Abstract:
In the current study, the relationship between the stages of firm life cycle and capital productivity and mediation effect of the capital investment choice in the two groups of companies have been examined and compared. The results of ex-amine of 118 companies accepted in Tehran Stock Exchange in 7 years showed that there is a positive relationship between introduction, growth and maturity stages with capital productivity in the cyclical and non-cyclical companies. Re-garding the cyclical companies, a positive relationship was witnessed between the decline stage and capital productivity. Such a relation, however, was not found between the two variables in non-cyclical companies as well as, no significant relationship was observed among the stages of introduction, growth, maturity and the capital investment choice in both groups of companies. In non-cyclical com-panies, the relationship between the decline stage and the capital investment choice was positive. Also, the results of the Sobel test did not approve the media-tion role of the capital investment choice between the stages of the life cycle and capital productivity. Therefore, it seems that in the introduction, growth and ma-turity stages of both groups of companies, capital productivity has occurred through the optimal use of existing assets.
Machine summary:
Therefore, it can be said that in cyclical and non-cyclical companies between introduction stage and Capital investment choice at 95% confidence level there is no positive and significant relationship.
Therefore, there can be no positive and significant relationship between growth and maturity stages with Capital investment choice in cyclical and non-cyclical companies at 95% confidence lev- el.
The structural flow of research for this test has been as follows: Stages of Life-cycle Capital Investment choice Capital productivity The results of the Sobel test for examining the mediation role of the choice of investment method for cyclical and non-cyclical companies is described in Table 8.
Therefore, at 95% confidence level, it can be stated that in cyclical and non-cyclical companies, the company's life cycle in the stages of introduction, growth, maturity and decline through the Capital Investment choice is not affected by capital productivity.
Based on the results obtained from the research model in cyclical and non- cyclical companies, a positive and significant relationship was found between the emergence stage and capital productivity.
The results of the research showed that there is a positive and significant relationship between growth stage and capital productivity in cyclical and non-cyclical companies.
The results of the research showed that there is a positive and significant relationship between cyclical and non-cyclical companies be- tween maturity stage and capital productivity.
The results of the research showed that there is no relationship between the choice of investment me- thod and capital productivity in cyclic and non-cyclical companies.