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Debt maturity across firm types: Evidence from a major developing economy

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  • Orman, Cüneyt
  • Köksal, Bülent

Abstract

Existing literature provides little guidance on whether various debt maturity theories are useful in understanding the debt maturity choices of firms that are privately-held, small, and/or outside the manufacturing industry in developing economies. This paper conducts a comparative test of the major debt maturity theories using a firm-level dataset that covers a wide variety of firm types in a major developing economy, Turkey. Our findings provide considerable support for the liquidity risk, agency, and maturity-matching theories. The macroeconomic environment also has an important impact on debt maturity. The evidence for the signaling and tax theories, however, is weak at best.

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  • Orman, Cüneyt & Köksal, Bülent, 2017. "Debt maturity across firm types: Evidence from a major developing economy," Emerging Markets Review, Elsevier, vol. 30(C), pages 169-199.
  • Handle: RePEc:eee:ememar:v:30:y:2017:i:c:p:169-199
    DOI: 10.1016/j.ememar.2016.12.001
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    More about this item

    Keywords

    Debt maturity structure; Nonfinancial firms; Firm heterogeneity; Developing economy; Turkey;
    All these keywords.

    JEL classification:

    • G3 - Financial Economics - - Corporate Finance and Governance
    • 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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