Does the life cycle affect earnings management and bankruptcy?
Keywords:earnings management, corporate life cycle, cash flow pattern, bankruptcy
Research background: Deteriorating economic conditions and a negative outlook increase the pressure on financial management and the need to show high financial performance. According to Positive Accounting Theory, the growing risk of bankruptcy is associated with the phenomenon of earnings management. Bankruptcy risk and the quality of reported profits, along with other aspects of financial performance, vary throughout the company's life cycle. Nevertheless, these factors or their interactions are investigated only to a very small extent.
Purpose of the article: The aim of this study is to clarify the impact of corporate life cycle and bankruptcy on earnings management, in order to describe behaviour of companies at different stages of corporate life cycle.
Methods: A hierarchical mixed model with a random time and industry effect was chosen as appropriate because it allows the investigation of multilevel data that is not independent. The sample covers the financial indicators of more than 33,000 Central European companies from 2015?2019. The non-sequential Dickinson model, company age, and three models of accrual earnings management were used as proxies for the company's life cycle and quality of reported profit.
Findings & value added: Earnings management and bankruptcy risk have a U-shape, indicating that financially distressed firms reduce reported accounting profit at the Introduction, Decline and, to a lesser extent, at the Growth stage. Slovak and Czech companies manipulate profits to a similar extent, Hungarian companies increase accounting profit to a greatest extent than the surveyed countries by controlling bankruptcy ? life cycle effect; however, the variability of accounting manipulations across industries has not been demonstrated. These findings imply that start-ups and declining businesses provide crooked financial statements to obtain more favourable debt covenants, and estimating discretionary accruals using life-cycle subsamples can improve the predictive power of accrual earnings management models.
Adizes, I. (1979). Organizational passages-diagnosing and treating lifecycle problems of organizations. Organizational Dynamics, 8(1), 3?25. doi: 10.1016/009 0-2616(79)90001-9.
Akbar, A., Akbar, M., Tang, W., & Qureshi, M. A. (2019). Is bankruptcy risk tied to corporate life-cycle? Evidence from Pakistan. Sustainbility, 11(3), 678, doi: 10.3390/su11030678.
Akbar, M., Akbar, A., Maresova, P., Yang, M., & Arshad, H.M. (2020). Unraveling the bankruptcy risk-return paradox across the corporate life cycle. Sustainbility, 12(9), 3547, doi: 10.3390/su12093547.
AlNajjar, F. K., & Riahi-Belkeoui, A. (2001). Empirical validation of a general model of growth opportunities. Managerial Finance, 27(3), 72?90. doi: 10.110 8/03074350110767051.
Altman, E (1968). Financial ratios, discriminant analysis and the prediction of corporate bankruptcy. Journal of Finance, 23(4), 589?609. doi: 10.1111/j.15 40-6261.1968.tb00843.x.
Amin, A., Bowler, B., Hasan, M. M., Lobo, G., & Tresl, J. (2020). Firm life cycle and cost of debt. CERGE-EI Working Paper Series, 665. Retrieved from https://www.cerge-ei.cz/pdf/wp/Wp665.pdf.
Anthony, J. H., & Ramesh, K. (1992). Association between accounting performance measures and stock prices: a test of the life cycle hypothesis. Journal of Accounting and Economics, 15(2), 203?227. doi: 10.1016/0165-4101(92)90018-W.
Beaver, W. H. (1966). Financial ratios as predictors of failure. Journal of Accounting Research, 4, 71?111. doi: 10.2307/2490171.
Bender, R., & Ward, K. (2002). Corporate financial strategy. Oxford: Butterworth-Heinemann.
Beneish, M. D. (2001). Earnings management: a perspective. Managerial Finance, 27(12), 3?17. doi: 10.1108/03074350110767411.
Blomkvist, M., Loflund, A., & Vyas, H. (2020). Credit ratings and firm life-cycle. Finance Research Letters, 101598. doi: 10.1016/j.frl.2020.101598.
Brzeszczynski, J., Gajda, J., & Schabek, T. (2012). Earnings management in Polish companies. Comparative Economic Research. Central and Eastern Europe, 14(3), 137?150. doi: 10.2478/v10103-011-0023-1.
Burgstahler, D., & Chuk, E. (2017). What have we learned about earnings management? Integrating discontinuity evidence. Contemporary Accounting Research, 34(2), 726?749. doi: 10.1111/1911-3846.12301.
