عنوان مقاله [English]
نویسندگان [English]چکیده [English]
In this paper, it has been compared three main categories of cash flows statement (operating activities, investing and financing) with corresponding accrual information (operational earning, accrual based investing activities, accrual based financing activities) to forecast return in each of corporate life cycle (growth, maturity, and decline) to answer the question that which of two indices of cash flows and accrual accounting can best forecast return taking into account corporate life cycle.
The findings of this study based on a sample consisting of 540years -firm of the firms listed in Tehran stock exchange during 85 to 90 indicate that in all of life cycle stages there is a significant relationship between cash flows information and return as well as between accrual financial information and return. However, it was identified by using statistic test of Vuong that in growth and decline periods of life cycle, cash flows information is more robust for forecasting return than accrual financial information and the opposite is true for the maturity period.