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Debt maturity, leverage, and political uncertainty

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  • Pan, Wei-Fong
  • Wang, Xinjie
  • Yang, Shanxiang

Abstract

This study investigates the effects of political uncertainty (PU) on corporate debt maturity and leverage using a novel measure of firm-specific PU. We find that PU is negatively associated with debt maturity and leverage. Furthermore, the negative effects of PU on debt maturity and leverage are more pronounced for firms with greater investment reversibility and a lower credit rating. PU affects debt maturity and leverage at least five quarters into the future. Both domestic PU and global PU have negative effects on debt maturity and leverage, but domestic PU’s effect is greater. Overall, our results suggest that PU deteriorates the external financing environment, leading to firms using more short-term debt and having lower leverage.

Suggested Citation

  • Pan, Wei-Fong & Wang, Xinjie & Yang, Shanxiang, 2019. "Debt maturity, leverage, and political uncertainty," The North American Journal of Economics and Finance, Elsevier, vol. 50(C).
    • Handle: RePEc:eee:ecofin:v:50:y:2019:i:c:s106294081830617x
    DOI: 10.1016/j.najef.2019.04.024
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    More about this item

    Keywords

    Debt maturity structure; Leverage; Political uncertainty;
    All these keywords.

    JEL classification:

    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • 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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