The determinants of debt maturity in Australian firms

Alcock, Jamie, Finn, Frank and Tan, Kelvin Jui Keng (2012) The determinants of debt maturity in Australian firms. Accounting and Finance, 52 2: 313-341. doi:10.1111/j.1467-629X.2010.00397.x

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Author Alcock, Jamie
Finn, Frank
Tan, Kelvin Jui Keng
Title The determinants of debt maturity in Australian firms
Journal name Accounting and Finance   Check publisher's open access policy
ISSN 0810-5391
Publication date 2012-06
Year available 2011
Sub-type Article (original research)
DOI 10.1111/j.1467-629X.2010.00397.x
Open Access Status
Volume 52
Issue 2
Start page 313
End page 341
Total pages 29
Place of publication Oxford, United Kingdom
Publisher Blackwell
Collection year 2012
Language eng
Abstract We examine the determinants of debt maturity in the Australian capital market with the Top 400 firms listed on the Australian Securities Exchange for the period 1989–2006. We find that Australian firms not only exhibit a positive leverage–maturity relationship but also use short-term debt to signal their high quality to the market. Our results are robust to different estimation methods that control for endogeneity and error-dependence. We also find that ignoring the interaction between leverage and maturity can lead to erroneous conclusions about the support for the matching principle, the agency costs hypothesis and the transaction costs hypothesis.
Keyword Debt maturity
Capital structure
Q-Index Code C1
Q-Index Status Confirmed Code
Institutional Status UQ
Additional Notes Article first published online: 6 FEB 2011

Document type: Journal Article
Sub-type: Article (original research)
Collections: Official 2012 Collection
UQ Business School Publications
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Citation counts: TR Web of Science Citation Count  Cited 5 times in Thomson Reuters Web of Science Article | Citations
Scopus Citation Count Cited 7 times in Scopus Article | Citations
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Created: Mon, 14 Feb 2011, 10:00:26 EST by Karen Morgan on behalf of UQ Business School