Bushman, R. M., Smith, A. J., & Zhang, F. (2011). Investment cash flow sensitivities really reflect related investment decisions. Retrieved from https://ssrn.com/abstract=842085.
Cahan, S. B. (1992). The effect of antitrust investigations on discretionary accruals: a refined test of the political ? cost hypothesis. Accounting Review, 67(1), 77?95.
Callao, S., Jarne, J. I., & Wroblewski, D. (2017). Detecting earnings management investigation on different models measuring earnings management for emerging eastern European countries. International Journal of Research ? Granthaalayah, 5(11), 222?259. doi: 10.5281/zenodo.1095448.
Campa, D., & Camacho-Minano, M. (2015). The impact of SME?s pre-bankruptcy financial distress on earnings management tools. International Review of Financial Analysis, 42, 222?234. doi: 10.1016/j.irfa.2015.07.004.
Can, G. (2020). Do life-cycles affect financial reporting quality? Evidence from emerging market. Cogent Business & Management, 7(1). doi: 10.1080/2331 1975.2020.1854147.
Charitou, A., Lambertides, N., & Trigeorgis, L. (2007). Managerial discretion in distressed firms. British Accounting Review, 39(4), 323?346. doi: 10.1016/j.bar. 2007.08.003.
Charitou, A., Lambertides, N., & Trigeorgis, L. (2011). Distress risk, growth and earnings quality. Abacus, 47(2), 158?181. doi: 10.1111/j.1467-6281.2011.0 0337.x.
Chen, T. (2016). Internal control, life cycle and earnings quality. Open Journal of Business and management, 4(2), 301?311. doi: 10.4236/ojbm.2016.42032.
Chen, X., Cheng, O., Hao, Y., & Liu, O. (2020). GDP growth incentives and earnings management: evidence from China. Review of Accounting Studies, 25, 1002?1039. doi: 10.1007/s11142-020-09547-8.
Chen, X., Yang, W., & Huang, D. (2010). Corporate life cycle and the accrual model: an empirical study based on Chinese listed companies. Frontiers of Business Research in China, 4, 580?607. doi: 10.1007/s11782-010-0112-1.
Cherkasova, V., & Radasi, D. (2017). Earnings quality and investment efficiency: evidence from Eastern Europe. Review of Economic Perspectives, 17(4), 441?468. doi: 10.1515/revecp-2017-0023.
Cohen, D. A., & Zarowin, P. (2007). Earnings management over the business cycle. New York University/Stern School of Business. Retrieved from https://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.1060.381&rep=rep1&type=pdf.
Czajor, P., Michalak, J., & Waniak-Michalak, H. (2013). Influence of economy growth on earnings quality of listed companies in Poland. Social Sciences, 82(4), 48?58. doi: 10.5755/j01.ss.82.4.6602.
Damodaran, A. (2018). The corporate life cycle: growing up is hard to do! Retrieved from http://people.stern.nyu.edu/adamodar/pdfiles/country/corporat elifecycleLongX.pdf
Dechow, P. (1994). Accounting earnings and cash flows as measures of firm performance: the role of accounting accruals. Journal of Accounting and Economics, 18(1), 3?42. doi: 10.1016/0165-4101(94)90016-7.
Dechow, P., Ge, W., & Schrand, C. (2010). Understanding earnings quality: a review of the proxies, their determinants and their consequences. Journal of Accounting and Economics, 50(2-3), 344?401. doi: 10.1016/j.jacceco.2010.0 9.001.
Dechow, P. M., Sloan, R. G., & Sweeney, A. P. (1995). Detecting earnings management. Accounting Review, 70(2), 193?225.
DeFond, M. L., & Jiambalvo, J. (1994). Debt covenant violation and manipulation of accruals. Journal of Accounting and Economics, 17(1-2), 145?176. doi: 10.1016/0165-4101(94)90008-6.
Degiannakis, S., Giannopoulos, G., Ibrahim, S., & Rozic, I. (2019). Earnings management to avoid losses and earnings declines in Croatia. International Journal of Computational Economics and Econometrics, 9(3), 219?233. doi: 10.1504/IJCEE.2019.100561.
Delcoure, N. (2007). The determinants of capital structure in transitional economies. International Review of Economics and Finance, 16, 400?415. doi: 10.1016/j.iref.2005.03.005.
Dickinson, V. (2011). Cash flow patterns as a proxy for firm life cycle. Accounting Review, 86(6), 1969?1994. doi: 10.2308/accr-10130.
