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

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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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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  1. Flannery, Mark J, 1986. " Asymmetric Information and Risky Debt Maturity Choice," Journal of Finance, American Finance Association, vol. 41(1), pages 19-37, March.
  2. Frederick C. Scherr & Heather M. Hulburt, 2001. "The Debt Maturity Structure of Small Firms," Financial Management, Financial Management Association, vol. 30(1), Spring.
  3. 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.
  4. Kane, Alex & Marcus, Alan J. & McDonald, Robert L., 1985. "Debt Policy and the Rate of Return Premium to Leverage," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 20(04), pages 479-499, December.
  5. Morris, James R, 1976. "On Corporate Debt Maturity Strategies," Journal of Finance, American Finance Association, vol. 31(1), pages 29-37, March.
  6. Myers, Stewart C., 1977. "Determinants of corporate borrowing," Journal of Financial Economics, Elsevier, vol. 5(2), pages 147-175, November.
  7. 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.
  8. Douglas W. Diamond, 1991. "Debt Maturity Structure and Liquidity Risk," The Quarterly Journal of Economics, Oxford University Press, vol. 106(3), pages 709-737.
  9. Aydin Ozkan, 2002. "The determinants of corporate debt maturity: evidence from UK firms," Applied Financial Economics, Taylor & Francis Journals, vol. 12(1), pages 19-24.
  10. 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.
  11. Aydin Ozkan, 2000. "An empirical analysis of corporate debt maturity structure," European Financial Management, European Financial Management Association, vol. 6(2), pages 197-212.
  12. Mitchell, Karlyn, 1993. "The Debt Maturity Choice: An Empirical Investigation," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 16(4), pages 309-320, Winter.
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