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FIRM LIFE CYCLE CONCEPT IN ACCOUNTING: A LITERATURE REVIEW

Year 2019, , 979 - 1007, 29.12.2019
https://doi.org/10.31460/mbdd.566553

Abstract

Firm life cycle theory is a significant
analysis technique that has been studied in the field of accounting for many
years. Firm life cycle is a non-deterministic concept that is derived from the
marketing and microeconomics theories and suggests that firms have various life
cycles like a living organism.Accurate and reliable determination of the life
cycle stages of firms is highly effective on financial and non-financial
decisions. The main purpose of this study is to present the development process
of the firm life cycle theory and to examine the studies in the literatüre.
First, descriptive studies and main firm life cycle models are discussed in the
paper. The intermediary role of firm life cycle in the fields of value
relevance, earnings management, firm performance, capital structure, dividend
policies and risk are among the other subjects of the study. Although the firm
life cycle analysis is a key technique in many studies, there are only few
researches in Turkish literatüre according to the findings.

References

  • Adizes, I. (1990). Corporate Lifecycles: How and Why Corporations Grow and Die and What to Do About it. Prentice Hall, 384 c.
  • Aharony, J., Falk, H., ve Yehuda, N. (2006). Corporate Life Cycle and the Relative Value-Relevance of Cash Flow Versus Accrual Financial Information: Citeseer.
  • Al‐Hadi, A., Hasan, M. M. ve Habib, A. (2016). Risk Committee, Firm Life Cycle, and Market Risk Disclosures. Corporate Governance: An International Review, 24(2), 145-170.
  • Anthony, J. H., ve Ramesh, K. (1992). Association Between Accounting Performance Measures and Stock Prices: A Test of the Life Cycle Hypothesis. Journal of Accounting and Economics, 15(2), 203-227.
  • Atanassov, J., ve Kim, E. (2009). Labor and Corporate Governance: International Evidence from Restructuring Decisions. The Journal of Finance, 64(1), 341-374.
  • Berger, A. N., ve Udell, G. F. (1998). The Economics of Small Business Finance: The Roles of Private Equity and Debt Markets in the Financial Growth Cycle. Journal of Banking & Finance, 22(6), 613-673.
  • Billett, M. T., ve Xue, H. (2007). The Takeover Deterrent Effect of Open Market Share Repurchases. The Journal of Finance, 62(4), 1827-1850.
  • Black, E. L. (1998). Which is More Value-Relevant: Earnings or Cash Flows? Available at SSRN 118089.
  • Cantrell, B. W., ve Dickinson, V. (2015). Leaders vs. Laggards: Operating and Market Performance Using Conditional Life Cycle. Laggards: Working paper University of Mississippi.
  • Chen, X., Yang, W., ve Huang, D. (2010). Corporate Life Cycle and the Accrual Model: An Empirical Study Based on Chinese Listed Companies. Frontiers of Business Research in China, 4(4), 580-607.
  • Chen, Y., Weston, J. F., ve Altman, E. I. (1995). Financial Distress and Restructuring Models. Financial Management, 57-75.
  • Chiang, S., Lee, P., ve Anandarajan, A. (2011). The Influence of Corporate Governance on Innovative Success: A Life Cycle Analysis. Paper Presented at the Proceedings of the American Accounting Association’s Annual Meeting.
  • Chiou, J., Lin, H., ve Syue, M. (2009). Life-cycle and Equity-Issue Announcement Effect. Paper Presented at the American Accounting Association Annual Meeting and Conference, Boston.
  • Coulton, J. J., ve Ruddock, C. (2011). Corporate Payout Policy in Australia and a Test of the Life‐Cycle Theory. Accounting & Finance, 51(2), 381-407.
