DEBTMATit
|
Debt Maturity |
|
|
Fan et al. (2012Fan, J. P. H., Titman, S., & Twite, G. (2012). An international comparison of capital structure and debt maturity choices. Journal of Financial and Quantitative Analysis, 47(1), 23-56. https://doi.org/10.1017/S0022109011000597 https://doi.org/10.1017/S002210901100059...
); Kirch and Terra (2012Kirch, G., & Terra, P. R. S. (2012). Determinants of corporate debt maturity in South America: Do institutional quality and financial development matter? Journal of Corporate Finance, 18(4), 980-993. https://doi.org/10.1016/j.jcorpfin.2012.05.004 https://doi.org/10.1016/j.jcorpfin.2012....
) and Orman and Köksal (2017Orman, C., & Köksal, B. (2017). Debt maturity across firm types: Evidence from a major developing economy. Emerging Markets Review, 30, 169-199. https://doi.org/10.1016/j.ememar.2016.12.001 https://doi.org/10.1016/j.ememar.2016.12...
) |
ADRTit
|
Average Debt Repayment Term |
|
|
Adapted from Penman (2013Penman, S. (2013). Análise das demonstrações financeiras e security valuation. Elsevier.) |
RENTit
|
Profitability |
|
(+) |
Kayo and Kimura (2011Kayo, E. K., & Kimura, H. (2011). Hierarchical determinants of capital structure. Journal of Banking & Finance, 35(2), 358-371. https://doi.org/10.1016/j.jbankfin.2010.08.015 https://doi.org/10.1016/j.jbankfin.2010....
); Kirch and Terra (2012Kirch, G., & Terra, P. R. S. (2012). Determinants of corporate debt maturity in South America: Do institutional quality and financial development matter? Journal of Corporate Finance, 18(4), 980-993. https://doi.org/10.1016/j.jcorpfin.2012.05.004 https://doi.org/10.1016/j.jcorpfin.2012....
) and Fan et al. (2012Fan, J. P. H., Titman, S., & Twite, G. (2012). An international comparison of capital structure and debt maturity choices. Journal of Financial and Quantitative Analysis, 47(1), 23-56. https://doi.org/10.1017/S0022109011000597 https://doi.org/10.1017/S002210901100059...
) |
MTBit
|
Market-to-book |
|
(-) |
Kayo and Kimura (2011Kayo, E. K., & Kimura, H. (2011). Hierarchical determinants of capital structure. Journal of Banking & Finance, 35(2), 358-371. https://doi.org/10.1016/j.jbankfin.2010.08.015 https://doi.org/10.1016/j.jbankfin.2010....
); Kirch and Terra (2012Kirch, G., & Terra, P. R. S. (2012). Determinants of corporate debt maturity in South America: Do institutional quality and financial development matter? Journal of Corporate Finance, 18(4), 980-993. https://doi.org/10.1016/j.jcorpfin.2012.05.004 https://doi.org/10.1016/j.jcorpfin.2012....
); Fan et al. (2012Fan, J. P. H., Titman, S., & Twite, G. (2012). An international comparison of capital structure and debt maturity choices. Journal of Financial and Quantitative Analysis, 47(1), 23-56. https://doi.org/10.1017/S0022109011000597 https://doi.org/10.1017/S002210901100059...
) |
SIZEit
|
Size |
ln(ATit) |
(+) |
Stephan et al. (2011Stephan, A., Talavera, O., & Tsapin, A. (2011). Corporate debt maturity choice in emerging financial markets. The Quarterly Review of Economics and Finance, 51(2), 141-151. https://doi.org/10.1016/j.qref.2010.12.003 https://doi.org/10.1016/j.qref.2010.12.0...
); Kirch and Terra (2012Kirch, G., & Terra, P. R. S. (2012). Determinants of corporate debt maturity in South America: Do institutional quality and financial development matter? Journal of Corporate Finance, 18(4), 980-993. https://doi.org/10.1016/j.jcorpfin.2012.05.004 https://doi.org/10.1016/j.jcorpfin.2012....
) and Orman and Köksal (2017Orman, C., & Köksal, B. (2017). Debt maturity across firm types: Evidence from a major developing economy. Emerging Markets Review, 30, 169-199. https://doi.org/10.1016/j.ememar.2016.12.001 https://doi.org/10.1016/j.ememar.2016.12...
) |
TANGit
|
Tangibility of assets |
|
(+) |
Kayo and Kimura (2011Kayo, E. K., & Kimura, H. (2011). Hierarchical determinants of capital structure. Journal of Banking & Finance, 35(2), 358-371. https://doi.org/10.1016/j.jbankfin.2010.08.015 https://doi.org/10.1016/j.jbankfin.2010....
); Kirch and Terra (2012Kirch, G., & Terra, P. R. S. (2012). Determinants of corporate debt maturity in South America: Do institutional quality and financial development matter? Journal of Corporate Finance, 18(4), 980-993. https://doi.org/10.1016/j.jcorpfin.2012.05.004 https://doi.org/10.1016/j.jcorpfin.2012....
); Fan et al. (2012Fan, J. P. H., Titman, S., & Twite, G. (2012). An international comparison of capital structure and debt maturity choices. Journal of Financial and Quantitative Analysis, 47(1), 23-56. https://doi.org/10.1017/S0022109011000597 https://doi.org/10.1017/S002210901100059...
