Purpose -This paper focuses on the corporate life cycle concept which is one of the vital theories to analyze the firms more homogeneously. The aim of this study is to elaborate main life cycle classification procedures and to compare the most cited methodologies regarding financial indicators according to the expectations from the stages. Methodology -We review the literature and especially examine three firm life cycle methods; Anthony and Ramesh (1992), Yonpae and Chen (2006) and Dickinson (2011). We also develop five hypotheses that are related to firm size, profitability, stock returns, liquidity and risk of the firms for three different stages through using descriptive statistics and t test. Findings -According to the results, while growth firms have higher risk, mature firms are more profitable and get higher stock returns. On the other hand, decline firms are bigger and more liquid than the other stages. The findings also suggest that Anthony and Ramesh (1992) life cycle classification procedure provides a little better insight than the other methods. Conclusion -The study defines the firm life cycle notion which is an expanded version of product life cycle through explaining the most common classification procedures. Investors should concentrate on firms that are at growth stage since they have more potential to receive profitable projects. However, mature firms are at the peak point of the profitability and the risk is relatively low. Firms at the decline stage are one of the biggest candidates of stagnation and the capacity cannot be fully utilized.

Abstract:European-listed companies and many emerging countries have been required to present their consolidated financial statements in compliance with the International Financial Reporting Standards (IFRS) since 2005. Having cross-border comparability and transparency with this uniform accounting system is expected to provide higher accounting quality and value relevance. Evaluation of financial performance in terms of value relevance of IFRS is not only vital for existing investors or stakeholders but also for those who want to invest at the international level. Thus, in this study, we examine the value relevance of earnings and book value of equity on share prices through using Ohlson (1995) We test the value relevance with both cross-sectional and pooled regression for the periods. In addition, we use panel data analysis (survival analysis) to validate the increase in value relevance between the periods. We also test the firm size and earnings announcement effect on value relevance for robustness.

Finansal raporlama için standartlaştırma çalışmaları son yıllarda küresel düzeyde büyük önem kazanmaya başlamıştır. Bu doğrultuda, 2013/34 Sayılı AB Direktifinde yer alan "önce küçükleri düşün" yaklaşımının bir sonucu olarak İngiltere'de orta ölçekli işletmeler için FRS 102 ve mikro işletmeler için FRS 105 standartları yayımlanmıştır. Bu standartlar, finansal raporların standartlaştırılması konusunda UMS/UFRS'yi takiben atılmış en önemli adımlar olarak değerlendirilebilir. Türkiye'de de Kamu Gözetimi Muhasebe ve Denetim Standartları Kurumu (KGK) tarafından FRS 102 referans alınarak Büyük ve Orta Ölçekli İşletmeler İçin Finansal Raporlama Standardı (BOBİ FRS) hazırlanmış ve 29.07.2017 tarihinde Resmî Gazete'de yayımlanarak yürürlüğe girmiştir. 2019 yılında ise yine KGK tarafından FRS 105 standardı referans alınarak Küçük ve Mikro İşletmeler İçin Finansal Raporlama Standardı (KÜMİ FRS) taslak olarak yayımlanarak kamuoyu görüşüne açılmıştır. Bu çalışmada, 2021 yılında yürürlüğe girmesi planlanan KÜMİ FRS'nin temel konularda BOBİ FRS ve TMS/TFRS setlerinden farklılaştığı yönlerin açıklanması amaçlanmıştır. Bu amaç doğrultusunda; KÜMİ FRS seti taslağının BOBİ FRS setindeki karşılığı olan bölümlerle ve TMS/TFRS setindeki karşılığı olan standartlarla karşılaştırması yapılmış ve böylece uygulayıcılara rehberlik sağlayacak bir çerçeve sunulmuştur. Çalışmanın sonucunda; henüz taslak olarak sunulan KÜMİ FRS setinin yürürlüğe girmesi ile birlikte, Türkiye'deki finansal raporlamanın standartlaşma yönünde nasıl bir ilerleme kaydettiği değerlendirilmiştir.

An experimental practice on the ultra-fine wet grinding of calcite ore in a conventional batch ball mill is reported. In this study, the effect of wet grinding conditions on the production of fine particles was researched. The influence of operating parameters such as operation speed (% of critical speed), ball filling ratio, calcite filling ratio, pulp density, ball size distribution and grinding time on the grindability of calcite ore was systematically examined. Experimental results were evaluated on the basis of d 80 product size. As a result of this study, optimum experimental conditions were found to be 80% of critical speed (76 rpm) for operation speed, 35% for ball filling ratio, 15% for calcite filling ratio, 75% for pulp density, 50% (1 cm) and 50% (2 cm) for ball size distribution and 60 minute for grinding time. It was found that the best product has d 10 =1.51, d 50 =12.53 and d 80 =30.02 µm particle size and its steepness factor (SF) is 3.75. The outcomes indicate that the wet grinding technique in conventional ball mill for calcite ore is eff ective to obtain ultra-fine size products.

The statement of cash flow has received increasing attention recently since it provides various information that may not be included in the balance sheet or income statement to keep track of the financial status of firms. Yet, cash flow-based information is still not popular as much as the other financial statements. The purpose of this study is to provide insights about the cash flow patterns of the firms and combine the cash flow profiles with life cycle theory by using the methods of Gup et. al. (1993), Bruwer and Hamman (2005) and Dickinson (2011). The research covers 206 non-financial firms from 4 different sectors in Borsa Istanbul (BIST) between the dates of 2008-2017. 1.793 firm-year observations are first grouped according to the signs, either positive or negative and assigned to the patterns and life cycle stages. Results reveal that 40% of the firm-year observations are at the mature stage which is pattern 2 (Successful Company) that is consistent with the literature. In addition, 23% of the firm-year observations are at the growth stage (Pattern 4, Growing Company), while 6% of are at the decline stage (Pattern 5 and 7). We also examine the traditional ratios in different cash flow profiles and the results prove that liquidity, profitability financial structure and dividend payout decisions are the functions of cash flow profiles.