Authors: Nader Naifar
Addresses: Institute of the Higher Business Studies (IHEC-Sfax), Department of Finance (UR: MODESFI), Road of Sidi Mansour, Km 10, Sfax, Tunisia
Abstract: The aim of this paper is to explore empirically the determinants of corporate debt maturity in the Tunisian context using a linear regression. The model incorporates factors representing firm|s specific characteristics and equity market conditions. The findings provide the significance of asset maturity, growth opportunities, firm quality, return on asset, leverage and loans between firms. However, we find no evidence for the inverse relation between growth opportunities and debt maturity. Furthermore, we find no evidence that equity market conditions affect debt maturity structure. The paper has several practical implications that are of value for policy makers, investors and risk managers.
Keywords: corporate debt maturity; Tunisia; linear regression; determinants; firm quality; equity markets; asset maturity; business growth; return on assets; leverage; inter-firm loans; policy making; investors; investments; risk management; emerging markets.
International Journal of Business and Emerging Markets, 2010 Vol.2 No.2, pp.163 - 179
Available online: 18 Feb 2010 *Full-text access for editors Access for subscribers Purchase this article Comment on this article