Financial constraints, corporate debt maturity and firm performance: the case of firms in Southeast Asian countries

This paper aims to examine the (nonlinear) link between debt maturity structure and firm performance in five Southeast Asian emerging markets. This nonlinearity could be the cause of the inconsistency in the extant findings on the impact of debt maturity on firm performance. Our research provides ev...

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Tác giả chính:	Nguyen, L.
Đồng tác giả:	Nguyen, C.
Định dạng:	Journal Article
Ngôn ngữ:	English
Thông tin xuất bản:	Inderscience Publishers 2020
Chủ đề:	Debt maturity structure Financial constraints Firm performance Southeast Asian countries
Truy cập trực tuyến:	https://www.scopus.com/inward/record.uri?eid=2-s2.0-85077897889&doi=10.1504%2fAAJFA.2020.104404&partnerID=40&md5=a1c0042e4fda71a42c3c20ce1f848722 http://digital.lib.ueh.edu.vn/handle/UEH/60906 https://doi.org/10.1504/AAJFA.2020.104404
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spelling	oai:localhost:UEH-609062021-08-20T03:27:00Z Financial constraints, corporate debt maturity and firm performance: the case of firms in Southeast Asian countries Nguyen, L. Nguyen, C. Debt maturity structure Financial constraints Firm performance Southeast Asian countries This paper aims to examine the (nonlinear) link between debt maturity structure and firm performance in five Southeast Asian emerging markets. This nonlinearity could be the cause of the inconsistency in the extant findings on the impact of debt maturity on firm performance. Our research provides evidence supporting a nonlinear relationship between debt maturity structure and firm performance. The results further show that financially constrained firms are more susceptible to liquidity risk when constrained firms are heavily financed by short-term debt, while when these firms employ much long-term debt the agency cost of debt becomes more worrisome. Therefore, compared to unconstrained peers, financially constrained firms are more likely to benefit from the use of long-term debt at short debt maturity structure, but are more prone to be suffering from long-term debt use when the latter firms are already at long debt maturity structure. 2020-12-09T07:01:02Z 2020-12-09T07:01:02Z 2020 Journal Article 1751-6447 https://www.scopus.com/inward/record.uri?eid=2-s2.0-85077897889&doi=10.1504%2fAAJFA.2020.104404&partnerID=40&md5=a1c0042e4fda71a42c3c20ce1f848722 http://digital.lib.ueh.edu.vn/handle/UEH/60906 https://doi.org/10.1504/AAJFA.2020.104404 en Afro-Asian Journal of Finance and Accounting Vol. 10, Issue 1 none Portable Document Format (PDF) 48 59 Inderscience Publishers
institution	Đại học Kinh tế Thành phố Hồ Chí Minh
collection	DSpaceUEH
language	English
topic	Debt maturity structure Financial constraints Firm performance Southeast Asian countries
spellingShingle	Debt maturity structure Financial constraints Firm performance Southeast Asian countries Nguyen, L. Financial constraints, corporate debt maturity and firm performance: the case of firms in Southeast Asian countries
description	This paper aims to examine the (nonlinear) link between debt maturity structure and firm performance in five Southeast Asian emerging markets. This nonlinearity could be the cause of the inconsistency in the extant findings on the impact of debt maturity on firm performance. Our research provides evidence supporting a nonlinear relationship between debt maturity structure and firm performance. The results further show that financially constrained firms are more susceptible to liquidity risk when constrained firms are heavily financed by short-term debt, while when these firms employ much long-term debt the agency cost of debt becomes more worrisome. Therefore, compared to unconstrained peers, financially constrained firms are more likely to benefit from the use of long-term debt at short debt maturity structure, but are more prone to be suffering from long-term debt use when the latter firms are already at long debt maturity structure.
author2	Nguyen, C.
author_facet	Nguyen, C. Nguyen, L.
format	Journal Article
author	Nguyen, L.
author_sort	Nguyen, L.
title	Financial constraints, corporate debt maturity and firm performance: the case of firms in Southeast Asian countries
title_short	Financial constraints, corporate debt maturity and firm performance: the case of firms in Southeast Asian countries
title_full	Financial constraints, corporate debt maturity and firm performance: the case of firms in Southeast Asian countries
title_fullStr	Financial constraints, corporate debt maturity and firm performance: the case of firms in Southeast Asian countries
title_full_unstemmed	Financial constraints, corporate debt maturity and firm performance: the case of firms in Southeast Asian countries
title_sort	financial constraints, corporate debt maturity and firm performance: the case of firms in southeast asian countries
publisher	Inderscience Publishers
publishDate	2020
url	https://www.scopus.com/inward/record.uri?eid=2-s2.0-85077897889&doi=10.1504%2fAAJFA.2020.104404&partnerID=40&md5=a1c0042e4fda71a42c3c20ce1f848722 http://digital.lib.ueh.edu.vn/handle/UEH/60906 https://doi.org/10.1504/AAJFA.2020.104404
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Financial constraints, corporate debt maturity and firm performance: the case of firms in Southeast Asian countries

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