Corporate investment efficiency (CIE) is an imperative factor influencing the smooth functioning and financial sustainability of an enterprise. The role of a firm life cycle on risk and performance fundamentals has been extensively explored in the literature. However, it remains unclear as to whether the life cycle stages of a firm have any impact on corporate investment efficiency. This paper investigates the role of firm life cycle stages (FLCS) in determining the investment efficiency of 351 Pakistani non-financial listed firms over the course of 12 years (2005–2016). It used panel data fixed effects and ordinary least squares (OLS) techniques to empirically examine the proposed relationship. By employing Dickinson’s FLCS measure, we found that CIE was lower during the introduction and decline stages and higher at the growth and maturity stages of a firm’s life cycle. Moreover, the results of regression analysis revealed that mature firms enjoyed the highest level of investment efficiency followed by the growth firms. Overall, CIE exhibited an inverted U-shaped trend across FLCS. In addition, the findings corroborated the idea that the sample firms could not sustain their investment efficiency when they moved along different stages of the life cycle. Thus, policymakers are suggested to customize their investment policies for each stage of FLC to attain sustainable financial performance throughout the life of a firm.

Performance appraisal reports provide vital information for making strategic decisions. Uniting HR practices and IT is an attempt to maximize value creation. Organizations are transforming their performance management systems from traditional to web-technology based systems to enhance accuracy and objectivity. The present study is an effort to assess employees’ perception of the accuracy of e-performance appraisal systems. To that effect, 500 close-ended questionnaires were administered to randomly selected employees working for a non-for-profit organization where e-performance appraisal is practiced. A total of 352 questionnaires were included for analysis and structural equation modeling was used to analyze the data. The results indicate that rater competence and the possibility to challenge performance appraisals judged as unfair or inaccurate highly influence the employees’ perception of accuracy of e-performance appraisals. Furthermore, a clear communication of standards and the reaction to the last rating moderately affect the employees’ perception of the accuracy of e-PA.