Dickinson, V., Kassa, H., & Schaberl, P.D. (2018). What information matters to investors at different stages of a firm?s life cycle? Advances in Accounting, 42, 22?33. doi: 10.1016/j.adiac.2018.07.002.
Drake, K. D. (2015). Does firm life cycle inform the relation between book-tax differences and earnings persistence? Retrieved from https://papers.ssrn. com/sol3/papers.cfm?abstract_id=2547778.
Dutzi, A., & Rausch, B. (2016). Earnings management before bankruptcy: a review of the literature. Journal of Accounting and Auditing: Research & Practice, 16, doi: 10.5171/2016.245891.
Euler Hermes (2020a). Calm before the storm: covid-19 and the business insolv ency time bomb. Retrieved from https://www.eulerhermes.com/content/ dam/onemarketing/ehndbx/eulerhermes_com/en_gl/erd/publications/pdf/Final-2020_07_16_InsolvencyTimeBomb.pdf
Euler Hermes (2020b). Europe: One in four corporates will need more policy support in 2021 to avert a cash-flow crisis. Retrieved from https://www.eulerh ermes.com/en_global/news-insights/economic-insights/Europe-One-in-four-cor porates-will-need-more-policy-support-in-2021-to-avert-a-cash-flow-crisis.html
Faff, R., Kwok, W. C., Podolski, E. J., & Wong, G. (2016). Do corporate policies follow a life-cycle? Journal of Banking & Finance, 69, 95?107. doi: 10.1016/ j.jbankfin.2016.04.009.
Fialova, V., & Folvarcna, A. (2020). Default prediction using neural networks for enterprises from the post-soviet country. Ekonomicko-manazerske spektrum, 14(1), 43?51. doi: 10.26552/ems.2020.1.43-51.
FitchRatings (2020). Global economic outlook - December 2020. Retrieved from https://www.fitchratings.com/research/sovereigns/global-economic-outlook-dec ember-2020-07-12-2020.
Garcia Lara, J. M., Garcia Osma, B., & Neophytou, E. (2009). Earnings quality in ex?post failed firms. Accounting and Business Research, 39(2), 119?138. doi: 10.1080/00014788.2009.9663353.
Garcia-Teruel, P. J., Martinez-Solano, P., & Sanchez-Ballesta, J. P. (2014). Supplier financing and earnings quality. Journal of Business Finance & Accounting, 41(9) & (10), 1193?1211. doi: 10.1111/jbfa.12090.
Gaver, J. J., & Gaver, K. M. (1993). Additional evidence on the association between the investment opportunity set and corporate financing, dividend, and compensation policies. Journal of Accounting and Economics, 16(1-3), 125?160. doi: 10.1016/0165-4101(93)90007-3.
Gelman, A. (2006). Multilevel (hierarchical) modeling: what it can and cannot do. Technometrics, 48(3), 432?435. doi: 10.1198/004017005000000661.
Gourinchas, P. O., Kalemli-Ozcan, B., Peciakova, V., & Sander, N. (2020). COVID-19 and SME failures. NBER Working Paper Series, 27877. doi: 10.338 6/w27877.
Graham, J. R., Harvey, C. R., & Rajgopal, S. (2005). The economic implications of corporate financial reporting. Journal of Accounting and Economics, 40(1-3), 3?73. doi: 10.1016/j.jacceco.2005.01.002.
Gregova, E., Smrcka, L., Michalkova, L., & Svabova, L. (2021). Impact of tax benefits and earnings management on the capital structure across V4 countries. Acta Polytechnica Hungarica. 18(3), 221?244. doi: 10.12700/APH.18.3.2021 .3.12.
Grice, J. S, & Dugan, M. T. (2003). Re-estimations of the Zmijewski and Ohlson bankruptcy prediction models. Advances in Accounting, 20, 77?93. doi: 10.101 6/S0882-6110(03)20004-3.
Grofcikova, J. (2020). Impact of selected determinants of corporate governance on financial performance of companies. Ekonomicko-manazerske spektrum, 14(2), 12?23. doi: 10.26552.ems.2020.12-23.
Gu, Z., Lee, C. W. J., & Rosett, J. G (2005). What determines the variability of accounting accruals? Review of Quantitative Finance and Accounting, 24, 313?334. doi: 10.1007/s11156-005-6869-1.
Gujarati, D. N., & Porter, D. C. (2008). Basic econometrics. New York: McGraw-Hill Education.
