Debt maturity structure and the 1997 Asian financial crisis |
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Authors: | Rataporn Deesomsak Krishna Paudyal Gioia Pescetto |
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Affiliation: | Centre for Empirical Research in Finance, Durham Business School, Durham University, Mill Hill Lane, Durham DH1 3LB, UK |
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Abstract: | The paper investigates the effects of firm-specific and country-specific characteristics, and the 1997 Asian financial crisis on the debt maturity structure of firms in the Asia Pacific region. The results indicate that firms in this region have a target optimal debt maturity structure, and the maturity structure decision of a firm is driven by both its own characteristics and the economic environment. They also reveal that the crisis had significant effect on firm's debt maturity structure and their determinants. |
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