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The purpose of this paper is to investigate the value relevance of Research and development (R&D) and free cash flow (FCF) in an efficient investment setup. Most importantly, this paper examines whether the value relevance of R&D and FCF is associated with life cycle stages. Furthermore, this paper reports whether the market response to R&D and FCF is different in competitive market as compared to the concentrated market.

The analysis is based on the Ohlson (1995) model for the determination of value relevance of earnings and book value. Capitalized R&D and FCF data comprising of the Chinese A-listed firms from the year 2008 to 2016 are selected for this study. Following Anthony and Ramesh (1992), the authors divided the firm life cycle into different stages. HHI index is used to measure the product market competition.

The main result shows that R&D and FCF are value relevant in Chinese A-listed firms. The impact of R&D and FCF on the value relevance of earnings and book value is also positive and significant. The findings of the effect of R&D and FCF on the value relevance of accounting information signify that the information content (R²=0.46) of the mature stage is higher than that of the growth and stagnant stage. The explanatory power measured by R² value for competitive industries (0.47) is much higher than the concentrated industries (0.33).

Despite taking into account all the possible available variables, there are few limitations of the study. This study only studies the effect of EPS, BPS, R&D and FCF on the value relevance of accounting information. Other determinant such as size, growth, leverage and firm age is ignored. Since the R&D expenditure is discretionary, therefore the findings cannot be generalized to all the sectors. A sector wise comparative study can be done in future, to understand the differences in the information contents of R&D and FCF. Also, the tax effect of R&D is ignored in this study. For future call, the value relevance of tax effect on R&D can be explored.

The investors can now determine the present value of all the future cash flows of investing activities. The results of the study are significant for the Chinese investors who should incorporate the R&D and FCF along with investment efficiency. The investors should keep in mind the life cycle stage while investing in a certain stock. The competitive markets have more information content than the concentrated markets. The corporate managers can benefit from this study while issuing new shares. The market responds positively to the stock having investment efficient R&D and FCF investment. For the policy implication perspective, the security market regulator should devise the effective pro-effective product market regulations.

The contribution of this study is manifold. First, according to the authors’ knowledge, this is the first study that incorporates investment efficiency with R&D and FCF and explores its effect on the value relevance of accounting information. Second, the impact of R&D on the value relevance is studied by numerous researchers (Lev and Sougiannis, 1996; Han and Manry, 2004). Similarly, FCF-agency cost effect has also been investigated by (Rahman and Mohd-Saleh, 2008; Chen et al., 2012) but the value relevance of R&D and FCF during different life cycle stages still needs to be answered. Finally, this study also tries to answers the question if the market response to R&D and FCF is different in a competitive market as compared to the concentrated market.

This study aims to examine the relationship between organizational lifecycle stages, the adoption of strategic management accounting (SMA) practices and the performance consequences of SMA adoption.

The analysis is based on survey data from 377 firms operating in German speaking countries.

The author finds that the firms’ adoption rates of SMA increase from the birth to the revival lifecycle stages and drop at the decline stage. Firms that deviate from the optimal SMA profile have lower performance compared to the firms that do not deviate. The negative performance effect, however, is only significant for firms that have too little SMA practices and is not significant for firms that adopt too much SMA practices.

These results suggest that firms that fail to implement a sufficient level of SMA suitable for their development stage will not develop as fast as their competitors. This study is subject to general limitations of survey research, particularly with respect to the operationalization of the variables, the number of contextual variables in the empirical model and sample coverage.

The implication for managerial practice is that greater efforts should be directed toward eliminating underfit than overfit regarding the implementation of management control systems.

This is the first analysis of the adoption of SMA at different life cycle stages and the consequences of misfitted adoption.

This paper aims to deliver a detailed understanding about the dynamics of entrepreneurial networks along the enterprise life cycle of hospitality enterprises.

Case study research was conducted, using in-depth interviews with hospitality entrepreneurs and additional material (e.g. website information). The data were analyzed applying the qualitative method GABEK (GAnzheitliche BEwältigung von Komplexität – holistic processing of complexity) which enables researchers to reveal concepts and attitudes of interviewees.

