Duration of executive compensation and maturity structure of corporate debt

Fu, Xudong; Huang, Minjie; Tang, Tian

doi:10.1016/j.jcorpfin.2022.102188

Cited by 10 publications

(5 citation statements)

References 56 publications

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Section: Methodsmentioning

confidence: 99%

“…To study the impact of supplier concentration on debt maturity structure, we built a model ( 1) for OLS regression [3] based on the practices of Campello and Gao (2017), Jiang et al (2017), andFu et al (2022). At the same time, to further study the transmission mechanism of supplier concentration affecting debt maturity structure, we construct the intermediary effect model (2) to model ( 5), which is detailed as follows.…”

Section: Model Constructionmentioning

confidence: 99%

“…Therefore, the construction of a well-balanced debt maturity structure has become a matter of concern. With the advancement in the theory of debt maturity structure, many scholars have studied the impact of strategic resource allocation (Sultana et al, 2022), default cost (Niepelt, 2014), and CEO compensation duration (Fu et al, 2022) on the debt maturity structure from the internal perspectives of enterprises. The formation of the maturity structure of corporate debt not only depends on its characteristics but also is affected by the external macro environment.…”

Section: Introductionmentioning

confidence: 99%

“…With the advancement in the theory of debt maturity structure, many scholars have studied the impact of strategic resource allocation (Sultana et al. , 2022), default cost (Niepelt, 2014), and CEO compensation duration (Fu et al. , 2022) on the debt maturity structure from the internal perspectives of enterprises.…”

Section: Introductionmentioning

confidence: 99%

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Supplier concentration and debt maturity structure

Zhang,

Wang,

Zeng

2024

BPMJ

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PurposeThis paper takes Chinese A-share listed companies from 2007 to 2021 as research samples to investigate the influence of supplier concentration on debt maturity structure and its mechanism. It further analyzes whether the relationship between the two is different in the case of different monetary policies, collateral assets, and total debt. The research conclusion is of practical significance for enterprises to construct a balanced debt maturity structure and prevent financial risks.Design/methodology/approachThis paper adopts the empirical research method. The data came from the CSMAR database, which eliminated ST and *ST and companies with missing data, resulting in a sample of 20,328. Stata16 was used for statistical analysis.FindingsThere is an inverted U-shaped relationship between supplier concentration and debt maturity structure, and market position and trade credit play an intermediary role. In the case of tight monetary policy, fewer collateral assets, and higher total debt, the inverse U-shaped relationship is more significant.Originality/valueThis paper examines the relationship between supplier concentration and debt maturity structure from a non-linear perspective for the first time, providing theoretical support for enterprises to form a reasonable debt structure, and deepening the theoretical cognition of the relationship between supplier concentration and corporate debt maturity structure.

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Section: Methodsmentioning

confidence: 99%

Section: Model Constructionmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

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Supplier concentration and debt maturity structure

Zhang,

Wang,

Zeng

2024

BPMJ

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“…The extant research on debt maturity is dominated by studies examining the US experience (Barclay et al 2003;Custódio et al 2013;Fu et al 2022;Goyal and Wang 2013;Guedes and Opler 1996;Stohs and Mauer 1996;Wang and Zhang 2023) and, to a lesser degree, that of other developed countries (Allaya et al 2018;Ben-Nasr et al 2015;Guney and Ozkan 2005;Nguyen et al 2020). The experiences of developing and emerging markets are usually examined through empirical studies that utilize cross-country settings (A gca et al 2015;El Ghoul et al 2016;Kirch and Terra 2012;Pour and Lasfer 2019;Zheng et al 2012).…”

Section: Introductionmentioning

confidence: 99%

Debt Maturity and Institutions: Does Creditor Protection Matter?

Tayem

2023

Economies

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This study aims to investigate the relationship between creditor protection and the debt maturity structure of corporations in the Gulf Cooperation Council (GCC) countries. The GCC countries enjoy large GDPs, growing capital markets, especially the Islamic bonds (Sukuk) market, and negligible tax environments. Nonetheless, the GCC countries’ financial systems are still dominated by banks, and their private investments are held by concentrated investors. The study utilizes firm-level financial data and country-level institutional data obtained from the World Bank Governance Indicators and Doing Business databases and applies the two-stage least square estimator to test its hypotheses. The findings indicate that stronger regulatory effectiveness is associated with long debt maturities, while better creditor protection is associated with short debt maturities. The latter finding suggests that managers and owners have incentives to utilize short-term debt in economies characterized by stronger liquidation and insolvency rules to avoid the loss of control in the case of a firm default. This finding has policy implications in terms of the importance of considering the dual influence of institutional reforms on the supply of and demand for long-term capital.

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CEO equity incentive duration and expected crash risk

Gu,

Lu,

2023

The British Accounting Review

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Duration of executive compensation and maturity structure of corporate debt

Cited by 10 publications

References 56 publications

Supplier concentration and debt maturity structure

Supplier concentration and debt maturity structure

Debt Maturity and Institutions: Does Creditor Protection Matter?

CEO equity incentive duration and expected crash risk

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