ISSN 1808-2386    QUALIS A2
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The Determinants of the Life Cycle Stages of Brazilian Public Companies: A Study Based on FinancialAccounting Variables

Wando Belffi da Costa
Marcelo Alvaro da Silva Macedo
Karen Yukari Yokoyama
JosÚ Elias Feres de Almeida

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 BM&FBOVESPA 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.


Life cycle, accounting ratios, Finance, Brazilian public companies, Capital market.

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