Networks of hospitality entrepreneurs shift from local ties to industry-specific actor groups to local and non-local ties to actor groups inside and outside the industry. Throughout the enterprise life cycle, entrepreneurs prefer strong ties. The transition from one family generation to the next and changes in the competitive environment are important triggers of network configurations.

Future research should reproduce the findings and investigate the proposed relationships in representative samples from different regions and industries. The influences of different actors within networks provide fertile research opportunities.

Networks provide viable means for tackling the challenges of growth in the hospitality industry. The research provides managerial implications for how networks should be configured for meeting resource dependencies of different development stages.

Building on resource dependency theory, this research emphasizes which challenges the enterprise life cycle imposes upon network management in the hospitality industry. While past research has focused upon the early stages of the enterprise life cycle, this study investigates also later stages. Furthermore, triggers of network management are identified.

The purpose of this study is to identify the characterizations of business process management (BPM) methodology in hotel industry through an aggregate processing of the core cyclesteps (CCCs) of the highly-cited BPM life-cycle models in the literature aiming to highlight the major issues of the current methodological approach of BPM in hotels when to put the notion of service process into practice.

The paper identifies and examines the most popular BPM life-cycles models in the literature and locates 15 life-cycles that are highly cited. The paper then focuses on applying the theory on nine listed hotel companies in Egypt using a questionnaire in the form of a semi-structured interview technique.

The CCSs of BPM life-cycle model applied in hotels revealed a gap between BPM theory and practice in this sector. Utilizing this model of BPM life-cycle, the paper focuses on describing several of the main problems or pitfalls found in the methodological approach of BPM in hotels, which brings the essence of the whole operation management problems.

In light of these findings, the paper discusses the practical implications and focuses on recommendations on how to properly improve the methodological approach of BPM in hotels in order to get better business results.

The paper bridges the gap between BPM theory and practice and suggests recommendations that will assist hotel companies to eliminate the problems of poor process management (PM). There are also future research recommendations to enhance the knowledge of BPM theory in the service sector.

This study empirically investigates the role of product market competition and mature-stage firm life cycle on the relation between corporate social responsibility (CSR) and market performance in an emerging market context – Malaysia.

The authors construct a comprehensive CSR index toward the economy, environment and society (EES) and apply both Ordinary Least Squares (OLS) and Two-Stage Least Squares (2SLS) instrumental variables (IV) approaches to test the hypotheses of the study.

The authors find that EES-based CSR generally enhances firms' market performance; however, the level of product market competition undermines the market performance of socially and economically responsible firms. In addition, the study results indicate that mature-stage firm life cycle with more involvement in CSR activities shows better market performance. However, the endogeneity check of CSR suggests that both CSR and mature-stage firms are mutually exclusive in influencing market performance. The study findings are robust to alternative measures and different identifications of high and low default risk situations of sample firms.

This study carries practical policy implications for the listed firms, regulators and stakeholders in general. For example, regulatory bodies may promote greater involvement in CSR activities by listed companies in the Malaysian stock market. Investors and other market participants should be aware of factors influencing socially responsible firms' market performance such as the corporate life cycle and the level of competition in product markets.

This research work responds to the call of regulatory bodies in Malaysia at a time when the Malaysian economy is under threat of environmental distraction practices by the palm oil industry and import ban by the largest export market, i.e. the European Union by 2030. The study also contributes to the theoretical literature by refining the moderating role of product market competition and mature-stage life cycle on the relationship between CSR and market performance from the perspectives of resource-based and stakeholder theories in emerging economy settings.

The purpose of this study is to investigate the role of book values, earnings, and future earnings in equity valuation by time, life cycle stage, and market uncertainty using samples of USA and Japanese companies.

This study employs Lubberink and Willett (2021) methodology in using log-linear models to estimate the value relevance of accounting numbers and follows Schaberl (2016) approach to measure %incremental value relevance. The study also includes future earnings in a basic valuation model (Ohlson, 1995) to explore the extent to which stock prices are forward looking.

