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Financial reforms, financial openness, and corporate debt maturity: International evidence

Author

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  • Senay Agca
  • Gianni De Nicolò
  • Enrica Detragiache

Abstract

We study how credit market deregulation and financial openness have changed corporate debt maturity. The evidence comes from a large panel of publicly traded firms in 38 countries in the post 1994 period. Reforms are measured with a comprehensive index that tracks six separate dimensions. We find that these transformations have lengthened debt maturity in advanced economies as expected, suggesting that in these countries corporate credit markets have become deeper. In emerging economies, the picture is more mixed: more international openness has led to shorter debt maturity. The effects of financial sector reforms on debt maturity differ depending on the type of reform.

Suggested Citation

  • Senay Agca & Gianni De Nicolò & Enrica Detragiache, 2015. "Financial reforms, financial openness, and corporate debt maturity: International evidence," Borsa Istanbul Review, Research and Business Development Department, Borsa Istanbul, vol. 15(2), pages 61-75, June.
    • Handle: RePEc:bor:bistre:v:15:y:2015:i:2:p:61-75
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    Citations

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    Cited by:

    1. Catão, Luís A.V. & te Kaat, Daniel Marcel, 2021. "Capital account liberalization and the composition of bank liabilities," Journal of International Money and Finance, Elsevier, vol. 116(C).
    2. Lanau, Sergi, 2011. "Domestic financial regulation and external borrowing," Bank of England working papers 429, Bank of England.
    3. Thomas O'Connor & Thomas Flavin, 2013. "The Effects of Ownership Structure on Corporate Financing Decisions: Evidence from Stock Market Liberalization," International Review of Finance, International Review of Finance Ltd., vol. 13(3), pages 383-405, September.
    4. Martin Schmitz, 2011. "Financial reforms and capital flows to emerging Europe," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 38(4), pages 579-605, November.
    5. Ćehajić, Aida & Košak, Marko, 2021. "Macroprudential measures and developments in bank funding costs," International Review of Financial Analysis, Elsevier, vol. 78(C).
    6. Martina Chinazom Okorie & David Onyinyechi Agu, 2015. "Does Banking Sector Reform Buy Efficiency Of Banking Sector Operations? ? Evidence from Recent Nigerias Banking Sector Reforms," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 5(2), pages 264-278, February.

    More about this item

    Keywords

    Corporate debt maturity; Financial reforms; Financial openness; International financial markets;
    All these keywords.

    JEL classification:

    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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