Gulec, O. F., & Karacaer, S. (2017). Corporate life cycle methods in emerging markets: evidence from Turkey. Journal of Economics, Finance & Accounting, 4(3), 224?236. doi: 10.17261/Pressacademia.2017.690.
Habib, A., & Hasan, M. M. (2017). Firm life cycle, corporate risk?taking and investor sentiment. Accounting & Finance, 57(2), 456?497. doi: 10.1111/acfi. 12141.
Hastuti, T. D., Ghozali, I., & Yuyetta, E. N. A. (2017). The effect of company life cycles on the accruals earnings management with internal control system as moderating variable. Polish Journal of Management Studies, 15(1), 66?75. doi: 10.17512/pjms.2017.15.1.07.
Hayn, C. (1995). The information content of losses. Journal of Accounting and Economics, 20(2), 125?153. doi: 0.1016/0165-4101(95)00397-2.
Hoglund, H. (2012). Detecting earnings management with neural networks. Expert Systems with Applications, 39(10), 9564?9570. doi: 10.1016/j.eswa.2012.02 .096
Homola, D., & Pasekova, M. (2020). Factors influencing true and fair view when preparing financial statements under IFRS: evidence from the Czech Republic. Equilibrium. Quarterly Journal of Economics and Economic Policy, 15(3). doi: 10.24136/eq.2020.026.
Hribar, P., & Yehuda, N. (2015). The mispricing of cash flows and accruals at different life?cycle stages. Contemporary Accounting Research, 32(3), 1053?1072. doi: 10.1111/1911-3846.12117.
Hussain, A., Akbar, M., Khan, M. K., Akbar, A., Panait, M., & Voica, M. C. (2020). When does earnings management matter? Evidence across the corporate life cycle for non-financial Chinese listed companies. Journal of Risk and Financial Management, 13(12), 313. doi: 10.3390/jrfm13120313.
Iatridis, G. (2010). International financial reporting standards and the quality of financial statement information. International Review of Financial Analysis, 43, 193?204. doi: 10.1016/j.irfa.2010.02.004.
Iatridis, G., & Kadorinis, G. (2009). Earnings management and firm financial motives: a financial investigation of UK listed firms. International Review of Financial Analysis, 18(4), 164?173. doi: 10.1016/j.irfa.2009.06.001.
Istrate, C., Georgescu, I. E., Carp, M., Robu, I. B., & Pavaloaia, L. (2015). Accruals earnings management in emerging markets under the transition to IFRS: the case of Romanian listed companies. Transformations in Business & Economics, 14(2A), 393?411.
Jaggi, B., & Lee, P. (2002). Earnings management response to debt covenant violations and debt restructuring. Journal of Accounting, Auditing & Finance, 17(4), 295?324. doi: 10.1177/0148558X0201700402.
Jardin, P., Veganzones, D., & Severin, E. (2019). Forecasting corporate bankruptcy using accrual-based models. Computational Economics, 54, 7?43. doi: 10.1007 /s10614-017-9681-9.
Jones, J. (1991). Earnings management during import relief investigations. Journal of Accounting Research, 29(2), 193?228. doi: 10.2307/2491047.
Joosten C. (2012). Real earnings management and accrual-based earnings management as substitutes (Master thesis, Tilburg university). Retrieved from https://arno.uvt.nl/show.cgi?fid=127248.
Jovanovic, B. (1982). Selection and the evolution of industry. Econometrica, 50(3), 649?670.
Kasznik, R. (1999). On the association between voluntary disclosure and earnings management. Journal of Accounting Research, 37(1), 57?81. doi: 10.2307/249 1396.
Kayo, E. K., & Kimura, H. (2010). Hierarchical determinants of capital structure. Journal of Banking & Finance, 35(2), 358?371. doi: 10.1016/j.jbankfin.2010.0 8.015.
Kliestik, T., Belas, J., Valaskova, K., Nica, E., & Durana, P. (2020a). Earnings management in V4 countries: the evidence of earnings smoothing and inflating, Economic Research-Ekonomska Istraživanja, doi: 10.1080/1331677X.2020. 1831944.
Kliestik, T., Valaskova, K., Nica, E., Kovacova, M., & Lazaroiu, G. (2020b). Advanced methods of earnings management: monotonic trends and change-points under spotlight in the Visegrad countries. Oeconomia Copernicana, 11(2), 371?400. doi: 10.24136/oc.2020.016.
Kothari, S. P., Leone, A. J., & Wasley, C. E. (2005). Performance matched discretionary accrual measures. Journal of Accounting and Economics, 39(1), 163?197. doi: 10.1016/j.jacceco.2004.11.002.
