature and decline. The data analysis used is dummy regression analysis. The results of this study indicate that leverage and firm size do not affect earnings management, but the company's life cycle has a positive and significant effect on earnings management in mining sector companies. Informasi laba sebagai bagian dari laporan keuangan biasanya menjadi sasaran rekayasa dengan menggunakan langkah-langkah oportunistik dari manajemen dalam memaksimalkan kepentingannya, yang dapat merugikan pemegang saham dan investor. Perilaku manajemen yang digunakan untuk hanya mengiklankan pendapatan agar sesuai dengan apa yang diinginkan dikenal sebagai manajemen laba. Tujuan penelitian adalah untuk mengetahui pengaruh leverage, ukuran perusahaan dan siklus hidup perusahaan terhadap manajemen laba pada perusahaan sektor pertambangan. Populasi penelitian adalah perusahaan sektor pertambangan yang terdaftar di Bursa Efek Indonesia yang telah mempublikasikan laporan keuangan dan tahunan periode 2015-2019. Teknik pengumpulan data digunakan metode purposive sampling. Berdasarkan kriteria yang telah ditentukan, terdapat 29 perusahaan yang kemudian dijadikan sampel penelitian dengan total 145 observasi selama 5 periode. Analisis data yang digunakan adalah analisis regresi dummy. Hasil penelitian ini menunjukkan bahwa leverage dan ukuran perusahaan tidak berpengaruh terhadap manajemen laba, tetapi siklus hidup perusahaan berpengaruh positif terhadap manajemen laba pada perusahaan sektor pertambangan.
The direction of this study was engineered by the need to increase the innovation activity of high‐tech enterprises (primarily small enterprise) and to test the hypothesis that the innovation ...activity of such enterprises depends on the stage of their life cycle. At the first stage, we formulated the assumptions and prerequisites for the formation of a sample for the study: 106 small enterprises of the electric power industry of the Chelyabinsk region of Russia Federation. At the second stage, we developed a method to determine an enterprise's life cycle stage, taking into account the specifics of small industrial enterprises. Our method involves the sequential implementation of two steps. In the first, we use the traditional indicator of age of the enterprise, and in the second, we assess the degree of stability of key financial indicators of enterprise activities. At the third stage, based on the proposed method, the sample was divided into three groups: growing, mature, and long‐lived enterprises, for each of which an assessment of innovation activity was carried out. As a result, we determined that small Russian enterprises in the high‐tech industry demonstrate an increase in innovation activity at the stage of maturity, as a rule. However, even at this stage, only one in three enterprises shows such activity. This can be explained by the low demand for small businesses in the Russian national innovation system, as well as the lack of highly qualified personnel and the prevailing stereotypes of attitudes toward small businesses. As captured in the Sustainable Development Goals (SDGs) 9 (industry, innovation, and infrastructure), the proposed approach can be applied in the development of regional support programs and strategies for the development of small high‐tech enterprises.
This research was done with the aim of investigating the effect of social responsibility performance on the financial crisis at different stages of the company's life cycle. Research data was ...collected from the stock exchange. The present study is empirical in terms of purpose and descriptive-analytical in terms of inference. Also, this research is post-event in terms of research design. The statistical population of this study are all the companies listed on the Tehran Stock Exchange during the period 2012 to 2016 (5-year period). The screening method was used to select the sampling method. The total number of companies used in the study sample is 141. In this study, the research hypotheses were analysed using the collected data, using the Excel spreadsheet and EViews software. The Generalized Estimated Least Squares (EGLS) method has been used to test the research models. The results showed that there is a significant negative relationship between social responsibility performance and financial crisis. The relationship between performance of social responsibility and financial crisis in the growth stage, is stronger than in the maturity stage. The relationship between performance of social responsibility and financial crisis in the growth phase, is stronger than in the decline phase. Also, the relationship between social responsibility performance and financial crisis in the maturity stage, is stronger than in the decline stage.
This study aimed to investigate the effect of life cycle at the critical point of the growth mature and mature-stagnant stages of discretionary accruals and the effect of company age on discretionary ...accruals. In addition, this study also examines the differences of discretionary accruals in growth-mature stage and mature-stagnant stage. The data observation in this study is financial statement data of 341 manufacturing companies listed on Indonesia Stock Exchange in 2015-2017. The dependent variable is discretionary accruals that focuses on the piecewise linear model and the independent variables are the life cycle and the company age. Life cycle grouped into two critical point stages, namely the growth-mature stage and the mature-stagnant stage. Multiple linear regression is used to test hypotheses. The results show that there is a negative effect on growth-mature and mature stagnant in critical points of the discretionary accruals and there is a positive effect on the company age on discretionary accruals. Moreover, this study also proves that there are differences in discretionary accruals at growth-mature stage and mature-stagnant stage.
Background: Dividend payout is one of the most debated contemporary corporate finance Issues. No universal theoretical model describes the factors that corporate managers consider in dividend payout ...decisions. This study extends previous South African empirical research on dividend payout trends and motivations for Johannesburg Stock Exchange (JSE)-listed industrial companies over the period 1999–2014. The study period coincides with the introduction of share repurchases as an alternative distribution method, covers multiple dividend distribution regulatory amendments and overlaps the global financial crisis of 2008.Objectives: The aim of this study was to ascertain whether the global financial crisis of 2008 affected dividend payouts and to identify factors that influenced dividend payout decisions of JSE-listed industrial companies over the period 1999–2014.Method: Descriptive statistics and a fixed-effects panel regression analysis were applied to dividend data extracted from published annual reports of JSE-listed industrial companies over the period 1999–2014.Results: Dividend distributions of JSE-listed industrial companies increased over the study period in contrast to declining global dividend distribution trends. A significant increase in dividend payout was found when comparing pre- and post-recession periods, in line with the positive impact of dividend distribution regulatory reforms. Company size (+), profitability (+), sales growth (−) and free cash flow (−) were identified as significant factors that influence dividend distributions of JSE-listed industrial companies.
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