Arbeitspapier
Corporate debt maturity choice in transition financial markets
This paper investigates the determinants of liability maturity choice in transition markets. We formulate a model of firm value maximization that describes managers' choice of optimal debt structure. The theoretical predictions are tested using a unique panel of 4,300 Ukrainian firms during the period 2000-2005. Our estimates confirm the importance of liquidity, signaling, maturity matching, and agency costs for the liability term structure of firms operating in a transition economy. In addition, we find that companies do not react uniformly to determinants of debt maturity. Firms that mainly rely on external funds are sensitive to signaling and they consider the variability of firm value an important determinant of their debt maturity choice. For less constrained companies that rely more on internal funding, asset maturity is an essential determinant of debt structure.
- Language
-
Englisch
- Bibliographic citation
-
Series: DIW Discussion Papers ; No. 784
- Classification
-
Wirtschaft
Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
Corporate Finance and Governance: General
Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
- Subject
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Debt maturity
capital structure
transition period
Ukraine
Fremdkapital
Verbindlichkeiten
Laufzeit
Kapitalstruktur
Übergangswirtschaft
Ukraine
- Event
-
Geistige Schöpfung
- (who)
-
Stephan, Andreas
Talavera, Oleksandr
Tsapin, Andriy
- Event
-
Veröffentlichung
- (who)
-
Deutsches Institut für Wirtschaftsforschung (DIW)
- (where)
-
Berlin
- (when)
-
2008
- Handle
- Last update
-
10.03.2025, 11:44 AM CET
Data provider
This object is provided by:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Stephan, Andreas
- Talavera, Oleksandr
- Tsapin, Andriy
- Deutsches Institut für Wirtschaftsforschung (DIW)
Time of origin
- 2008
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