Strategic debt with diverse maturity in developing countries: Industry-level evidence from Turkey

Emerging Markets Finance and Trade

Volumn 40, Issue 5, 2004, Pages 5-24

  Erol, Turan ^a  

^a BASKENT UNIVERSITY   (Turkey)

Author keywords

Developing countries; Industry competition; Maturity structure; Strategic debt; Turkey

Indexed keywords

EID: 7044220781     PISSN: 1540496X     EISSN: None     Source Type: Journal    
DOI: 10.1080/1540496x.2004.11052587     Document Type: Conference Paper

References (29)

1. Amir, R., and J.Y. Jin. 2001. "Cournot and Bertrand Equilibria Compared: Substitutability, Complementarity and Concavity." International Journal of Industrial Organization 19, nos. 3-4: 303-317.
2. Barclay, M.J., and C.W. Smith, Jr. 1995. "The Maturity Structure of Corporate Debt." Journal of Finance 50, no. 2: 609-631.
3. Barclay, M.J.; L.M. Marx; and C.W. Smith, Jr. 2001. "The Joint Determination of Leverage and Maturity." Carnegie-Rochester Conference Series on Public Policy, 53: 205-232.
4. Booth, L.; V. Aivazian; A. Demirgüç-Kunt; and V. Maksimovic. 2001. "Capital Structures in Developing Countries." Journal of Finance 66, no. 1: 87-129.
5. Brander, J.A., and T.R. Lewis. 1986. "Oligopoly and Financial Structure: Limited Liability Effect." American Economic Review 76, no. 5: 956-970.
6. CBRT. Various dates. "Sectoral Balance Sheets (SBSs) and Their Annexes (Analyses)" (in Turkish). Central Bank of the Republic of Turkey, Ankara.
7. Chevalier, J.A., and D.S. Scharfstein. 1996. "Capital Market Imperfections and Countercyclical Markups: Theory and Evidence." American Economic Review 86, no. 3: 703-725.
8. Damania, D. 1997. "Debt as a Collusive Device in an Oligopoly Supergame." Journal of Economics (Zeltschrift für Nationalokonomie) 66, no. 3: 249-269.
9. Dasgupta, S., and S. Titman. 1998. "Pricing Strategy and Financial Policy." Review of Financial Studies 11, no. 4: 705-737.
10. Demirgüç-Kunt, A., and V. Maksimovic. 1999. "Institutions, Financial Markets, and Firm Debt Maturity." Journal of Financial Economics 54, no. 2: 295-336.
11. Emery, G.W. 2001. "Cyclical Demand and the Choice of Debt Maturity." Journal of Business 74, no. 2: 557-590.
12. Erol, T. 2003. "Capital Structure and Output Pricing in a Developing Country." Economics Letters 78, no. 1: 109-115.
13. Gertler, M., and S. Gilchrist. 1994. "Monetary Policy, Business Cycles, and the Behavior of Small Manufacturing Firms." Quarterly Journal of Economics 109, no. 2: 309-340.
14. Glazer, J. 1994. "The Strategic Effects of Long-Term Debt in Imperfect Competition." Journal of Economic Theory 62, no. 2: 428-443.
15. Hendel, I. 1996. "Competition Under Financial Distress." Journal of Industrial Economics 64, no. 2: 309-324.
16. Hsiao, C. 1986. Analysis of Panel Data. Cambridge: Cambridge University Press.
17. Klemperer, P., and M. Meyer. 1986. "Price Competition vs. Quantity Competition: The Role of Uncertainty." RAND Journal of Economics 17, no. 618-638.
18. Maksimovic, V. 1988. "Capital Structure in Repeated Oligopolies." RAND Journal of Economics 19, no. 3: 389-407.
19. -. 1990. "Product Market Imperfections and Loan Commitments." Journal of Finance 55, no. 5: 1641-1653.
20. Morris, R.J. 1976. "On Corporate Debt Maturity Strategies." Journal of Finance 31, no. 1: 29-37.
21. Nickell, S., and D. Nicolitsas. 1999. "How Does Financial Pressure Affect Firms?" European Economic Review 43, no. 8: 1435-1456.
22. Opler, T., and S. Titman. 1994. "Financial Distress and Corporate Performance." Journal of Finance 49, no. 3: 1015-1040.
23. Phillips, G.M. 1995. "Increased Debt and Industry Product Markets: An Empirical Analysis." Journal of Financial Economics 37, no. 2: 189-238.
24. Qin, C.-Z., and C. Stuart. 1997. "Bertrand Versus Cournot Revisited." Economic Theory 10, no. 3: 497-507.
25. Rajan, R., and L. Zingales. 1995. "What Do We Know About Capital Structure? Some Evidence from International Data." Journal of Finance 50, no. 5: 1421-1460.
26. Showalter, D.M. 1995. "Oligopoly and Financial Structure: A Comment." American Economic Review 85, no. 3: 647-653.
27. -. 1999. "Strategic Debt: Evidence in Manufacturing." International Journal of Industrial Organization 17, no. 3: 319-333.
28. Singh, A.; J. Hamid; B. Salimi; and Y. Nakano. 1992. "Corporate Financial Structures in Developing Countries." Technical Paper No. 1, International Finance Corporation, Washington, DC.
29. Stohs, M.H., and D. Mauer. 1996. "The Determination of Corporate Debt Maturity Structure." Journal of Business 69, no. 3: 279-312.