Identify the financial crisis of enterprises based on the Z – Score Toffler Index and investigate the impact of their life - cycle on risk and performance measures Companies Listed in Tehran Stock Exchange.(With emphasis on the 2005 Dickinson model

The financial crisis and failure of corporate managers always have been a problem for researchers to think of finding ways to predict and improve the status of firms. The risk phenomenon is one of the most important characteristics of decision formation in the field of investment, financial markets and economic activities. The statistical population of the research is the listed companies of Tehran Stock Exchange during the period of 2005-2015. In this regard, the necessity of identifying the financial crisis and examining the effect of different variables on risk and performance measures are highlighted. In this research, first, the statistical sample companies were selected from the elimination method Z - Toffler was used to identify the crisis companies then, the separation of firms to stages were performed using the model of Dickinson cash flows (2005), followed by different periods of life cycle on risk and performance measures in each stage. In order to test the hypotheses, the combination of mixed data and Logit regression method has been used. The software used in this research is Eviews9. The results of the 406 Samples test show that the impact of different periods of life cycle on risk and performance measures has significant differences with one another. The effects of birth and decay periods are higher than those of other periods. Also, the increasing explanatory power of risk measures in different stages of life cycle are significantly different. The maximum explanatory power is related to the decline period