The determinants of corporate debt maturity structure: evidence from Czech firms
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.
|Date of creation:||Oct 2006|
|Date of revision:||Oct 2006|
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