  • Çelik, S. (2013). Kâr Payı Politikası ve Yaşam Döngüsü Teorisi: İMKB İmalat Sektöründe Ampirik Bir Uygulama. Anadolu Üniversitesi Sosyal Bilimler Dergisi, Cilt 13 - Sayı: 2 (115-122).
  • DeAngelo, H., DeAngelo, L., ve Stulz, R. M. (2006). Dividend Policy and the Earned/Contributed Capital Mix: A Test of the Life-Cycle Theory. Journal of Financial Economics, 81(2), 227-254.
  • Dickinson, V. (2011). Cash Flow Patterns as a Proxy for Firm Life Cycle. The Accounting Review, 86(6), 1969-1994.
  • Drobetz, W., Halling, M., ve Schröder, H. (2015). Corporate Life-Cycle Dynamics of Cash Holdings. Swedish House of Finance Research Paper (15-07).
  • Fallahi, S., Abbaszadeh, M. R., Nowghabi, M. H. V., ve Nooghabi, M. J. (2013). An Investigation of Intellectual Capital Changes during Company's Life Cycle: Evidence from Tehran Stock Exchange. development, 5(3).
  • Fama, E. F., ve French, K. R. (2001). Disappearing Dividends: Changing Firm Characteristics or Lower Propensity to Pay? Journal of Financial Economics, 60(1), 3-43.
  • Friedlan, J. M. (1994). Accounting Choices of Issuers of Initial Public Offerings. Contemporary Accounting Research, 11(1), 1-31.
  • Ghodrati, H., ve Nazemi, B. (2014). A Comparative Evaluation of Relationship Between Institutional Ownership and Compositional Performance Indices in Different Stages of Iranian Corporations’ Life Cycle. Management Science Letters, 4(3), 511-520.
  • Grabowski, H. G., ve Mueller, D. C. (1975). Life-Cycle Effects on Corporate Returns on Retentions. The Review of Economics and Statistics, 400-409.
  • Gregory, B. T., Rutherford, M. W., Oswald, S., ve Gardiner, L. (2005). An Empirical İnvestigation of the Growth Cycle Theory of Small Firm Financing. Journal of Small Business Management, 43(4), 382-392.
  • Gup, B. E. ve Samson, W. D. (1993). An Analysis of Patterns from the Statement of Cash Flows. Financial Practice & Education, 3(2), 73-79.
  • Güleç, Ö. F. ve Karacaer, S. (2017). Corporate Life Cycle Methods in Emerging Markets: Evidence From Turkey. Journal of Economics Finance and Accounting, 4(3), 224-236.
  • Güleç, Ö. F. ve Karacaer, S. (2018). Corporate Life Cycle Theory and Accounting Performance: Borsa Istanbul Case. Muhasebe ve Finansman Dergisi, (78).
  • Hasan, M. M., ve Habib, A. (2015). Firm Life Cycle and Idiosyncratic Return Volatility. Available at SSRN.
  • Hasan, M. M., Hossain, M., ve Habib, A. (2015). Corporate Life Cycle and Cost of Equity Capital. Journal of Contemporary Accounting & Economics, 11(1), 46-60.
  • Healy, P. M. ve Wahlen, J. M. (1999). A Review of the Earnings Management Literature and its Implications for Standard Setting. Accounting Horizons, 13(4), 365-383.
  • Hsu, G., Suberi, A. Z. M., ve Wyatt, A. (2013). Earnings Quality Associations with Firm Fundamentals and Future Growth. British Accounting and Finance Association Conference.
  • Ivashkovskaya, I., Rukavishnikov, Y., ve Guschin, A. (2013). Capital Structure Choice at Different Life-Cycle Stages in Turbulent Environment: the Evidence from Russian Emerging Capital Market. Economic and Social Development: Book of Proceedings, 311.
  • Jaafar, H. (2011). Accounting for Intangible Assets, Firm Life Cycle and the Value Relevance of Intangible Assets. University of Tasmania.
  • Jaafar, H., ve Halim, H. A. Refining the Firm Life Cycle Classification Method: A Firm Value Perspective.
  • Jain, B. A., ve Kini, O. (1999). The Life Cycle of Initial Public Offering Firms. Journal of Business Finance & Accounting, 26(9‐10), 1281-1307.
  • Jenkins, D. S., Kane, G. D., ve Velury, U. (2004). The Impact of the Corporate Life-Cycle on the Value-Relevance of Disaggregated Earnings Components. Review of Accounting and Finance, 3(4), 5-20.
