This paper examines the determinants of debt maturity structure in listed small and medium enterprises in Vietnam from … 2010 to 2019. Agency cost theory, signaling theory, tax-based theory, and matching theory are discussed as platform … theories for determining the factors affecting corporate debt maturity structure. Based on those theories and previous research …

"We argue that time-series variation in the maturity of aggregate corporate debt issues arises because firms behave as … macro liquidity providers, absorbing the large supply shocks associated with changes in the maturity structure of government … periods when the ratio of government debt to total debt is higher; and ii) by firms with stronger balance sheets. Our theory …