The Determinants of Debt Maturity: The Case of Bank Financing in Singapore

Sheng-Syan Chen, Kim Wai Ho and Gillian H H Yeo

Review of Quantitative Finance and Accounting, 1999, vol. 12, issue 4, 50 pages

Abstract: This study presents important international evidence by examining the determinants of debt maturity of listed firms in Singapore, a major financial center in Asia. We focus on bank debt because it is the principal source of financing for most Singapore firms. We find that consistent with the contracting-cost hypothesis, firms with greater growth opportunities rely more heavily on short-term bank debt whereas larger firms are more likely to use long-term bank debt. In contrast, we find no strong support for either the tax or signaling hypotheses. Copyright 1999 by Kluwer Academic Publishers

Date: 1999
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