African Journal of
Business Management

  • Abbreviation: Afr. J. Bus. Manage.
  • Language: English
  • ISSN: 1993-8233
  • DOI: 10.5897/AJBM
  • Start Year: 2007
  • Published Articles: 4194

Full Length Research Paper

The determinants of debt maturity structure in Iranian firms

Zohreh Hajiha1* and Hassan Ali Akhlaghi2
1Department of Accounting, East Tehran Branch(Ghiamdasht), Islamic Azad University, Tehran, Iran. 2Department of Accounting, Mobarakeh Branch, Islamic Azad University, Mobarakeh, Isfahan, Iran.  
Email: [email protected]

  •  Accepted: 30 May 2012
  •  Published: 28 May 2013

Abstract

The purpose of this research is to test the main theories of firm debt maturity in an emerging economy, including agency conflict; signaling and tax theories. This paper investigates the firm specific determinants of debt maturity structure for a sample of 140 Iranian manufacturing firms listed in Tehran Stock Exchange during the period 2001 to 2009. Employing random effect panel data analysis, and multivariate regression, the study provides empirical evidence that profitability, firm size, tangibility, growth opportunity and financial leverage have significant effects on debt maturity choice in Iranian context however; tax effects and business risk are not significantly related to the debt maturity structure.

 

Key words: Debt maturity structure, profitability, dividend policy, business risk.

Copyright © 2024 Author(s) retain the copyright of this article.

This article is published under the terms of the Creative Commons Attribution License 4.0

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