THE DETERMINANTS OF DEBT MATURITY STRUCTURES IN DEVELOPING COUNTRIES

Rümeysa BİLGİN (İstanbul Sabahattin Zaim Üniversitesi, İşletme ve Yönetim Bilimleri Fakültesi, Uluslararası Ticaret ve Finansman Bölümü)
Süleyman Demirel Üniversitesi Vizyoner Dergisi
5 0
Yıl: 2020 Cilt: 11 Sayı: 27 Sayfa Aralığı: 466 - 479 Metin Dili: İngilizce DOI: 10.21076/vizyoner.671199 İndeks Tarihi: 21-04-2021

THE DETERMINANTS OF DEBT MATURITY STRUCTURES IN DEVELOPING COUNTRIES

Öz:
The study contributes to the literature by examining the firm- and country-specific determinants of the debt maturity structures in developing countries. The sample panel data set comprises of 3981 firms from 30 countries for 8 years from 2011 to 2018. Countries are selected among developing and transition economies based on data availability. A multilevel modelling methodology is employed in order to decompose the determinants of debt maturity. Variance components analysis revealed that country-level and firm-level are the causes of 15% and 50% of the total variability in debt maturity structures, respectively. Asset maturity, firm quality, firm size, leverage and growth opportunity are detected as firm-specific determinants of debt maturity. Besides, it is found that bank concentration and stock market development are also effective on the debt maturity structures of firms.
Anahtar Kelime:

GELİŞMEKTE OLAN ÜLKELERDE BORÇ VADE YAPILARININ BELİRLEYİCİLERİ

Öz:
Bu çalışma, gelişmekte olan ülkelerdeki firmaların borç vade yapılarının firma ve ülkeye özgü belirleyicilerini inceleyerek literatüre katkıda bulunmaktadır. Kullanılan panel veri seti, 2011'den 2018'e kadar 8 yıl boyunca 30 ülkeden 3981 firmayı kapsamaktadır. Çalışma kapsamına alınan ülkeler, verilerin ulaşılabilirliğine bağlı olarak gelişmekte olan ekonomiler ve geçiş ekonomileri arasından seçilmiştir. Borç vade yapılarının ülkeye ve firmaya özgü belirleyicilerini ayrıştırmak için çok düzeyli (hiyerarşik) bir modelleme yöntemi kullanılmıştır. Varyans bileşenleri analizi sonucunda borç vade yapılarındaki toplam değişkenliğin sırasıyla% 15 ve% 50'sinin ülke ve firma düzeyindeki faktörlerden kaynaklandığı bulgulanmıştır. Aktif vade yapısı, firma kalitesi, firma büyüklüğü, kaldıraç oranı ve büyüme imkânı değişkenleri, borç vade yapısının firmaya özel belirleyicileri olarak tespit edilmiştir. Bunlara ek olarak banka yoğunlaşması ve borsa gelişmişliğinin de firmaların borç vade yapılarını etkilediği gözlemlenmiştir.
Anahtar Kelime:

Belge Türü: Makale Makale Türü: Araştırma Makalesi Erişim Türü: Erişime Açık
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APA Bilgin R (2020). THE DETERMINANTS OF DEBT MATURITY STRUCTURES IN DEVELOPING COUNTRIES. , 466 - 479. 10.21076/vizyoner.671199
Chicago Bilgin Rumeysa THE DETERMINANTS OF DEBT MATURITY STRUCTURES IN DEVELOPING COUNTRIES. (2020): 466 - 479. 10.21076/vizyoner.671199
MLA Bilgin Rumeysa THE DETERMINANTS OF DEBT MATURITY STRUCTURES IN DEVELOPING COUNTRIES. , 2020, ss.466 - 479. 10.21076/vizyoner.671199
AMA Bilgin R THE DETERMINANTS OF DEBT MATURITY STRUCTURES IN DEVELOPING COUNTRIES. . 2020; 466 - 479. 10.21076/vizyoner.671199
Vancouver Bilgin R THE DETERMINANTS OF DEBT MATURITY STRUCTURES IN DEVELOPING COUNTRIES. . 2020; 466 - 479. 10.21076/vizyoner.671199
IEEE Bilgin R "THE DETERMINANTS OF DEBT MATURITY STRUCTURES IN DEVELOPING COUNTRIES." , ss.466 - 479, 2020. 10.21076/vizyoner.671199
ISNAD Bilgin, Rumeysa. "THE DETERMINANTS OF DEBT MATURITY STRUCTURES IN DEVELOPING COUNTRIES". (2020), 466-479. https://doi.org/10.21076/vizyoner.671199
APA Bilgin R (2020). THE DETERMINANTS OF DEBT MATURITY STRUCTURES IN DEVELOPING COUNTRIES. Süleyman Demirel Üniversitesi Vizyoner Dergisi, 11(27), 466 - 479. 10.21076/vizyoner.671199
Chicago Bilgin Rumeysa THE DETERMINANTS OF DEBT MATURITY STRUCTURES IN DEVELOPING COUNTRIES. Süleyman Demirel Üniversitesi Vizyoner Dergisi 11, no.27 (2020): 466 - 479. 10.21076/vizyoner.671199
MLA Bilgin Rumeysa THE DETERMINANTS OF DEBT MATURITY STRUCTURES IN DEVELOPING COUNTRIES. Süleyman Demirel Üniversitesi Vizyoner Dergisi, vol.11, no.27, 2020, ss.466 - 479. 10.21076/vizyoner.671199
AMA Bilgin R THE DETERMINANTS OF DEBT MATURITY STRUCTURES IN DEVELOPING COUNTRIES. Süleyman Demirel Üniversitesi Vizyoner Dergisi. 2020; 11(27): 466 - 479. 10.21076/vizyoner.671199
Vancouver Bilgin R THE DETERMINANTS OF DEBT MATURITY STRUCTURES IN DEVELOPING COUNTRIES. Süleyman Demirel Üniversitesi Vizyoner Dergisi. 2020; 11(27): 466 - 479. 10.21076/vizyoner.671199
IEEE Bilgin R "THE DETERMINANTS OF DEBT MATURITY STRUCTURES IN DEVELOPING COUNTRIES." Süleyman Demirel Üniversitesi Vizyoner Dergisi, 11, ss.466 - 479, 2020. 10.21076/vizyoner.671199
ISNAD Bilgin, Rumeysa. "THE DETERMINANTS OF DEBT MATURITY STRUCTURES IN DEVELOPING COUNTRIES". Süleyman Demirel Üniversitesi Vizyoner Dergisi 11/27 (2020), 466-479. https://doi.org/10.21076/vizyoner.671199
Sayfa Oluşturulma Tarihi
17-04-2024 18:55

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