Corporate debt maturity choice in emerging financial markets

Stephan, Andreas, Talavera, Oleksandr and Tsapin, Andriy (2011) Corporate debt maturity choice in emerging financial markets. The Quarterly Review of Economics and Finance, 51 (2). pp. 141-151.

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Abstract

This paper investigates the determinants of liability maturity choice in emerging markets using a unique panel of 4500 Ukrainian firms during the period 2000–2006. Our estimates confirm the importance of agency costs, liquidity, signaling, and taxes for the liability term structure of firms operating in a transition economy. Firm creditworthiness and access to long-term financing at bond markets are the key drivers of corporate debt structure. This study provides strong evidence that constrained and unconstrained companies react differently on liquidity risk and, hence, pursue different debt maturity strategies.

Item Type: Article
Faculty \ School: Faculty of Social Sciences > School of Economics
Faculty of Social Sciences > School of Law
Depositing User: Oleksandr Talavera
Date Deposited: 11 Apr 2011 15:24
Last Modified: 25 Jul 2018 04:33
URI: https://ueaeprints.uea.ac.uk/id/eprint/28830
DOI: 10.1016/j.qref.2010.12.003

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