Institutions, financial markets, and firms' choice of debt maturity

摘要: This report examines the maturity of liabilities in firms thirty developed and developing countries between 1980 1991. It finds systematic differences use long-term debt countries, small large firms. The authors attempt to explain observed cross-country leverage variations by their legal systems, financial institutions, government subsidy levels, firm characteristics, macroeconomic factors, such as inflation rate economy's growth rate. provides evidence confirming that have less debt, even after accounting for characteristics. lack term finance is mainly owing institutional differences, extent subsidies, different level development stock markets banks, underlying infrastructure. indicates while policies help develop infrastructure are effective increasing access would be necessary lengthen Improvements efficacy seem benefit all firms, although this result much significant smallest which limited system. Similarly, improve functioning liquidity markets, also mostly In contrast, lead improvements banking system smaller credit.