Determinants Factors of Debt Maturity: Empirical Evidence from Listed Firms in Tehran Stock Exchange

Deciding on structure of debt maturity is one of the most difficult and the most challenging issues facing companies. Studies on maturity structure of debt are a few and insufficient. A number of studies in different countries, considered this issue indirectly, but the existing literature that directly addressed the issue of debt maturities are concentrated on markets in developed countries. The main aim of this study was to investigate determinants of debt maturity structure on decisions of listed companies on Tehran Stock Exchange. The dataset consists of 124 companies listed in Tehran Stock Exchange during the years 1386 to 1389, and linear regression was used to test the hypothesis. These findings indicate positive effect of financial leverage, investment in fixed assets and maturities of assets and negative impact of debt maturing on firm's growth opportunities. But there is no relationship between debt maturing and effective tax rate, size and firms quality

کلیدواژه ها:

Debt Maturity ، Agency Costs ، Matching Maturities ، Tax ، Signaling