The Effect of Specific Risk in Various Stages of the Life Cycle of Companies Listed on the Tehran Stock Exchange

Table 6

Results of estimating the final research model.

Variable	Symbol	Coefficient	SD	Statistics t	Probability	Relationship type	Status
	C	−9.58726	1.638614	−5.85084	0.000	-	Significant
Introduction stage	INTRODUCTION	0.933	0.2987	3.12353	0.0019	Direct	Significant
Growth stage	GROWTH	0.94588	0.267523	3.53568	0.0005	Direct	Significant
Maturity stage	MATURE	−0.82954	0.276446	−3.00071	0.0029	Reverse	Significant
Decline stage	DECLINE	0.6501	0.292352	2.22369	0.0267	Direct	Significant
Recession stage	SHAKE_OUT	−0.91291	0.27835	−3.27971	0.0011	Reverse	Significant
Return on assets	ROA	0.067719	0.006451	10.49706	0.000	Direct	Significant
Company age	AGE	0.220576	0.037733	5.845639	0.000	Direct	Significant
Governmental possession	SO	0.013087-	0.004179	−3.131405	0.0019	Reverse	Significant
Size	Size	0.067876	0.156568	0.433525	0.6649	-	Insignificant
Financial leverage	LEVERAGE	−0.28733	0.174321	−1.64825	0.1001	-	Insignificant
Market value to book	M/B	0.03644	0.04686	0.77769	0.4372	-	Insignificant
Determination coefficient		0.56	Amara F		3.45
Adjusted coefficient of determination		0.49	Significance (p-value)		0.000
			Watson camera		2.19