Determinants and consequences of debt maturity structure: A systematic review of the international literature |
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| Institution: | 1. Accounting and Information Systems, School of Business, University of Canterbury, Private Bag 4800, Christchurch 8140, New Zealand;2. School of Accountancy, Massey University, Private Bag 102904, Auckland, New Zealand;1. School of Economics, Beijing International Studies University, Beijing, China;2. School of Finance, Capital University of Economics and Business, Beijing, China;3. School of Finance, Central University of Finance and Economics, Beijing, China;1. UQ Business School, The University of Queensland, Australia;2. University of Strathclyde, United Kingdom;1. School of Accountancy, Southwestern University of Finance and Economics, 555 Liutai Road, Chengdu, China;3. Institute of Accounting and Finance, Shanghai University of Finance and Economics, 111 Wuchuan Road, Shanghai, China;1. Department of Economics, University of Minnesota, 4-101 Hanson Hall, 1925 Fourth Street South, Minneapolis, MN 55455, United States;2. Visiting Scholar, Department of Economics, Indiana University, Bloomington, IN 47405, United States |
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| Abstract: | We conduct a systematic review of the international research on the determinants and consequences of debt maturity structure in the accounting, finance, and corporate governance literature. Our review reveals that a large volume of empirical research has been conducted on the determinants of debt maturity structure, and we categorize these determinants into the following five factors: (1) firm specific; (2) tax; (3) corporate governance; (4) country-level institutional; and (5) macroeconomic. The literature on the consequences of debt maturity structure is relatively scant and generally focuses on the effect of debt maturity structure on financial reporting quality and investment and financing decisions. We consider endogeneity as one of the major concerns in the reported empirical studies that, unless addressed satisfactorily, may render some of the findings untenable. Based on the review, we also provide several future research directions. |
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