آرش نادریان

One of the main causes of firms’ ineffectiveness is the absence or insufficiency of appropriate investment methods. This deficiency could also be attributed to an unfortunate selecting of an inappropriate investment methods which may ultimately endanger the firms’ prospect of survival. According to the firm life cycle theory, various firms demonstrate diverse behavior when provided with an investment opportunity. These responses are largely in accordance with the stage of the life cycle in which the firm resides in at that moment. In this research, the selection of the investment method appropriate for a firm has been studied following the premises of the life cycle theory. The target populations of this study were companies admitted to Tehran Stock Exchange. Systematic removal method was adopted to recruit a sample of 118 firms. The study period was 8 years (2011-2018).  Findings suggest that firms choose to invest in operational properties when they are at the stage of growth, maturity and decline. In other words, the capital under the companies’ authority and control were employed for the firms’ mainstream activities. However, such a link was not found at the introduction stage of their life cycle. This relation has been illustrated in various industries.

The purpose of this research is designing an Total Interpretive/Structural Model for the Entrepreneurial Orientation of SEM Subsidiary Oil. In this qualitative and quantitative methodology, five university experts in the field of entrepreneurship participated in the meta-analysis and Delphi field to identify the research components and propositions from the same research and then to reach competence. The identified component theory and propositions were analyzed by Delphi analysis. In the quantitative part, with the participation of 25 managers of SMEs Subsidiary Oil Subsidiary Oil and using matrix questionnaires, the identified propositions were stratified into a range of most influential propositions to the least effective ones. The results in the qualitative analysis section illustrate the existence of 3 main components in the form of the 15 final statement based on theoretical adequacy and are quantitatively identified; (X4) As Entrepreneurial Tendency Component Propositions at the Level of Information Technology Capabilities and Proposals to Change Traditional Warehousing (X7); Agile Production by Scale-Saving (X8); and Cost Control through Timely Evaluation of Machinery Depreciation (X9) Entrepreneurial at the competitive level The most influential causes in the oriented SMEs Subsidiary Oil Technologically are the entrepreneurial businesses.

According to the firm life cycle theory, companies go through certain behavioral patterns in various stages of their life. A thorough understanding and recognition of these behavioral patterns, new investment in assets and the optimal use of assets can considerably enhance the capital productivity. In the current study, the relationship between the stages of firm life cycle and capital productivity and mediation relationship of the capital investment choice in the two groups of companies have been examined, and methodically compared and contrasted. To examine the research hypothesis, the data were gathered from 118 companies accepted in Tehran Stock Exchange during a period of 7 years. Findings of the research clearly indicated that there is a positive relationship between introduction, growth and maturity stages with capital productivity in the cyclical and non-cyclical companies. Regarding 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. Also, 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 companies, the relationship between the decline stage and the capital investment choice was positive, while there was no relationship between cyclical companies. Capital investment choice also failed to prove the assumed mediating role.