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Corporate Debt Maturity Choice in Emerging Financial Markets
Jönköping University, Jönköping International Business School, JIBS, Economics, Finance and Statistics.
University of East Anglia, Andriy Tsapin National University of Ostroh Academy.
2011 (English)In: Quarterly Review of Economics and Finance, ISSN 1062-9769, E-ISSN 1878-4259, Vol. 51, no 2, p. 141-151Article in journal (Refereed) Published
Abstract [en]

This paper investigates the determinants of liability maturity choice in emerging markets using a unique panel of 4,500 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 nancing 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.

Place, publisher, year, edition, pages
2011. Vol. 51, no 2, p. 141-151
Keyword [en]
debt maturity, capital structure, transition period, Ukraine
National Category
Economics
Identifiers
URN: urn:nbn:se:hj:diva-13934DOI: 10.1016/j.qref.2010.12.003OAI: oai:DiVA.org:hj-13934DiVA: diva2:377330
Available from: 2010-12-14 Created: 2010-12-14 Last updated: 2017-12-11Bibliographically approved

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Stephan, Andreas

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