کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
980416 1480460 2011 11 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Corporate debt maturity choice in emerging financial markets
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Corporate debt maturity choice in emerging financial markets
چکیده انگلیسی

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.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: The Quarterly Review of Economics and Finance - Volume 51, Issue 2, May 2011, Pages 141–151
نویسندگان
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