Kramarova, K. (2021). Transfer pricing and controlled transactions in connection with earnings management and tax avoidance. SHS Web of Conferences, 92, 02031. doi: 10.1051/shsconf/20219202031.
Kramarova, K., & Valaskova, K. (2020). Application of chosen fraudulent detection technique in the Slovak business environment. SHS Web of Conferences, 74, 01019. doi: 10.1051/shsconf/20207401019.
Leach, R., & Newsom, P. (2007). Do firms manage their earnings prior to filing for bankruptcy? Academy of Accounting and Financial Studies Journal, 11(3), 125?137.
Leuz, C., Nanda, D., & Wysocki, P. D. (2003). Earnings management and investor protection: an international comparison. Journal of Financial Economics, 69(3). doi: 10.1016/S0304-405X(03)00121-1.
Lisboa, I., & Kacharava, A. (2018). Does financial crisis impact earnings management: evidence from Portuguese and UK. European Journal of Applied Business Management, 4(1), 80?100.
Liu, M. (2006). Accruals and managerial operating decisions over the firm life cycle. Doctoral dissertation, Massachusetts Institute of Technology. Retrieved from http://oastats.mit.edu/bitstream/handle/1721.1/37251/85835990-MIT.pdf? sequence=2&isAllowed=y.
Lizinska, J., & Czapiewski, L. (2018). Towards economic corporate sustainability in reporting: what does earnings management around equity offerings mean for long-term performance? Sustainbility, 10(12), 4349. doi: 10.3390/su10124349.
Mangoting, Y., & Onggara, C. T. (2018). The firm life cycle dynamics of tax avoidance. Advances in Economics, Business and Management Research, 69, 198?204. doi: 10.2991/teams-18.2019.35.
Marinsek, D. (2017). Multilevel regression and cluster confounding in finance: study of corporate capital structure. Ljubljana: Faculty of Economics, University of Ljubljana.
Matonti, G., Tommasetti, A., Torre, C., & Tucker, J. (2020). The impact of financial difficulties on earnings management strategies: the case of Italina non-listed firms. African Journal of Business Management, 14(11), 511?528. doi: 10.5897/AJBM2020.9105.
Matsumoto, D. A. (2002). Management's incentives to avoid negative earnings surprises. Accounting Review, 77(3), 483?514.
McKee, T. E. (2005). Earnings management: an executive perspective. Indiana: Thomson.
Michalkova, L. (2021). Earnings quality and accruals over company´s life cycle. SHS Web of Conferences, 92, 02043. doi: 10.1051/shsconf/20219202043.
Miller, D., & Friesen, P. H. (1984). A longitudinal study of the corporate life cycle. Management Science, 30(10), 1161?1183. doi: 10.1287/mnsc.30.10.1161.
Moores, K., & Yuen, S. (2001). Management accounting systems and organizational configuration: a life-cycle perspective. Accounting, Organizations and Society, 26(4-5), 351?389, doi: 10.1016/S0361-3682(00)00040-4.
OECD (2020). OECD economic outlook, Volume 2020 Issue 2, Paris: OECD Publishing. doi: 10.1787/39a88ab1-en.
Oshchepkov, A., & Shirokanova, A. (2020). Multilevel modeling for economists: why, when and how. Higher School of Economics Research Paper. Moscow. National Research University Higher School of Economics, WP BRP 233/EC/2020.
Pachariyanon, P. (2014). The relationship between company life-cycle and the choice of earnings management. Dissertation Thesis. Retrieved from https://core.ac.uk/download/pdf/145779435.pdf
Papadaki, A., & Tzovas, C. (2017). Financial crisis and accrual and real earnings management in Europe. Corporate Ownership & Control, 14(3), 8?19. doi: 10.22495/cocv14i3art1.
Papik, M., & Papikova, L. (2020). Detection models for unintentional financial restatements. Journal of Business Economics and Management, 21(1). 64?86. doi: 10.3846/jbem.2019.10179.
Papík, M., & Papíková, L. (2021). Application of selected data mining techniques in unintentional accounting error detection. Equilibrium. Quarterly Journal of Economics and Economic Policy, 16(1), 185?201. doi: 10.24136/eq.2021.007.
Park, Y., & Chen, K. (2006). The effect of accounting conservatism and life-cycle stages on firm valuation. Journal of Applied Business Research, 22(3), 75?92. doi: 10.19030/jabr.v22i3.1428.
