The Journal of Economic Studies and Policies

The Journal of Economic Studies and Policies

An Investigation of the Role of Factors on Debt Maturity Structure Based on Some Macroeconomic Variables

Document Type : Original Article

Authors
Zohreh Hajiha 1
Hassan Ali Akhlaghi 2
Amir Rasaiian 3
1 Assistant Professor of Accounting, Islamic Azad University, East Tehran Branch
2 Accounting Instructor, Payame Noor University
3 Master of Accounting from Mazandaran University
10.22096/esp.2013.26119
Abstract
Numerous empirical studies have focused on aspects of capital structure; however, a new branch of capital structure, debt maturity structure has not been studied enough. Debt maturity structure means the mixture of short term and long term debts that the corporation chooses to achieve an appropriate capital structure. However, there is no study in Iran about debt maturity structure; hence the objective of this research is the investigation about the effect of macroeconomic variables including GDP growth rate, inflation and money supply, on debt maturity structure in companies listed in Tehran Stock Exchange. To examine research hypotheses, multi-variable regression analysis via pool data and financial information of 92 sample companies were utilized, during time period of 2001 to 2010. To test the hypotheses, Fisher F-test and t- student test were applied. The study findings represent the negative correlation between inflation rate and debt maturity structure on the whole sample used in the study. In addition, there is a negative relationship between the debt maturity structure and money supply. Furthermore, there exists a positive relationship between GDP and debt maturity structure. There are also various correlation results in different industries. Therefore, we propose in the periods in which inflation and money supply are high and their changes are long term, the firms should select short term debts on their debt maturity structure; since agency costs will be reduced.
Keywords
Debt Maturity Structure
GDP
Inflation
Money Supply
Panel Data

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