“…For example, while Mintzberg (1984), Adizes (1990), Hanks (1993) and Kallunki and Silvola (2009) examines the life cycle concept in the management context, Spence (1977) and Wernerfelt (1985) study this theory in economics. In addition, value relevance (Black 1998), (Anthony and Ramesh 1992) and (Chen et al, 2010), accruals (Liu 2006), earnings quality (Schipper and Vincent 2003), corporate governance (Chang et al, 2011), dividend policy (DeAngelo et al, 2006 and (Coulton and Ruddock 2011), firm risk (Xu 2007) and (Koh et al, 2015), capital structure (Hasan et al, 2015) and (Drobetz et al, 2015), equity issues (Jain and Kini 1999) and (Seifert and Gonenc 2012) are the milestone studies in accounting and finance literature. Some studies are also normative that suggest how the taxonomy methods should be structured.…”