Abor, J. (2005). The effect of capital structure on profitability: An empirical analysis of listed firms in Ghana. The Journal of Risk Finance, 6(5), 438-445.
Abuhommous, A. A. A. A. (2025). Does the firm's life cycle matter in the relationship between shortterm debt and investment efficiency?. International Journal of Finance & Economics, 30(2), 1429-1449.
Amoa-Gyarteng, K., & Dhliwayo, S. (2023). Capital structure, profitability, and short-term solvency of nascent SMEs in Ghana: An empirical study. Journal of Entrepreneurship, Management & Innovation, 19(4), 83–110.
Arab-Salehi, M., Farahmand, S., & Ramtin, M. (2011). Examining the relationship between debt policies and firm performance: Evidence from companies listed on Tehran Stock Exchange. Financial Accounting, 3(10), 43–61. (In Persian)
Ashough, H. (2024). Examining the effect of CEO characteristics on firm profitability considering earnings management as a moderating factor. 9th International Conference on Management, Economics, and Industry-Oriented Accounting, Tehran, Iran. (In Persian)
Akin, I., Akin, M., Satiroglu, H., & Jhamb, M. (2025). Influence of growth, capital structure, profitability, and size on FTSE 100 enterprise value. Journal of corporate accounting & finance, 36(2), 157-168.
Auditing Organization. (2018). Accounting Standard No. 14: Presentation of Financial Statements. Tehran: Auditing Organization. (In Persian)
Azizi, A., & Zarrin, J. (2016). Studying the impact of working capital management on the performance of listed companies in Tehran Stock Exchange. International Conference on New Ideas in Management, Economics, and Accounting. (In Persian)
Bewick, J., & Gunnarsson, V. (2025). Determinants of capital structure in swedish unlisted SMEs.
Botshekan, M. H. (2022). The impact of supply chain financing and financial development on the profitability of real estate companies listed on Tehran Stock Exchange and Iran Fara Bourse. Financial Management Strategy, 10(37), 29–46. (In Persian)
Brigham, E. F., & Ehrhardt, M. C. (2020). Financial management: Theory & practice (16th ed.). Cengage Learning.
Brigham, E. F., & Houston, J. F. (2013). Fundamentals of financial management. South-Western Cengage Learning.
Can, G., Demiraj, R., & Mersni, H. (2023). The effect of life cycle stages on capital expenditures: Evidence from an emerging market. EuroMed Journal of Business, 4(7), 119–126.
Co, H. T., Uong, T. T., & Nguyễn, C. V. (2021). The impact of capital structure on firm’s profitability: A case study of the rubber industry in Vietnam. Journal of Asian Finance, Economics and Business, 8(7), 469-476.
Dahqanian, F. (2020). Examining the relationship between firm sales growth and earnings persistence: Evidence from Tehran Stock Exchange. Applied Research in Management and Accounting, 5(19), 24–36. (In Persian)
Damodaran, A. (2012). Investment valuation: Tools and techniques for determining the value of any asset (3rd ed.). John Wiley & Sons.
Damouri, D., & Basad, A. (2017). Examining the relationship between firm life cycle and capital structure in Tehran Stock Exchange. Accounting and Auditing Research, 9(36), 81–96. (In Persian)
Deloof, M. (2003). Does working capital management affect profitability of Belgian firms? Journal of Business Finance & Accounting, 30(34), 573-588.
Demiraj, R., Dsouza, S., & Abiad, M. (2022). Working capital management impact on profitability: Pre-pandemic and pandemic evidence from the European automotive industry. Risks, 10(12), 236.
Diantimala, Y., Syahnur, S., Mulyany, R., & Faisal, F. (2021). Firm size sensitivity on the correlation between financing choice and firm value. Cogent Business & Management, 8(1), 1926404.
Dickinson, V. (2011). Cash flow patterns as a proxy for firm life cycle. The Accounting Review, 86(6), 1969-1994.
