Corporate Debt Maturity Choice in Emerging Financial Markets

Andreas Stephan, Oleksandr Talavera () and Andriy Tsapin

No 2010-2, JIBS Working Papers from Jönköping International Business School

Abstract: This paper investigates the determinants of liability maturity choice in emerging markets using a unique panel of 4,500 Ukrainian rms during the period 2000-2006. Our estimates conrm the importance of agency costs, liquidity, signaling, and taxes for the liability term structure of rms 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 dierently on liquidity risk and, hence, pursue diferent debt maturity strategies.

Keywords: debt maturity; capital structure; transition period; Ukraine. (search for similar items in EconPapers)
Pages: 37 pages
Date: 2010-11-17
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Related works:
Journal Article: Corporate debt maturity choice in emerging financial markets (2011)
Working Paper: Corporate Debt Maturity Choice in Emerging Financial Markets (2010)
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Persistent link: https://EconPapers.repec.org/RePEc:hhb:hjacfi:2010_002

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