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The determinants of corporate debt maturity structure: evidence from Czech firms

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

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Abstract

This 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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File URL: http://ies.fsv.cuni.cz/default/file/download/id/4549
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Publisher Info
Paper provided by Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies in its series Working Papers IES with number 2006/27.

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Length: 27 pages
Date of creation: Oct 2006
Date of revision: Oct 2006
Handle: RePEc:fau:wpaper:wp2006_27

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

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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

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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. Nauro F. Campos & Roman Horváth, 2006. "Reform Redux: Measurement, Determinants and Reversals," Working Papers IES 2006/16, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, revised Apr 2006. [Downloadable!]
    Other versions:
  2. Michal Bauer & Julie Chytilová & Pavel Streblov, 2006. "Effects of Education on Determinants of High Desired Fertility: Evidence from Ugandan Villages," Working Papers IES 2006/23, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, revised Sep 2006. [Downloadable!]
    Other versions:
  3. Vít Bubák & Filip Žikeš, 2006. "The Price Impact of Stock Trades: Evidence from the Prague Stock Exchange," Working Papers IES 2006/19, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, revised Apr 2006. [Downloadable!]
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Cited by:
(explanations, 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. 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. [Downloadable!]
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