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| 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 |
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| Introduction | Growth | Mature | Shake-Out | Shake-Out | Shake-Out | Decline | Decline |
| Predicted sign |
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| Cash flows operating activities | − | + | + | − | + | + | − | − |
| Cash flows investing activities | − | − | − | − | + | + | + | + |
| Cash flows financing activities | + | + | − | − | + | − | + | − |
| The source is Dickinson (2011) article “Cash Flow Patterns as a Proxy for Firm Life Cycle” | ||||||||