) |
σRESit
|
Volatility in results |
|
(-) |
Stephan et al. (2011Stephan, A., Talavera, O., & Tsapin, A. (2011). Corporate debt maturity choice in emerging financial markets. The Quarterly Review of Economics and Finance, 51(2), 141-151. https://doi.org/10.1016/j.qref.2010.12.003 https://doi.org/10.1016/j.qref.2010.12.0...
); Kirch and Terra (2012Kirch, G., & Terra, P. R. S. (2012). Determinants of corporate debt maturity in South America: Do institutional quality and financial development matter? Journal of Corporate Finance, 18(4), 980-993. https://doi.org/10.1016/j.jcorpfin.2012.05.004 https://doi.org/10.1016/j.jcorpfin.2012....
) and Orman and Köksal (2017Orman, C., & Köksal, B. (2017). Debt maturity across firm types: Evidence from a major developing economy. Emerging Markets Review, 30, 169-199. https://doi.org/10.1016/j.ememar.2016.12.001 https://doi.org/10.1016/j.ememar.2016.12...
) |
TAXBit
|
Tax Burden |
|
(+/-) |
Stephan et al. (2011Stephan, A., Talavera, O., & Tsapin, A. (2011). Corporate debt maturity choice in emerging financial markets. The Quarterly Review of Economics and Finance, 51(2), 141-151. https://doi.org/10.1016/j.qref.2010.12.003 https://doi.org/10.1016/j.qref.2010.12.0...
); Fan et al. (2012Fan, J. P. H., Titman, S., & Twite, G. (2012). An international comparison of capital structure and debt maturity choices. Journal of Financial and Quantitative Analysis, 47(1), 23-56. https://doi.org/10.1017/S0022109011000597 https://doi.org/10.1017/S002210901100059...
) and Orman and Köksal (2017Orman, C., & Köksal, B. (2017). Debt maturity across firm types: Evidence from a major developing economy. Emerging Markets Review, 30, 169-199. https://doi.org/10.1016/j.ememar.2016.12.001 https://doi.org/10.1016/j.ememar.2016.12...
) |
HHIit
|
Herfindhal-Hirschman Index |
|
(-) |
Kayo and Kimura (2011Kayo, E. K., & Kimura, H. (2011). Hierarchical determinants of capital structure. Journal of Banking & Finance, 35(2), 358-371. https://doi.org/10.1016/j.jbankfin.2010.08.015 https://doi.org/10.1016/j.jbankfin.2010....
); Smith et al. (2015Smith, D. J., Chen, J., & Anderson, H. D. (2015). The influence of firm financial position and industry characteristics on capital structure adjustment. Accounting & Finance, 55(4), 1135-1169. https://doi.org/10.1111/acfi.12083 https://doi.org/10.1111/acfi.12083...
) |
FINCYCLEit
|
Financial Cycle |
ln(PMRECit - PMPFORNit) |
(+/-) |
Adapted from Penman (2013Penman, S. (2013). Análise das demonstrações financeiras e security valuation. Elsevier.) |
σIPCAt
|
Volatility in inflation |
|
(-) |
Kirch and Terra (2012Kirch, G., & Terra, P. R. S. (2012). Determinants of corporate debt maturity in South America: Do institutional quality and financial development matter? Journal of Corporate Finance, 18(4), 980-993. https://doi.org/10.1016/j.jcorpfin.2012.05.004 https://doi.org/10.1016/j.jcorpfin.2012....
); Fan et al. (2012Fan, J. P. H., Titman, S., & Twite, G. (2012). An international comparison of capital structure and debt maturity choices. Journal of Financial and Quantitative Analysis, 47(1), 23-56. https://doi.org/10.1017/S0022109011000597 https://doi.org/10.1017/S002210901100059...
) |
GOVLEVELit
|
Corporate Governance Level |
Dummy variable that assumes value 1 for each corporate governance level in year t, 0 for the others. |
(+/-) |
Kirch and Terra (2012Kirch, G., & Terra, P. R. S. (2012). Determinants of corporate debt maturity in South America: Do institutional quality and financial development matter? Journal of Corporate Finance, 18(4), 980-993. https://doi.org/10.1016/j.jcorpfin.2012.05.004 https://doi.org/10.1016/j.jcorpfin.2012....
) |
INDUSTRYi
|
Economic Segment |
Dummy variable that assumes value 1 for each industry in year t, 0 for the others. |
(+/-) |
Kirch and Terra (2012Kirch, G., & Terra, P. R. S. (2012). Determinants of corporate debt maturity in South America: Do institutional quality and financial development matter? Journal of Corporate Finance, 18(4), 980-993. https://doi.org/10.1016/j.jcorpfin.2012.05.004 https://doi.org/10.1016/j.jcorpfin.2012....
) |
YEARSit
|
Control of the years |
Dummy variable that assumes value 1 for each year t, 0 for the others. |
(+/-) |
Kirch and Terra (2012Kirch, G., & Terra, P. R. S. (2012). Determinants of corporate debt maturity in South America: Do institutional quality and financial development matter? Journal of Corporate Finance, 18(4), 980-993. https://doi.org/10.1016/j.jcorpfin.2012.05.004 https://doi.org/10.1016/j.jcorpfin.2012....
) |