In this paper we test the relationship between life-cycle stages and revenue predictability. We used three-year divided by average total assets as Our estimation is based on Dickinson’s (2011) cash-flow proxy model. Instead of using dummy variables omitted category with least observations, following Hansen et al. (2018), assigned values 0, 0.25, 0.50, 0.75, 1 for introduction, growth, mature, s...