Ownership and control structure as determinants of corporate debt maturity: A panel study of an emerging market

Corporate Governance: An International Review

Volumn 14, Issue 4, 2006, Pages 312-324

  Arslan, Özgür ^a   Karan, Mehmet Baha ^a,b  

^a HACETTEPE UNIVERSITY   (Turkey)

^b Finance Society   (Turkey)

Author keywords

Concentration of ownership; Debt maturity; Large shareholder

Indexed keywords

EID: 33745786565     PISSN: 09648410     EISSN: 14678683     Source Type: Journal    
DOI: 10.1111/j.1467-8683.2006.00509.x     Document Type: Article

References (57)

1. Altman, E. (1968) Financial Ratios, Discriminant Analysis and the Prediction of Corporate Bankruptcy, Journal of Finance, 23, 589-609.
2. Aziz, A. and Lawson, G. H. (1989) Cash Flow Reporting and Financial Distress Models: Testing of Hypotheses, Financial Management, 18, 55-63.
3. Barclay, M. J. and Smith, C. W. (1995) The Maturity Structure of Corporate Debt, Journal of Finance, 50, 609-632.
4. Barclay, M. J., Marx, L. M. and Smith, C. W. (2003) The Joint Determination of Leverage and Maturity, Journal of Corporate Finance, 9, 149-167.
5. Barnea, A., Haugen, R. R. and Senbet, L.W. (1980) A Rationale for Debt Maturity Structure and Call Provisions in the Agency Theoretic Framework, Journal of Finance, 35, 1223-1234.
6. Begley, K., Ming, B. and Watts, R. (1996) Bankruptcy Classification Errors in 1980s: An Empirical Analysis of Altman's and Ohlson's Models, Review of Accounting Studies, 1, 267-284.
7. Booth, L., Aivazian, V., Demirguc-Kunt, A. and Maksimovic, V. (2001) Capital Structures in Developing Countries, Journal of Finance, 56, 87-130.
8. Brick, I. E. and Ravid, S. A. (1991) On the Relevance of Debt Maturity Structure, Journal of Finance, 40, 1423-1437.
9. Caprio, L. and Demirguc-Kunt, A. (1997) The Role of Long Term Finance: Theory and Evidence. The World Bank, Policy Research Department. Available at: http://econ.worldbank.org (accessed April 12, 2003).
10. Chaterjee, S. and Price, B. (1977) Regression Analysis by Example, New York, NY: John Wiley.
11. Commission of European Communities (6 October 2004) Regular Report on Turkey's Progress Towards Accession. Available at: http://www. europa.en/enlargement/turkey (accessed October 22, 2004).
12. Demirguc-Kunt, A. and Maksimovic, V. (1999) Institutions, Financial Markets and Firm Debt Maturity, Journal of Financial Economics, 54, 295-336.
13. Diamond, D. W. (1991) Debt Maturity Structure and Liquidity Risk, Quarterly Journal of Economics, 106, 709-737.
14. Diamond, D. W (1993) Seniority and Maturity of Debt Contracts, Journal of Financial Economics, 33, 341-368.
15. Dodd, P. and Warner, J. (1983) On Corporate Governance: A Study of Proxy Contests, Journal of Financial Economics, 11, 401-439.
16. Elyasiani, E., Guo, L. and Tang, L. (2002) The Determinants of Debt Maturity at Issuance: A SystemBased Model, Review of Quantitative Finance and Accounting, 19, 351-377.
17. Erol, T. (2005) Corporate Debt and Output Pricing in Developing Countries, Industry-Level Evidence from Turkey, Journal of Development Economics, 76, 503-520.
18. Faccio, M. and Lang, L. H. P. (2002) The Ultimate Ownership of Western European Corporations, Journal of Financial Economics, 65, 365-395.
19. Fama, E. F. (1980) Agency Problems and the Theory of the Firm, Journal of Economics, 88, 288-307.
20. Fama, E. F. and Jensen, M. (1983) Agency Problems and Residual Claims, Journal of Law and Economics, 26, 327-349.
21. Friend, I. and Lang, I. H. P. (1988) An Empirical Test on the Impact of Managerial Self-interest on Corporate Capital Structure, Journal of Finance, 42, 271-282.
22. Giannetti, M. (2003) Do Better Institutions Mitigate Agency Problems? Evidence from Corporate Finance Choices, Journal of Financial and Quantitative Analysis, 38, 185-212.
23. Graham, J. R. (1996) Debt and the Marginal Tax Rate, Journal of Financial Economics, 41, 41-73.
24. Guedes, J. and Opler, T. (1996) The Determinants of the Maturity of Corporate Debt Issues, Journal of Finance, 51, 1809-1833.
25. Guiso, L., Sapienza, P. and Zingales, L. (2004) Does Local Financial Development Matter? Quarterly Journal of Economics, 119, 929-969.
26. Guney, Y. and Ozkan, A. (2005) New Insights on the Importance of Agency Costs for Corporate Debt Maturity Decisions, Applied Financial Economics Letters, 1, 233-238.