  • Jensen, M. C. (1986). Agency Cost of Free Cash Flow, Corporate Finance, and Takeovers. Corporate Finance, American Economic Review, 76(2).
  • Kallunki, J.P., ve Silvola, H. (2008). The Effect of Organizational LifeCycle Stage on the Use of Activity-Based Costing. Management Accounting Research,19(1),62-79.
  • Kavak, B., Tektaş, Ö. Ö., ve Eryiğit, C. (2016). Pazarlama.
  • Kavas, S. (2007). Bir Yüksek Teknoloji Ürünü Olan Yazılım Ürününde Ürün Farklılaştırması Stratejilerinin Türkiye'de Uygulanması Üzerine Bir Çalışma Yayınlanmamış Yüksek Lisans Tezi, Hacettepe Üniversitesi
  • Kim, B., ve Suh, J. (2009). Financial Life Cycle and Capital Structure. Asia-Pacific Journal of Financial Studies.
  • Koh, S., Durand, R. B., Dai, L., ve Chang, M. (2015). Financial Distress: Lifecycle and Corporate Restructuring. Journal of Corporate Finance, 33, 19-33.
  • Kousenidis, D.V. (2005). Earnings–Returns Relation in Greece: Some Evidence on the Size Effect and on the Life-Cycle Hypothesis. Managerial Finance, 31(2), 24-54.
  • Lee, J.-S., Jiee, C.-H., ve Wei, C.-Y. (2012). Dose the Firm Life Cycle Matter on Idiosyncratic Risk? DOI: 10.7763/IPEDR. 2012. V54. 26.
  • Liang, C.-J., ve Lin, Y.-L. (2008). Which IC is More Important? A Life-Cycle Perspective. Journal of Intellectual Capital, 9(1), 62-76.
  • Liao, C.-H., Liu, J., ve Chia, Y.-P. (2014). The Effect of Business Strategy and Life Cycle on Myopic R&D Investment. Global Review of Accounting and Finance Vol. 5. No. 1. Pp. 107 – 131
  • Liu, M. M. (2006). Accruals and Managerial Operating Decisions over the Firm Life Cycle. Massachusetts Institute of Technology.
  • Martinson, B. (2012). And the Winner is! Corporate Life Cycle Stage as an Antecedent to CEO Selection Characteristics. American Journal of Business and Management, 1(4), 248-258.
  • Mikkelson, W. H., Partch, M. M., ve Shah, K. (1997). Ownership and Operating Performance of Companies that Go Public. Journal of Financial Economics, 44(3), 281-307.
  • Miller, D., ve Friesen, P. H. (1983). Successful and Unsuccessful Phases of the Corporate Life Cycle. Organization Studies, 4(4), 339-356.
  • Miller, D., ve Friesen, P. H. (1984). A Longitudinal Study of the Corporate Life Cycle. Management Science, 30(10), 1161-1183.
  • Moradi, J., Kanani, M. A., ve Zare, R. (2013). The Influence of Life Cycle on Financial and Business Risk in the Firms Listed in Tehran Stock Exchange. Global Business and Economics Research Journal, 2(5), 1-11.
  • Moshtagh, F.,Abbaszadeh,M. R.,Nowghabi, M. H. V., ve Nowghabi, M. J. (2014). An Investigation of the Effect of Firm's Life Cycle Stages on Earning Quality: Evidence from Iran. Asian Journal of Research in Banking and Finance,4(8).
  • Mucuk, İ. (2004). Pazarlama ilkeleri. Türkmen Kitabevi, İstanbul.
  • Mueller, D. C. (1972). A Life Cycle Theory of the Firm. The Journal of Industrial Economics, 199-219.
  • Omrani, H., Rostami, K. H., Samadi, S., Margavi, A. K., Asadzadeh, H., ve Nazari, H. (2011). Corporate Life Cycle and the Explanatory Power of Risk Measures versus Performance Measures. Journal of Education and Vocational Research, 2(6), 199-206.
  • Oskouei, Z. H., ve Zadeh, R. B. H. (2015). Predicting the Future Stock Return by Emphasizing on Life Cycle Based on Cash Flow Statement. Growth, 20, 17.
  • Owen, S., ve Yawson, A. (2010). Corporate Life Cycle and M&A Activity. Journal of Banking & Finance, 34(2), 427-440.
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MUHASEBEDE FİRMA YAŞAM DÖNGÜSÜ KAVRAMI: LİTERATÜR İNCELEMESİ

