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The Determinants of Corporate Debt Maturity Structure: Evidence from Czech Firms (in English)

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Author Info
Pavel Körner () (Institute of Economic Studies, Faculty of Social Sciences, Charles University, Prague)

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Abstract

This paper investigates the determinants of the maturity structure of Czech corporate debt. A theoretical section provides an overview of contemporary theories on corporate debt maturity structure. An empirical section describes an econometric model that shows that long-term debt increases with company size and leverage and asset maturity. The impact of growth options, collateralizable assets, corporate-tax rate, and company-level volatility proves statistically insignificant. Finally, the paper discusses the limitations of the results in terms of data, variables, and determinants.

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Publisher Info
Article provided by Charles University Prague, Faculty of Social Sciences in its journal Finance a uver - Czech Journal of Economics and Finance.

Volume (Year): 57 (2007)
Issue (Month): 3-4 (June)
Pages: 142-158
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Handle: RePEc:fau:fauart:v:57:y:2007:i:3-4:p:142-158

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Related research
Keywords: bank debt; bond debt; corporate debt maturity structure; long-term debt; short-term debt; transition economy;

Find related papers by JEL classification:
G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Investment Policy
G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Capital and Ownership Structure

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Mitchell, Karlyn, 1993. "The Debt Maturity Choice: An Empirical Investigation," Journal of Financial Research, Southern Finance Association and Southwestern Finance Association, vol. 16(4), pages 309-20, Winter.
  2. Cai, Jun & Cheung, Yan-Leung & Goyal, Vidhan K., 1999. "Bank monitoring and the maturity structure of Japanese corporate debt issues," Pacific-Basin Finance Journal, Elsevier, vol. 7(3-4), pages 229-249, August. [Downloadable!] (restricted)
  3. Diamond, Douglas W, 1991. "Debt Maturity Structure and Liquidity Risk," The Quarterly Journal of Economics, MIT Press, vol. 106(3), pages 709-37, August. [Downloadable!] (restricted)
  4. Morris, James R, 1976. "On Corporate Debt Maturity Strategies," Journal of Finance, American Finance Association, vol. 31(1), pages 29-37, March. [Downloadable!] (restricted)
  5. D. Heyman & M. Deloof & H. Ooghe, 2003. "The Debt-Maturity Structure of Small Firms in a Creditor-Oriented Environment," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 03/197, Ghent University, Faculty of Economics and Business Administration. [Downloadable!]
    Other versions:
  6. Alex Kane & Alan J. Marcus & Robert L. McDonald, 1986. "Debt Policy and the Rate of Return Premium to Leverage," NBER Working Papers 1439, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  7. Ozkan, Aydin, 2002. "The Determinants of Corporate Debt Maturity: Evidence from UK Firms," Applied Financial Economics, Taylor and Francis Journals, vol. 12(1), pages 19-24, January. [Downloadable!] (restricted)
  8. Flannery, Mark J, 1986. " Asymmetric Information and Risky Debt Maturity Choice," Journal of Finance, American Finance Association, vol. 41(1), pages 19-37, March. [Downloadable!] (restricted)
  9. Pavel Körner, 2006. "The determinants of corporate debt maturity structure: evidence from Czech firms," Working Papers IES 2006/27, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, revised Oct 2006. [Downloadable!]
  10. Frederick C. Scherr & Heather M. Hulburt, 2001. "The Debt Maturity Structure of Small Firms," Financial Management, Financial Management Association, vol. 30(1), Spring.
  11. Aydin Ozkan, 2000. "An empirical analysis of corporate debt maturity structure," European Financial Management, Blackwell Publishing Ltd, vol. 6(2), pages 197-212. [Downloadable!] (restricted)
  12. Myers, Stewart C., 1977. "Determinants of corporate borrowing," Journal of Financial Economics, Elsevier, vol. 5(2), pages 147-175, November. [Downloadable!] (restricted)
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