Debt Maturity Structure and the 1997 Asian Financial Crisis

35 Pages Posted: 1 May 2007

See all articles by Rataporn Deesomsak

Rataporn Deesomsak

affiliation not provided to SSRN

Krishna Paudyal

Independent

Gioia Pescetto

University of Portsmouth

Date Written: March 20, 2007

Abstract

The paper investigates the effects of firm-specific and country-specific characteristics, and the 1997 Asian financial crisis on the debt maturity structure of firms in the Asia Pacific region. Given that the economies of the sample countries were at different stages of development and were affected by the 1997 Asian financial crisis by different degrees, the paper explores the effects of the crisis on debt maturity structure by grouping the sample countries according to the severity of the crisis. The results indicate that firms adjust their debt maturity structure to target level very quickly; the maturity structure decision of a firm is the product of both its own characteristics and the economic and institutional environment in which it operates. They also reveal that the crisis had significant effects on firm's debt maturity structure and their determinants.

Keywords: debt maturity structure, Asia Pacific region, financial crisis

JEL Classification: G32

Suggested Citation

Deesomsak, Rataporn and Paudyal, Krishna N. and Pescetto, Gioia Maria Rita, Debt Maturity Structure and the 1997 Asian Financial Crisis (March 20, 2007). Available at SSRN: https://ssrn.com/abstract=982851 or http://dx.doi.org/10.2139/ssrn.982851

Rataporn Deesomsak (Contact Author)

affiliation not provided to SSRN ( email )

Krishna N. Paudyal

Independent ( email )

Gioia Maria Rita Pescetto

University of Portsmouth ( email )

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Portland Street
Portsmouth, Hampshire PO1 3DE
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