Year 2019, , 979 - 1007, 29.12.2019
https://doi.org/10.31460/mbdd.566553

Abstract

Firma yaşam döngüsü teorisi muhasebe alanında uzun
yıllardır çalışılan ve işletmelerin daha homojen bir şekilde gruplandırılmasını
sağlayan önemli bir analiz tekniğidir. Firma yaşam döngüsü, pazarlama ve
mikroekonomi teorilerinden türetilen ve firmaların tıpkı canlı bir organizma
gibi çeşitli yaşam döngüleri olduğunu ileri süren ve deterministik olmayan bir
kavramdır. İşletmelerin yaşam döngüsü evresinin doğru ve güvenilir bir şekilde
tespit edilmesi, alınacak finansal ve finansal olmayan kararlar üzerinde son
derece etkil
idir. Bu çalışmanın
temel amacı, firma yaşam döngüsü teorisinin gelişim sürecini ele alarak
literatürdeki çalışmaları konularına göre incelemektir. Bu kapsamda, öncelikle
temel firma yaşam döngüsü modelleri ve tanımlayıcı çalışmalara yer verilmiştir.
Firma yaşam döngüsünün aracı rol üstlendiği değer ilişkisi, kazanç yönetimi,
firma performansı, sermaye yapısı, temettü politikaları, risk ve diğer
alanlardaki araştırmalar çalışmanın diğer konuları arasındadır. Firma yaşam
döngüsünün birçok çalışmada önemli bir analiz tekniği olarak kullanılmasına
rağmen Türkiye’de bu konuyla ilgili yeterince araştırmanın yapılmaması
çalışmanın önemli bulguları arasında yer almaktadır.

