THE DETERMINANTS OF DEBT MATURITY STRUCTURES IN DEVELOPING COUNTRIES

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.

Keywords

• borç vade yapısı
• borç vade yapısının belirleyicileri
• gelişmekte olan ülkeler
• panel veri analizi
• çok düzeyli modelleme
• debt maturity structure
• determinants of debt maturity
• developing countries
• panel data analysis
• multilevel modelling