The Determinants of Corporate Debt Maturity Structure

Mark Hoven Stohs and David C Mauer

The Journal of Business, 1996, vol. 69, issue 3, 279-312

Abstract: The authors examine the empirical determinants of debt maturity structure using a maturity structure measure that incorporates detailed information about all of a firm's liabilities. They find that larger, less risky firms with longer-term asset maturities use longer-term debt. Additionally, debt maturity varies inversely with earnings surprises and a firm's effective tax rate but there is only mixed support for an inverse relation with growth opportunities. The authors find strong support for the prediction of a nonmonotonic relation between debt maturity and bond rating; firms with high or very low bond ratings use shorter-term debt. Copyright 1996 by University of Chicago Press.

Date: 1996
References: Add references at CitEc
Citations: View citations in EconPapers (296)

Downloads: (external link)
http://dx.doi.org/10.1086/209692 full text (application/pdf)
Access to full text is restricted to JSTOR subscribers. See http://www.jstor.org for details.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ucp:jnlbus:v:69:y:1996:i:3:p:279-312

Access Statistics for this article

More articles in The Journal of Business from University of Chicago Press
Bibliographic data for series maintained by Journals Division ().