References

  • Adizes, I. (1990). Corporate Lifecycles: How and Why Corporations Grow and Die and What to Do About it. Prentice Hall, 384 c.
  • Aharony, J., Falk, H., ve Yehuda, N. (2006). Corporate Life Cycle and the Relative Value-Relevance of Cash Flow Versus Accrual Financial Information: Citeseer.
  • Al‐Hadi, A., Hasan, M. M. ve Habib, A. (2016). Risk Committee, Firm Life Cycle, and Market Risk Disclosures. Corporate Governance: An International Review, 24(2), 145-170.
  • Anthony, J. H., ve Ramesh, K. (1992). Association Between Accounting Performance Measures and Stock Prices: A Test of the Life Cycle Hypothesis. Journal of Accounting and Economics, 15(2), 203-227.
  • Atanassov, J., ve Kim, E. (2009). Labor and Corporate Governance: International Evidence from Restructuring Decisions. The Journal of Finance, 64(1), 341-374.
  • Berger, A. N., ve Udell, G. F. (1998). The Economics of Small Business Finance: The Roles of Private Equity and Debt Markets in the Financial Growth Cycle. Journal of Banking & Finance, 22(6), 613-673.
  • Billett, M. T., ve Xue, H. (2007). The Takeover Deterrent Effect of Open Market Share Repurchases. The Journal of Finance, 62(4), 1827-1850.
  • Black, E. L. (1998). Which is More Value-Relevant: Earnings or Cash Flows? Available at SSRN 118089.
  • Cantrell, B. W., ve Dickinson, V. (2015). Leaders vs. Laggards: Operating and Market Performance Using Conditional Life Cycle. Laggards: Working paper University of Mississippi.
  • Chen, X., Yang, W., ve Huang, D. (2010). Corporate Life Cycle and the Accrual Model: An Empirical Study Based on Chinese Listed Companies. Frontiers of Business Research in China, 4(4), 580-607.
  • Chen, Y., Weston, J. F., ve Altman, E. I. (1995). Financial Distress and Restructuring Models. Financial Management, 57-75.
  • Chiang, S., Lee, P., ve Anandarajan, A. (2011). The Influence of Corporate Governance on Innovative Success: A Life Cycle Analysis. Paper Presented at the Proceedings of the American Accounting Association’s Annual Meeting.
  • Chiou, J., Lin, H., ve Syue, M. (2009). Life-cycle and Equity-Issue Announcement Effect. Paper Presented at the American Accounting Association Annual Meeting and Conference, Boston.
  • Coulton, J. J., ve Ruddock, C. (2011). Corporate Payout Policy in Australia and a Test of the Life‐Cycle Theory. Accounting & Finance, 51(2), 381-407.
  • Çelik, S. (2013). Kâr Payı Politikası ve Yaşam Döngüsü Teorisi: İMKB İmalat Sektöründe Ampirik Bir Uygulama. Anadolu Üniversitesi Sosyal Bilimler Dergisi, Cilt 13 - Sayı: 2 (115-122).
  • DeAngelo, H., DeAngelo, L., ve Stulz, R. M. (2006). Dividend Policy and the Earned/Contributed Capital Mix: A Test of the Life-Cycle Theory. Journal of Financial Economics, 81(2), 227-254.
  • Dickinson, V. (2011). Cash Flow Patterns as a Proxy for Firm Life Cycle. The Accounting Review, 86(6), 1969-1994.
  • Drobetz, W., Halling, M., ve Schröder, H. (2015). Corporate Life-Cycle Dynamics of Cash Holdings. Swedish House of Finance Research Paper (15-07).
  • Fallahi, S., Abbaszadeh, M. R., Nowghabi, M. H. V., ve Nooghabi, M. J. (2013). An Investigation of Intellectual Capital Changes during Company's Life Cycle: Evidence from Tehran Stock Exchange. development, 5(3).
  • Fama, E. F., ve French, K. R. (2001). Disappearing Dividends: Changing Firm Characteristics or Lower Propensity to Pay? Journal of Financial Economics, 60(1), 3-43.
  • Friedlan, J. M. (1994). Accounting Choices of Issuers of Initial Public Offerings. Contemporary Accounting Research, 11(1), 1-31.
  • Ghodrati, H., ve Nazemi, B. (2014). A Comparative Evaluation of Relationship Between Institutional Ownership and Compositional Performance Indices in Different Stages of Iranian Corporations’ Life Cycle. Management Science Letters, 4(3), 511-520.
  • Grabowski, H. G., ve Mueller, D. C. (1975). Life-Cycle Effects on Corporate Returns on Retentions. The Review of Economics and Statistics, 400-409.
  • Gregory, B. T., Rutherford, M. W., Oswald, S., ve Gardiner, L. (2005). An Empirical İnvestigation of the Growth Cycle Theory of Small Firm Financing. Journal of Small Business Management, 43(4), 382-392.
  • Gup, B. E. ve Samson, W. D. (1993). An Analysis of Patterns from the Statement of Cash Flows. Financial Practice & Education, 3(2), 73-79.
  • Güleç, Ö. F. ve Karacaer, S. (2017). Corporate Life Cycle Methods in Emerging Markets: Evidence From Turkey. Journal of Economics Finance and Accounting, 4(3), 224-236.
  • Güleç, Ö. F. ve Karacaer, S. (2018). Corporate Life Cycle Theory and Accounting Performance: Borsa Istanbul Case. Muhasebe ve Finansman Dergisi, (78).
  • Hasan, M. M., ve Habib, A. (2015). Firm Life Cycle and Idiosyncratic Return Volatility. Available at SSRN.
  • Hasan, M. M., Hossain, M., ve Habib, A. (2015). Corporate Life Cycle and Cost of Equity Capital. Journal of Contemporary Accounting & Economics, 11(1), 46-60.
