Commercial Surveys

Commercial Surveys

The Impact of Asset Classes on Asset Returns and Firm Performance During Different Stages of the Life Cycle

Document Type : پژوهشی (توصیفی- تحلیلی)

Author
Assistant Professor, Department of Accounting, Payame Noor University, Tehran, Iran
Abstract
The purpose of this research is the effect of different asset classes on asset returns and the company's performance at different stages of the life cycle. The statistical population of the research is the companies listed to Tehran Stock Exchange from 2013 to 2022. The data of 131 companies have been used as an unbalanced panel with the method of systematic Removal sampling method. Company year observations are grouped into five distinct life cycle stages using the revised model of Dickinson (2011). The analysis of the data showed that asset class has different effects on asset yield and Q-Tobin ratio at different stages of the life cycle. In the introduction stage, net working capital and fixed assets have a positive and significant effect on the asset return ratio. In the growth stage, cash and net working capital have a positive and significant effect on the return on assets and intangible assets have a positive and significant effect on the Qotubin ratio. In the maturity stage, cash, net working capital and long-term investment have a positive and significant effect on asset returns. In the decline stage, net working capital has a positive and significant effect on asset returns, and other asset items have a negative and significant effect on Q-Tobin ratio. In The collapse stage, cash, net working capital and long-term investment have a positive and significant effect on asset returns, and cash also has a positive and significant effect on Q-Tobin ratio. The findings signal to the investors about the company's prospects and help them to make
Keywords

Subjects


 
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Volume 22, Issue 129 - Serial Number 129
January and February 2025
Pages 69-92

  • Receive Date 28 July 2024
  • Revise Date 09 October 2024
  • Accept Date 28 December 2024