27. Haris, M. and Raviv, A. (1991) The Theory of Capital Structure, Journal of Finance, 56, 297-355.
28. Harvey, C. R., Lins, K. V. and Roper, A. H. (2004) The Effect of Capital Structure When Expected Agency Costs are Extreme, Journal of Financial Economics, 74, 3-30.
29. Jensen, M. C. and Meckling, W. (1976) Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure, Journal of Financial Economics, 3, 305-360.
30. Johnson, S. A. (2003) Debt Maturity and the Effects of Growth Opportunities and Liquidity Risk on Leverage, Review of Financial Studies, 16, 209-236.
31. Jun, S. G. and Jen, F. C. (2003) Trade-Off Model of Debt Maturity Structure, Review of Quantitative Finance and Accounting, 20, 5-34.
32. Kane, A., Marcus, A. J. and McDonald, R. L. (1985) Debt Policy and the Rate of Return Premium to Leverage, Journal of Financial and Quantitative Analysis, 20, 479-499.
33. Khanna, T. and Palepu, K. (2000) Is Group Affiliation Profitable in Emerging Markets? An Analysis of Diversified Indian Business Groups, Journal of Finance, 55, 867-891.
34. La Porta, R., Lopez-De-Silanes, F. and Shleifer, A. (1998) Law and Finance, Journal of Political Economy, 106, 1113-1155.
35. La Porta, R., Lopez-De-Silanes, F., Shleifer, A. and Vishny, R. (2000) Investor Protection and Corporate Governance, Journal of Financial Economics, 58, 3-27.
36. Leland, H. and Toft, K. (1996) Optimal Capital Structure, Endogenous Bankruptcy and the Term Structure of Credit Spreads, Journal of Finance, 51, 987-1020.
37. Lewis, C. H. (1990) A Multiperiod Theory of Corporate Financial Policy under Taxation, Journal of Financial and Quantitative Analysis, 26, 25-43.
38. Mitchell, K. (1991) The Call, Sinking Fund and Term to Maturity Features of Corporate Bonds: An Empirical Investigation, Journal of Financial and Quantitative Analysis, 26, 201-221.
39. Morris, J. R. (1992) Factors affecting the Maturity Structure of Corporate Debt. Working paper, University of Colorado at Denver.
40. Myers, S. C. (1977) Determinants of Corporate Borrowing, Journal of Financial Economics, 5, 147-175.
41. Ozkan, A. (2000) An Empirical Analysis of Corporate Debt Maturity Structure, European Financial Management, 6, 197-212.
42. Petersen, M. and Rajan, R. (1995) The Effect of Credit Market Competition on Lending Relationships, Quarterly Journal of Economics, 110, 407-443.
43. Pettit, R. R. and Singer, R. F. (1985) Small Business Finance: A Research Agenda, Financial Management, 14, 47-60.
44. Rajan, R. and Zingales, L. (1995) What Do We Know About Capital Structure? Some Evidence from International Data, Jo urnal of Finance, 50, 1421-1460.
45. Rajan, R. and Zingales, L. (2003) Banks and Markets: The Changing Character of European Finance. Working paper, University of Chicago.
46. Scherr, F. C. and Hulburt, H. M. (2001) The Debt Maturity Structure of Small Firms, Financial Management, Spring, 85-111.
47. Sharpe, S. A. (1991) Credit Rationing, Concessionary Lending, and Debt Maturity, Journal of Banking and Finance, 15, 581-604.
48. Shleifer, A. and Wolfenson, D. (2002) Investor Protection and Equity Markets, Journal of Financial Economics, 66, 3-27.
49. Shleifer, A. and Vishny, R. (1986) Large Shareholders and Corporate Control, Journal of Political Economy, 94, 176-216.
50. Shleifer, A. and Vishny, R. (1997) A Survey of Corporate Governance, Journal of Finance, 52, 737-783.
51. Smith, C. W. and Warner, J. B. (1979) On Financial Contracting: An Analysis of Bond Covenants, Journal of Financial Economics, 7, 117-161.
52. Stohs, M. H. and Mauer, D. C. (1996) The Determinants of Corporate Debt Maturity Structure, Journal of Business, 69, 279-312.
53. Stulz, R. (1990) Managerial Discretion and Optimal Financing Policies, Journal of Financial Economics, 26, 3-28.
54. Titman, S. and Wessels, R. (1988) The Determinants of Capital Structure Choice, Journal of Finance, 43, 1-19.
55. White, H. (1980) A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity, Econometrica, 48, 817-830.
56. Whited, T. M. (1992) Debt, Liquidity Constraints, and Corporate Investment: Evidence from Panel Data, Journal of Finance, 47, 1425-1460.
57. Yurtoglu, B. B. (2000) Ownership Structure of Turkish Listed Firms, ISE Finance Award Series, 1, 55-84.