Using the Dickinson Cash Flow Model instead of using the company's age in the differentiation of the life cycle stages

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Shirzadi Yaser; Dolatyari Foroozan

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Journal Paper

Paper Information

Journal: JOURNAL OF ACCOUNTING KNOWLEDGE AND MANAGEMENT AUDITING Year:2019 | Volume:8 | Issue:30 Page(s): 175-188

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Information Journal Paper

Title

Using the Dickinson Cash Flow Model instead of using the company's age in the differentiation of the life cycle stages

Author(s)

Shirzadi Yaser | Dolatyari Foroozan | Issue Writer Certificate

Keywords

Cost of CapitalQ2

Dickinson Life CycleQ1

Capital Asset Pricing ModelQ1

Cash Flow ModelQ1

Abstract

According to the theory of life cycle, companies have a life curve or life cycle. The Cost of Capital is one of the important factors in the financial decisions of a corporation that is expected to be affected by its life cycle stages. The purpose of this study is to investigate the relationship between companies' life cycle and Cost of Capital. For this purpose, 120 companies listed in Tehran Stock Exchange from 2006 to 2015 were investigated. Dickinson's cash flows model and Capital Asset Pricing Model were used. Findings show that the stages of growth and maturity have a negative and significant relationship with the Cost of Capital, while the declining stage has a significant and positive relationship with the Cost of Capital. However, there is no relationship between the Introduction stage and the Cost of Capital.

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APA: Copy

Shirzadi, Yaser, & Dolatyari, Foroozan. (2019). Using the Dickinson Cash Flow Model instead of using the company's age in the differentiation of the life cycle stages. JOURNAL OF ACCOUNTING KNOWLEDGE AND MANAGEMENT AUDITING, 8(30 ), 175-188. SID. https://sid.ir/paper/393145/en

Vancouver: Copy

Shirzadi Yaser, Dolatyari Foroozan. Using the Dickinson Cash Flow Model instead of using the company's age in the differentiation of the life cycle stages. JOURNAL OF ACCOUNTING KNOWLEDGE AND MANAGEMENT AUDITING[Internet]. 2019;8(30 ):175-188. Available from: https://sid.ir/paper/393145/en

IEEE: Copy

Yaser Shirzadi, and Foroozan Dolatyari, “Using the Dickinson Cash Flow Model instead of using the company's age in the differentiation of the life cycle stages,” JOURNAL OF ACCOUNTING KNOWLEDGE AND MANAGEMENT AUDITING, vol. 8, no. 30 , pp. 175–188, 2019, [Online]. Available: https://sid.ir/paper/393145/en

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