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Rates of Return over the Firm's Lifecycle

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  • Mueller, Dennis C
  • Yun, S Lawrence

Abstract

In this paper we test various implications of a managerial lifecycle hypothesis. In particular we examine whether (i) relatively young firms have returns on investment greater than their cost of capital, and (ii) mature firms have returns on investment less than their cost of capital. Support is found for both predictions in a sample of US companies. Copyright 1998 by Oxford University Press.

Suggested Citation

  • Mueller, Dennis C & Yun, S Lawrence, 1998. "Rates of Return over the Firm's Lifecycle," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 7(2), pages 347-368, June.
    • Handle: RePEc:oup:indcch:v:7:y:1998:i:2:p:347-68
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    Cited by:

    1. Jimmy A. Saravia & Carlos S. García & Paula M. Almonacid, 2021. "The determinants of systematic risk: A firm lifecycle perspective," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(1), pages 1037-1049, January.
    2. Jimmy A. Saravia, 2013. "The lifecycle of the firm, corporate governance and investment performance," Documentos de Trabajo de Valor Público 10927, Universidad EAFIT.
    3. Liu, Hao & Zhang, Hao & Gao, Ya-Chun & Chen, Xu-Dong, 2022. "Firm age and beta: Evidence from China," International Review of Economics & Finance, Elsevier, vol. 77(C), pages 244-261.

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