This paper investigates the determinants of liability maturity choice in transition markets. We formulate a model of …, signaling, maturity matching, and agency costs for the liability term structure of firms operating in a transition economy. In … addition, we find that companies do not react uniformly to determinants of debt maturity. Firms that mainly rely on external …

We build a dynamic capital structure model to study the link between systematic risk exposure and debt maturity, as … the maturity structure. Relative to short-term debt, long-term debt is less prone to rollover risks, but its illiquidity … favour longer debt maturity, as well as a more stable maturity structure over the business cycle. Pro-cyclical debt maturity …

. In contrast to its advantageous commitment value in short-run competition, leverage reduces profits from infinite …

managers perceive particular instruments of internal and external financing. We find, that firms follow pecking order theory … for working capital financing, however the arguments for pecking order theory in investment financing are not that strong …

) existing measures of ETR can be dramatically biased, since they do not account for debt maturity, default risk or the ability …