In a market economy, entrepreneurship requires large-scale innovations to maintain competitiveness and high rates of economic growth, and large investments are needed to implement innovations. However, in the process of their activities, investors face increased investment risk and therefore need reliable methods of investment evaluation and investment modeling of innovations in industrial enterprises. In this regard, the purpose of this study is to develop a conceptual model for assessing the investment attractiveness of innovative projects. The article builds a graphical model of investment in an innovative product at different stages of its life cycle. A conceptual structural and mathematical model for assessing the investment attractiveness of innovative projects of industrial enterprises has been developed, which reflected the stages of risk management, phases of the life cycle of the innovation project and the stages of the innovation process. The main idea of the proposed model is to manage investment in innovation based on the impact on the level of specific innovation risks.

This paper was retracted based on the authors' request due to errors in the computations.

This article evaluates the relationship between institutional ownership and compositional performance indices in company life cycle among corporations accepted in Tehran Stock Exchange comparatively. In representation relations owner’s goal in maximum wealth; therefore, the goal controls the representative work and evaluates his performance. The statistical society in this research consists of corporations accepted in Tehran Stock Exchange over the period 2006-2010. A cross-sectional regression of corporations is obtained and along with different stages of life cycle, their variance is analyzed. The results of this research indicate that:

1. In corporations’ growth stage, institutional ownership causes increasing assimilation performance and decreasing economic and financial performance.
2. In maturity stage, institutional ownership causes increasing assimilation performance but it has no effect on financial performance and it has a twofold effect on economic performance.
3. In decline stage, institutional ownership has a twofold effect on assimilation performance and it causes decreasing economic and financial performance.

Capital structure is a controversial issue in the field of corporate finance. There are several studies to find a way to determine the optimal capital structure to minimize the cost of capital and maximize the corporate value. In fact, capital structure is a combination of firms’ liabilities and capital to meet long term assets. This paper investigates the role of the hierarchical theory in explaining the capital structure of the firms based on enterprise life cycle model on selected firms listed on Tehran Stock Exchange (TSE) using three methods of net equities, net liabilities and retained earnings. The study uses Park and Chen’s (2006) method [Park, Y., & Chen, K. H. (2006). The effect of accounting conservatism and life-cycle stages on firm valuation. Journal of Applied Business Research (JABR), 22(3), 75-92.] to categorize the life cycle of 81 randomly selected firms from TSE over the period 2007-2012. The results indicate that the hierarchical theory represents the growing firms better than the matured firms do. The results also show that firms were more willing to reduce their dividend per share for financing their projects.