  • Healy, P. M. ve Wahlen, J. M. (1999). A Review of the Earnings Management Literature and its Implications for Standard Setting. Accounting Horizons, 13(4), 365-383.
  • Hsu, G., Suberi, A. Z. M., ve Wyatt, A. (2013). Earnings Quality Associations with Firm Fundamentals and Future Growth. British Accounting and Finance Association Conference.
  • Ivashkovskaya, I., Rukavishnikov, Y., ve Guschin, A. (2013). Capital Structure Choice at Different Life-Cycle Stages in Turbulent Environment: the Evidence from Russian Emerging Capital Market. Economic and Social Development: Book of Proceedings, 311.
  • Jaafar, H. (2011). Accounting for Intangible Assets, Firm Life Cycle and the Value Relevance of Intangible Assets. University of Tasmania.
  • Jaafar, H., ve Halim, H. A. Refining the Firm Life Cycle Classification Method: A Firm Value Perspective.
  • Jain, B. A., ve Kini, O. (1999). The Life Cycle of Initial Public Offering Firms. Journal of Business Finance & Accounting, 26(9‐10), 1281-1307.
  • Jenkins, D. S., Kane, G. D., ve Velury, U. (2004). The Impact of the Corporate Life-Cycle on the Value-Relevance of Disaggregated Earnings Components. Review of Accounting and Finance, 3(4), 5-20.
  • Jensen, M. C. (1986). Agency Cost of Free Cash Flow, Corporate Finance, and Takeovers. Corporate Finance, American Economic Review, 76(2).
  • Kallunki, J.P., ve Silvola, H. (2008). The Effect of Organizational LifeCycle Stage on the Use of Activity-Based Costing. Management Accounting Research,19(1),62-79.
  • Kavak, B., Tektaş, Ö. Ö., ve Eryiğit, C. (2016). Pazarlama.
  • Kavas, S. (2007). Bir Yüksek Teknoloji Ürünü Olan Yazılım Ürününde Ürün Farklılaştırması Stratejilerinin Türkiye'de Uygulanması Üzerine Bir Çalışma Yayınlanmamış Yüksek Lisans Tezi, Hacettepe Üniversitesi
  • Kim, B., ve Suh, J. (2009). Financial Life Cycle and Capital Structure. Asia-Pacific Journal of Financial Studies.
  • Koh, S., Durand, R. B., Dai, L., ve Chang, M. (2015). Financial Distress: Lifecycle and Corporate Restructuring. Journal of Corporate Finance, 33, 19-33.
  • Kousenidis, D.V. (2005). Earnings–Returns Relation in Greece: Some Evidence on the Size Effect and on the Life-Cycle Hypothesis. Managerial Finance, 31(2), 24-54.
  • Lee, J.-S., Jiee, C.-H., ve Wei, C.-Y. (2012). Dose the Firm Life Cycle Matter on Idiosyncratic Risk? DOI: 10.7763/IPEDR. 2012. V54. 26.
  • Liang, C.-J., ve Lin, Y.-L. (2008). Which IC is More Important? A Life-Cycle Perspective. Journal of Intellectual Capital, 9(1), 62-76.
  • Liao, C.-H., Liu, J., ve Chia, Y.-P. (2014). The Effect of Business Strategy and Life Cycle on Myopic R&D Investment. Global Review of Accounting and Finance Vol. 5. No. 1. Pp. 107 – 131
  • Liu, M. M. (2006). Accruals and Managerial Operating Decisions over the Firm Life Cycle. Massachusetts Institute of Technology.
  • Martinson, B. (2012). And the Winner is! Corporate Life Cycle Stage as an Antecedent to CEO Selection Characteristics. American Journal of Business and Management, 1(4), 248-258.
  • Mikkelson, W. H., Partch, M. M., ve Shah, K. (1997). Ownership and Operating Performance of Companies that Go Public. Journal of Financial Economics, 44(3), 281-307.
  • Miller, D., ve Friesen, P. H. (1983). Successful and Unsuccessful Phases of the Corporate Life Cycle. Organization Studies, 4(4), 339-356.
  • Miller, D., ve Friesen, P. H. (1984). A Longitudinal Study of the Corporate Life Cycle. Management Science, 30(10), 1161-1183.
  • Moradi, J., Kanani, M. A., ve Zare, R. (2013). The Influence of Life Cycle on Financial and Business Risk in the Firms Listed in Tehran Stock Exchange. Global Business and Economics Research Journal, 2(5), 1-11.
  • Moshtagh, F.,Abbaszadeh,M. R.,Nowghabi, M. H. V., ve Nowghabi, M. J. (2014). An Investigation of the Effect of Firm's Life Cycle Stages on Earning Quality: Evidence from Iran. Asian Journal of Research in Banking and Finance,4(8).
  • Mucuk, İ. (2004). Pazarlama ilkeleri. Türkmen Kitabevi, İstanbul.
  • Mueller, D. C. (1972). A Life Cycle Theory of the Firm. The Journal of Industrial Economics, 199-219.
  • Omrani, H., Rostami, K. H., Samadi, S., Margavi, A. K., Asadzadeh, H., ve Nazari, H. (2011). Corporate Life Cycle and the Explanatory Power of Risk Measures versus Performance Measures. Journal of Education and Vocational Research, 2(6), 199-206.
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Details

Primary Language Turkish
Subjects Business Administration
Journal Section MAIN SECTION
Authors

Ömer Faruk Güleç

Publication Date December 29, 2019
Submission Date May 16, 2019
Published in Issue Year 2019

Cite

APA Güleç, Ö. F. (2019). MUHASEBEDE FİRMA YAŞAM DÖNGÜSÜ KAVRAMI: LİTERATÜR İNCELEMESİ. Muhasebe Bilim Dünyası Dergisi, 21(4), 979-1007. https://doi.org/10.31460/mbdd.566553