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Corporate Debt Maturity Structure: The Role of Firm Level and Institutional Determinants in Selected African Countries

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  • Oyebola Fatima Etudaiye-Muhtar
  • Rubi Ahmad
  • Bolaji Tunde Matemilola

Abstract

An appropriate debt maturity structure is essential for firms to enable them align asset structure to liabilities to prevent a mismatch. This study investigates the role of firm-level and institutional variables on debt maturity structure in selected African countries. Using panel generalised method of moment that addresses endogeneity problem; our findings reveal a dynamic process of adjustment to optimal debt maturity structure. Furthermore, firm-level variables (leverage, asset structure and firm size) provide support for the contracting cost, signalling and matching principle theories of debt maturity structure. Results of institutional variables suggest that better developed institutions promote long-term debt maturity structures.

Suggested Citation

  • Oyebola Fatima Etudaiye-Muhtar & Rubi Ahmad & Bolaji Tunde Matemilola, 2017. "Corporate Debt Maturity Structure: The Role of Firm Level and Institutional Determinants in Selected African Countries," Global Economic Review, Taylor & Francis Journals, vol. 46(4), pages 422-440, October.
    • Handle: RePEc:taf:glecrv:v:46:y:2017:i:4:p:422-440
    DOI: 10.1080/1226508X.2017.1350589
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    Cited by:

    1. Anjala Kalsie & Aishwarya Nagpal, 2018. "The Determinants of Corporate Debt Maturity for NSE-Listed Corporates," FIIB Business Review, , vol. 7(1), pages 43-56, March.
    2. Lianet Farfán Pérez & Jorge O. Moreno & Maria de las Mercedes Adamuz, 2022. "Madurez de la deuda corporativa como variable de tiempo: evidencia de las empresas públicas de México," Remef - Revista Mexicana de Economía y Finanzas Nueva Época REMEF (The Mexican Journal of Economics and Finance), Instituto Mexicano de Ejecutivos de Finanzas, IMEF, vol. 17(3), pages 1-34, Julio - S.

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