Continuously, management of firm growth and directing through improving profitability are among fundamental apprehensions of the managers and selecting financial resource is of vital significance in this regard. On the other hand, both profitability and firm growth influence life cycle, and the relationship between them may be different in various phases of life cycle of companies. This research aims to answer to the questions of using domestic financial resources in order to provide financial growth by considering various phases of life cycle of companies listed on Tehran Stock Exchange. Therefore, among the listed companies, 85 companies were studied for the period 2007 to 2011. Multivariate regression model and analyzing panel data were used for hypotheses tests. The results show that there is a positive and significant relationship between profitability of past years and growth and the impact of profitability of past years on firm growth is different by changing intervals. On the other hand, internal financial resources as one the main resources of financing firm growth are used by companies. Moreover, findings show that the impact of life cycle of companies on firm growth in maturity period is more than the same for other phases of life cycle. In other words, companies which have used internal financial resources in recent years and they are in maturity phase, experience higher growth of sale.
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Moradi, J., & Bagheri Moslou, F. (2014). Internal Financing of Firm Growth Considering Life Cycle
Some Evidences of Pecking Order Theory. Financial Management Strategy, 2(2), 21-37. doi: 10.22051/jfm.2015.981
MLA
Javad Moradi; fatemeh Bagheri Moslou. "Internal Financing of Firm Growth Considering Life Cycle
Some Evidences of Pecking Order Theory". Financial Management Strategy, 2, 2, 2014, 21-37. doi: 10.22051/jfm.2015.981
HARVARD
Moradi, J., Bagheri Moslou, F. (2014). 'Internal Financing of Firm Growth Considering Life Cycle
Some Evidences of Pecking Order Theory', Financial Management Strategy, 2(2), pp. 21-37. doi: 10.22051/jfm.2015.981
VANCOUVER
Moradi, J., Bagheri Moslou, F. Internal Financing of Firm Growth Considering Life Cycle
Some Evidences of Pecking Order Theory. Financial Management Strategy, 2014; 2(2): 21-37. doi: 10.22051/jfm.2015.981
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