The Determinants of the Life Cycle Stages of Brazilian Public Companies: A Study Based on FinancialAccounting Variables

Wando Costa, Marcelo Macedo, Karen Yokoyama and José Almeida
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Wando Costa: Universidade Federal do Espírito Santo (UFES)
Marcelo Macedo: Universidade Federal do Rio de Janeiro (PPGCC/UFRJ)
Karen Yokoyama: Universidade Federal do Espírito Santo (UFES)
José Almeida: Universidade Federal do Espírito Santo (UFES)

Brazilian Business Review, 2017, vol. 14, issue 3, 304-320

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 BMeFBOVESPA 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.

Keywords: Life cycle; Accounting ratios; Finance; Brazilian public companies; Capital market. (search for similar items in EconPapers)
Date: 2017
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Persistent link: https://EconPapers.repec.org/RePEc:bbz:fcpbbr:v:14:y:2017:i:3:p304-320

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