Scandinavian Working Papers in Business Administration
JIBS Working Papers,
Jönköping International Business School
No 2010-2: Corporate Debt Maturity Choice in Emerging Financial Markets
Andreas Stephan (), Oleksandr Talavera and Andriy Tsapin
Additional contact information
Andreas Stephan: Jönköping International Business School, DIW Berlin, CESIS Stockholm, Postal: Jönköping International Business School, P.O. Box 1026, SE-551 11 Jönköping
Oleksandr Talavera: University of East Anglia
Andriy Tsapin: National University of Ostroh Academy
Abstract: This paper investigates the determinants of liability maturity choice in emerging markets using a unique panel of 4,500 Ukrainian rms during the period 2000-2006. Our estimates conrm the importance of agency costs, liquidity, signaling, and taxes for the liability term structure of rms operating in a transition economy. Firm creditworthiness and access to long-term nancing at bond markets are the key drivers of corporate debt structure. This study provides strong evidence that constrained and unconstrained companies react dierently on liquidity risk and, hence, pursue diferent debt maturity strategies.
Keywords: debt maturity; capital structure; transition period; Ukraine.
37 pages, November 17, 2010
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