Mature firm a company that is well-established in its industry, with a well-known product and loyal customer following with average growth. While some mature firms see excess returns go to zero or become negative, with the advent of competition, other mature firms retain significant competitive advantages (and excess returns). Since value is determined by excess returns, the latter will retain higher values, relative to the former, even as growth rates become anemic. The grown-ups mature companies at each stage of the life cycle of the firm, there is attrition. Most young companies fail to make it through early tests to become growth companies, and a large number of growth companies find that growth is short lived and either go out of business or are acquired by larger firms. Mature industry a mature industry is an industry which has passed both the emerging and the growth phases of industry growth. Earnings and sales grow slower in mature industries than in growth. A mature market is the stage where the rate of growth slows, perhaps to zero. Because there is little growth, companies in the industry end up with excess inventory andor capacity. Firm characteristics, total quality management, and financial performance. The characteristics examined are firm size, the degree of capital intensity, the degree of. And more mature tqm implementation (possibly by targeting an independent tqm award) should also result in higher benefits from tqm. And winning of independent awards as a proxy for more mature tqm implementations. First, most firms that give awards to their suppliers require that their suppliers periodically enter the award.