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- Title
THE DETERMINANTS OF DEBT MATURITY STRUCTURES IN DEVELOPING COUNTRIES.
- Authors
BİLGİN, Rümeysa
- Abstract
The study contributes to the literature by examining the firm- and country-specific determinants of the debt maturity structures in developing countries. The sample panel data set comprises of 3981 firms from 30 countries for 8 years from 2011 to 2018. Countries are selected among developing and transition economies based on data availability. A multilevel modelling methodology is employed in order to decompose the determinants of debt maturity. Variance components analysis revealed that country-level and firm-level are the causes of 15% and 50% of the total variability in debt maturity structures, respectively. Asset maturity, firm quality, firm size, leverage and growth opportunity are detected as firm-specific determinants of debt maturity. Besides, it is found that bank concentration and stock market development are also effective on the debt maturity structures of firms.
- Subjects
DEVELOPING countries; DEBT; MATURITY (Finance); ANALYSIS of variance; PANEL analysis
- Publication
Visionary E-Journal / Vizyoner Dergisi, 2020, Vol 11, Issue 27, p466
- ISSN
1308-9552
- Publication type
Article
- DOI
10.21076/vizyoner.671199