Paulo, E., & Gurgel Mota, R. H. (2019). Business cycles and earnings management strategies: a study in Brazilian public firms. Revista Contabilidade & Financas, 30(80), 216?233. doi: 10.1590/1808-057x201806870.
Petersen, M. A. (2009). Estimating standard errors in finance panel data sets: comparing approaches. Review of Financial Studies, 22(1), 435?480. doi: 10.1093/rfs/hhn053.
Ronen, J., & Yaari, V. (2008). Earnings management. Emerging insight in theory, practice, and research. New York: Springer.
Rusmin, R. (2010). Auditor quality and earnings management: Singaporean evidence. Managerial Auditing Journal, 25(7), 618?638. doi: 10.1108/02686 901011061324.
Scott, W. R. (1997). Financial accounting theory. Scarborough: Prentice Hall.
Seifert, B., & Gonenc, H. (2012). Creditor rights and R&D expenditures. Corporate Governance: An International Review, 20(1), 3?20. doi: 10.1111/j.1 467-8683.2011.00881.x.
Smith, M., Kestel, J., & Robinson, P. (2001). Economic recession, corporate distress and income increasing accounting policy choice. Accounting Forum, 25(4), 334?352. doi: 10.1111/1467-6303.00070.
Snijders, T. A., & Bosker, R. J. (2012). Multilevel analysis: an introduction to basic and advanced multilevel modeling. London etc.: Sage Publishers
Sosnowski, T. (2017). Earnings management and the floatation structure: empirical evidence from Polish IPOs. Equilibrium. Quarterly journal of Economics and Economic Policy, 12(4), 693?709. doi: 10.24136/eq.v12i4.36.
Sosnowski, T. (2018). Earnings management in the private equity divestment process on Warsaw Stock Exchange. Equilibrium. Quarterly Journal of Economics and Economic Policy, 13(4), 689?705. 10.24136/eq.2018.033.
Strakova, l. (2020). Earnings management in global background. SHS Wweb of Conferences, 74, 01032. doi: 10.1051/shsconf/20207401032.
Suberi, A. Z. M., Hsu, G., & Wyatt, A. (2012). The relation between firm growth and accounting quality: a test of the life cycle hypothesis. Brisbane: University of Queensland, Australia.
Svabova, L., Svabova, K., Chutka, J., & Strakova, L. (2020). Detecting earnings manipulation and fraudulent financial reporting in Slovakia. Oeconomia Copernicana, 11(3), 485?508. doi:10.24136/oc.2020.020.
Teoh, S., Welch, I., & Wong, T. (1998). Earnings management and the underperformance of seasoned equity offerings. Journal of Financial Economics, 50(1), 63?99. doi: 10.1016/S0304-405X(98)00032-4.
Tian, L., Han, L., & Zhang, S. (2015). Business life cycle and capital structure: evidence from Chinese manufacturing firms. China & World Economy, 23(2), 22?39. doi: 10.1111/cwe.12105.
United Nations (2021). World economic situation and prospects 2021. Retrieved from https://www.un.org/development/desa/dpad/wp-content/uploads/sites/45 /WESP2021_FullReport.pdf
Valaskova, K., & Durana, P. (2020). Global context of disparities in earnings management among enterprises: evidence from Slovakia. SHS Web of Conferences, 74, 010034. doi: 10.1051/shsconf/20207401034.
Wang, Z., Akbar, M., & Akbar, A. (2020). The interplay between working capital management and a firm?s financial performance across the corporate life cycle. Sustainability, 12(4), 1661. doi: 10.3390/su12041661.
Watts, R. L., & Zimmerman, J. L. (1990). Positive accounting theory: a ten year perspective. Accounting Review, 65(1), 131?156.
Wernerfelt, B. (1985). The dynamics of prices and market shares over the product life cycle. Management Science, 31(8), 928?939. doi: 10.1287/mnsc.31.8.928.
World Bank (2021). Global economic prospects, January 2021. Washington, DC: World Bank. doi: 10.1596/978-1-4648-1612-3.
Zadband, V. K., & Omrani, H. (2014). The effect of corporate life cycle on financial reporting quality companies listed in Tehran stock exchange. International Journal of Management & Information Technology, 9(2), 1564?1571. doi: 10.24297/ijmit.v9i2.666.
How to Cite
Copyright (c) 2021 Oeconomia Copernicana
This work is licensed under a Creative Commons Attribution 4.0 International License.