Enqvist, J., Graham, M., & Nikkinen, J. (2014). The impact of working capital management on firm profitability in different business cycles: Evidence from Finland. Research in International Business and Finance, 32, 36-49.
Fama, E. F., & French, K. R. (2002). Testing trade-off and pecking order predictions about dividends and debt. The Review of Financial Studies, 15(1), 1-33.
Filatotchev, I., Toms, S., & Wright, M. (2006). The firm's strategic dynamics and corporate governance life cycle. International Journal of Managerial Finance, 2(4), 256-279.
Frank, M. Z., & Goyal, V. K. (2009). Capital structure decisions: which factors are reliably important? Financial management, 38(1), 1-37.
Freeman, R. E. (1984). Strategic management: A stakeholder approach. Cambridge University Press.
Friedman, M. (2007). The social responsibility of business is to increase its profits. In Corporate ethics and corporate governance (pp. 173-178). Springer.
Graham, J. R., & Harvey, C. R. (2001). The theory and practice of corporate finance: Evidence from the field. Journal of Financial Economics, 60(2-3), 187-243.
Guluma, T. F. (2021). The impact of corporate governance measures on firm performance: The influences of managerial overconfidence. Future Business Journal, 7(1), 50.
Hasan, M. B., Ahsan, A. M., Rahaman, M. A., & Alam, M. N. (2014). Influence of capital structure on firm performance: Evidence from Bangladesh. International Journal of Business and Management, 9(5), 184-194.
Heni, F. P., & Utami, E. S. (2025). The impact of capital structure and profitability on company value. Research horizon, 5(3), 467-478.
Hill, M. D., Kelly, G. W., & Highfield, M. J. (2010). Net operating working capital behavior: a first look. Financial management, 39(2), 783-805.
Higgins, R. C., Koski, J. L., & Mitton, T. (2016). Analysis for financial management (11th ed.). McGraw-Hill Education.
Jensen, M. C., & Meckling, W. H. (2019). Theory of the firm: Managerial behavior, agency costs and ownership structure. Corporate governance, 77-132.
Kamel Abid, W., Hashemi, A., & Hamidian, N. (2023). Analysis of matching quality and financial misreporting across the firm life cycle. Accounting Advances, 15(2), 263–286. (In Persian)
Karami, Gh., & Omrani, H. (2010). The effect of firm life cycle on the relevance of risk and performance measures. Financial Accounting Research, 2(3), 49–63. (In Persian)
Karimi, F., & Hafizi Boroujeni, M. (2014). Examining the relationship between debt level and growth in companies listed on Tehran Stock Exchange with emphasis on cash flows. Financial Accounting Quarterly, 6(23), 285–309. (In Persian)
Kim, Y., Jung, S., & Kim, C. (2023). The impact of capital structure on the profitability performance of ICT firms. Processes, 11(2), 635.
Lester, D. L., Parnell, J. A., & Carraher, S. M. (2003). Organizational life cycle: A five‐stage empirical scale. International Journal of Organizational Analysis, 11(4), 339-354.
Miller, D., & Friesen, P. H. (1984). A longitudinal study of the corporate life cycle. Management Science, 30(10), 1161-1183.
Modigliani, F., & Miller, M. H. (1958). The cost of capital, corporation finance, and the theory of investment. The American Economic Review, 48(3), 261-297.
Molanazari, M., Nourifard, Y., & Ghashghaei Abdi, S. (2012). Different effects of firm size and industry type on profitability. Financial Accounting and Auditing Research, 4(16), 157–182. (In Persian)
Myers, S. C. (1984). The capital structure puzzle. The Journal of Finance, 39(3), 575-592.
Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of financial economics, 13(2), 187-221.
Namazi, M., & Kazemi, L. (2025). Effect of company innovation on sustainable development: The role of strategic management accounting information and product's life cycle. Journal of environmental accounting and management, 13(04), 385-414.
