Operational efficiency is the foundation of the company's strategic goals, and customer satisfaction and increasing shareholder wealth depend on the company's operational efficiency. On the other hand, different companies and institutions follow a certain policy according to each stage of their life cycle, and management factors have an impact on important management decisions and, as a result, on the growth and operational efficiency of the company; Therefore, the effect of behavioral strains, management ability and motivation on the operational efficiency of companies listed in the Tehran Stock Exchange during the life cycle was investigated. In terms of purpose, this research is applied, and in terms of data collection method, it is a descriptive-correlational research. Also, systematic exclusion sampling method (screening) was used to select the sample, and finally the data of 152 companies were analyzed in the six-year period from 2017 to 2023 (912 company-years). To test hypotheses using panel data method, multivariable regression with fixed effects estimation method was used. The results of the study at the 95% confidence level showed that the company's life cycle (maturity stage) moderates the relationship between management characteristics, including managers' overconfidence, managers' myopia, CEO tenure and management ability, with the company's operational efficiency. Also, while the management reward has a positive and significant effect on the company's operational efficiency, but the company's life cycle does not moderate this relationship.