This study finds a significant increase by time in the relative value relevance of a combined model with book values and earnings and a combined model with future earnings for both countries. However, the incremental value relevance of book values, earnings, and future earnings remain stable over time. The results by life cycle stage indicate that incremental value relevance of future earnings and earnings are more (less) pronounced for firms in the intro (mature) life cycle stage while the incremental value relevance of book values is highest for firms in the decline stage for both countries. The results by market uncertainty indicate that firms with high market uncertainty display higher incremental value relevance of book values for both countries. The results on future earnings are mixed as USA (Japan) firms with high (low) market uncertainty display more (less) incremental value relevance of future earnings.

The findings in this study enhance the merits of two basic financial statements (balance sheet and income statement) in a firm's equity valuation for potential investors and existing shareholders and document an additional role of future earnings information in reflecting a firm's stock price, which is beyond what book values and current earnings have already contributed.

This is the first study that uses log-linear models to estimate the value relevance of accounting numbers and investigates value relevance of accounting information in three views: time, life cycle stage, and market uncertainty.

Innovation ecosystems can emerge and grow organically, but the process can also be managed through conscious intervention. Therefore, this study observes different motivations and expectations for each group of actors. The lack of alignment between actors could have a negative influence on the development of innovation ecosystems. This study aims to analyze the coordination strategies of the actors throughout the life cycle of innovation ecosystems.

This study develops and proposes a model for coordinating innovation ecosystems based on the theoretical backgrounds of the ecosystem life cycle and ecosystem coordination.

This study argues that each stage of an innovation ecosystem’s life cycle – inception, launching, growth and maturity – demands different coordination strategies. Initially, networks are simpler and thus the coordination issues are less difficult. However, as the ecosystem evolves and the complexity of the networks increases, a more sophisticated strategy, such as orchestration or choreography, is needed.

This is a theoretical study that recommends further research to test this model.

The understanding of coordination and stages of the life cycle of an innovation ecosystem can guide actors in the design of strategies for developing of ecosystems.

The proposed framework could support strategies to engage civil society in actions to develop innovation ecosystems.

This study presents a framework to understand the coordination strategies better, considering the stages of an innovation ecosystem’s life cycle.

This paper aims to focus on helping managers understand a factor that stimulates investment in R&D, namely, the R&D tax credit.

The paper uses a sample of firms in Taiwan; the study period is 1999‐2004. Four variables are used to categorize firms in life cycle stages, and these are ranked in a number of ways.

It is found that the R&D tax credit has an influence of operating performance and that the association of R&D tax credit with operating performance is moderated by the stage of the firm in its respective life cycle. This association is also moderated by the size of the firm.

Management perspective, managers of small, older firms with sales that are stagnant or declining will benefit most from the R&D tax credit. Managers of such companies should make a greater effort to negotiate tax credits as they will benefit the most.

The paper adds to the literature on life cycle analysis

To explore the pricing objectives that service companies pursue along with the extent to which these objectives are influenced by the stage of the services' life cycle.

Reviews the existing literature and analyzes data from 170 companies operating in six different services sectors in Greece in order to achieve the research objectives.

The literature on pricing of services reveals the complete lack of any previous work endeavoring to examine empirically this potential influence. The study concludes that the objectives are mainly customer oriented aimed at improving the companies' financial performance in the market. Furthermore, the stage of these services' life cycle along with the sector of operation seems to have an influence on the pricing objectives pursued.

The context of the study (Greece) is an obvious caveat to the research findings suggesting the need for further replication of the current study in different national contexts.

The practical implications of the findings refer to the fact that managers might have much to gain by adopting a “situation specific approach” when setting prices. Thus, different pricing objectives should be set as a service passes from one stage of its life cycle to another, while different services necessitate also a different pricing approach.

The value of the paper lies in the fact that it presents a first attempt to investigate empirically this issue.

This research focuses on examining the dynamics of task and interpersonal conflict related to the creativity of teams over five stages of a project's life cycle. Data were collected from 142 respondents of information system development project teams of a service‐driven type, and from 106 respondents of new product development teams of a technology‐driven type. Results indicate that interpersonal conflict has a negative impact on creativity for a service‐driven project team. However, task conflict has a positive impact on creativity for a technology‐driven project team. The findings suggest that managing different types of project teams necessitates concern with the variations of conflict and creativity over a project's life cycle.