Noshadi, M., & Karimi, Z. (2023). Board members’ busyness and financial decisions with emphasis on firm life cycle stages. Accounting Advances, 15(2), 211–245. (In Persian)
Pererva, P. G., Kobielieva, T. O., & Tkachova, N. P. (2017). Investigation of the role of venture companies in the early stages of the product life cycle. Науковий вісник Полісся, 2(2), 144-149.
Quinn, R. E., & Cameron, K. (1983). Organizational life cycles and shifting criteria of effectiveness: Some preliminary evidence. Management Science, 29(1), 33-51.
Rahnamaye Rocdposhti, F., & Zandi, A. (2022). Firm life cycle, organizational financial resources, and corporate social responsibility. Management Accounting, 15(52), 17–38. (In Persian)
Rajan, R. G., & Zingales, L. (1995). What do we know about capital structure? Some evidence from international data. The Journal of Finance, 50(5), 1421-1460.
Rezaeian, A. (2022). Principles of Management. Tehran: Bazargani Publishing. (In Persian)
Robert, C. H., Jennifer, L. K., & Todd, M. (2023). Analysis for financial management. McGraw-Hill Education.
Ross, S. A., Westerfield, R. W., & Jaffe, J. (2016). Corporate finance (11th ed.). McGraw-Hill Education.
Rostami, V., Mehravar, M., & Kargar, H. (2022). The effect of risk management on the speed of financial leverage adjustment across firm life cycle stages. Accounting Advances, 14(1), 59–88. (In Persian)
Sarlak, N., Faraji, O., & Bayat, F. (2015). The relationship between firm financial characteristics and capital structure across life cycle stages. Financial Accounting and Auditing Research, 7(27), 1–21. (In Persian)
Shamsodini, K., Daneshi, V., & Fouladi Savadkouhi, F. (2019). Examining the impact of institutional ownership on the relationship between short-term debt maturities and future stock price crash risk. Accounting Advances , 11(1), 195–220. (In Persian)
Situm, M. (2023). Financial distress in the Austrian tourism industry: Hotels and restaurants analysis. European Journal of Tourism Research, 34, 3411-3411.
Spence, A. M. (1977). Entry, capacity, investment and oligopolistic pricing. The Bell Journal of Economics, 534-544.
Stickney, C. P. (1996). Financial reporting and statement analysis: A strategic perspective. Dryden Press.
Suharti, S., & Murwaningsari, E. (2024). The effect of profit persistency, business risk, and capital structure on earnings return coefficient with good corporate governance as a moderating variable. Journal of Applied Business and Technology, 5(1), 1-7.
Titman, S., & Wessels, R. (1988). The determinants of capital structure choice. The Journal of finance, 43(1), 1-19.
Tran, D. L., Pham, D. T., & Nguyen, Q. K. (2025). The relationship between credit supply, capital structure and firm performance of listed real estate firms: evidence from an emerging country. Sage open, 15(2), 21582440251339290.
Vali-Zadeh Larijani, A., & Bani Mahd, B. (2022). Financial statement items, firm life cycle, and corporate bankruptcy. Empirical Accounting Research, 12(44), 91–110. (In Persian)
Van Horne, J. C., & Wachowicz, J. M. (2005). Fundamentals of financial management. Pearson Education.
Wooldridge, J. M. (2016). Introductory econometrics: A modern approach (6th ed.). Cengage Learning.
Yadav, I. S., Pahi, D., & Gangakhedkar, R. (2022). The nexus between firm size, growth and profitability: New panel data evidence from Asia–Pacific markets. European Journal of Management and Business Economics, 31(1), 115-140.
Zare, Gh., & Golbu, N. (2019). Examining the relationship between firm life cycle and corporate social responsibility with moderation of internal and external resources. International Conference on Interdisciplinary Studies in Management and Engineering. (In Persian)
)