The determinants of corporate debt maturity structure: evidence from Czech firms
AbstractThis paper investigates the determinants of the corporate debt maturity structure of Czech firms. The theoretical section provides an overview of contemporary theories on corporate debt maturity structure. The regression section describes an econometric model showing that the long-term debt increases with Firm size, Leverage and Asset maturity. The impact of Growth options, Collateralizable assets, Firm tax rate, and Firm level volatility has been found out as statistically insignificant. The portfolio analyses section of this paper shows the bank-based system pattern of financing of Czech firms, increasing importance of intra-group financing and increasing presence of Maturity matching principle. Finally, the paper discusses the limitations of the results in the field of data, variables, and determinants.
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Bibliographic InfoPaper provided by Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies in its series Working Papers IES with number 2006/27.
Length: 27 pages
Date of creation: Oct 2006
Date of revision: Oct 2006
corporate debt maturity structure; bank debt; bond debt; short-term debt; long-term debt; transition economy;
Find related papers by JEL classification:
- G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies
- G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
This paper has been announced in the following NEP Reports:
- NEP-ACC-2006-12-01 (Accounting & Auditing)
- NEP-ALL-2006-12-01 (All new papers)
- NEP-TRA-2006-12-01 (Transition Economics)
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- Pavel Körner, 2007. "The Determinants of Corporate Debt Maturity Structure: Evidence from Czech Firms (in English)," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 57(3-4), pages 142-158, June.
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