AN INVESTIGATION OF THE ROLE OF FACTORS ON DEBT MATURITY STRUCTURE BASED ON SOME MACROECONOMIC VARIABLES

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HAJIHA ZOHREH; AKHLAGHI HASSAN ALI; RASAIIAN AMIR

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Journal: Journal of Economic Studies and Policies Year:2014 | Volume:9 (19) | Issue:2 (99) Page(s): 123-146

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Title

AN INVESTIGATION OF THE ROLE OF FACTORS ON DEBT MATURITY STRUCTURE BASED ON SOME MACROECONOMIC VARIABLES

Author(s)

HAJIHA ZOHREH | AKHLAGHI HASSAN ALI | RASAIIAN AMIR | Issue Writer Certificate

Keywords

DEBT MATURITY STRUCTUREQ2

GDPQ2

INFLATIONQ2

MONEY SUPPLYQ2

PANEL DATAQ2

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.

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APA: Copy

HAJIHA, ZOHREH, AKHLAGHI, HASSAN ALI, & RASAIIAN, AMIR. (2014). AN INVESTIGATION OF THE ROLE OF FACTORS ON DEBT MATURITY STRUCTURE BASED ON SOME MACROECONOMIC VARIABLES. JOURNAL OF ECONOMIC STUDIES AND POLICIES, 9 (19)(2 (99)), 123-146. SID. https://sid.ir/paper/219038/en

Vancouver: Copy

HAJIHA ZOHREH, AKHLAGHI HASSAN ALI, RASAIIAN AMIR. AN INVESTIGATION OF THE ROLE OF FACTORS ON DEBT MATURITY STRUCTURE BASED ON SOME MACROECONOMIC VARIABLES. JOURNAL OF ECONOMIC STUDIES AND POLICIES[Internet]. 2014;9 (19)(2 (99)):123-146. Available from: https://sid.ir/paper/219038/en

IEEE: Copy

ZOHREH HAJIHA, HASSAN ALI AKHLAGHI, and AMIR RASAIIAN, “AN INVESTIGATION OF THE ROLE OF FACTORS ON DEBT MATURITY STRUCTURE BASED ON SOME MACROECONOMIC VARIABLES,” JOURNAL OF ECONOMIC STUDIES AND POLICIES, vol. 9 (19), no. 2 (99), pp. 123–146, 2014, [Online]. Available: https://sid.ir/paper/219038/en

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