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Debt Market Trends and Predictors of Specialization

2021-05-17Artigo científico Acesso aberto
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dc.contributor.authorKhan, Kanwal Iqbal
dc.contributor.authorQadeer, Faisal
dc.contributor.authorMata, Mario Nuno
dc.contributor.authorDantas, Rui Miguel
dc.contributor.authorXavier Rita, Joao
dc.contributor.authorMartins, Jessica Nunes
dc.contributor.institutionNOVA Information Management School (NOVA IMS)
dc.contributor.pblMDPI - Multidisciplinary Digital Publishing Institute
dc.date.accessioned2021-10-12T04:52:56Z
dc.date.available2021-10-12T04:52:56Z
dc.date.issued2021-05-17
dc.descriptionKhan, K. I., Qadeer, F., Mata, M. N., Dantas, R. M., Xavier Rita, J., & Martins, J. N. (2021). Debt Market Trends and Predictors of Specialization: An Analysis of Pakistani Corporate Sector. JOURNAL OF RISK AND FINANCIAL MANAGEMENT, 14(5), 1-16. [224]. https://doi.org/10.3390/jrfm14050224
dc.description.abstractRecently, debt structure research has started focusing on the strategic perspective of financing choices, particularly to understand the reasons for debt specialization (DS). This paper examines trends of specialization over time and industry by using a comprehensive dataset on types of debt employed by the public limited companies during 2009-2018. The objective of the current study is to analyze the effect of debt market conditions by identifying significant predictors of DS. Time-series and cross-sectional results confirm the existence of DS, which is further validated by the findings of the cluster analysis. The empirical results indicate that overall, 61% of the companies solely rely on a single type of debt, mostly on short-term obligations accompanied by long-term secured and other debts. Moreover, small, mature, rated, group-affiliated, and low-leverage companies incline more towards this strategy. Credit rating, debt maturity, financial and interest coverage ratios serve as the primary determinants of the debt market that are significantly associated with the measures of DS. The results contribute to the capital structure literature by specifying that financing choice has an important implication in deciding the debt structure composition of the organizations.en
dc.description.versionpublishersversion
dc.description.versionpublished
dc.format.extent16
dc.format.extent475485
dc.identifier.doi10.3390/jrfm14050224
dc.identifier.issn1911-8066
dc.identifier.otherPURE: 34205190
dc.identifier.otherPURE UUID: a1abd97f-ae20-4bce-a416-7db47e783547
dc.identifier.otherWOS: 000654166600001
dc.identifier.urihttp://hdl.handle.net/10362/125965
dc.identifier.urlhttps://www.webofscience.com/wos/alldb/full-record/WOS:000654166600001
dc.language.isoeng
dc.peerreviewedyes
dc.subjectdebt structure
dc.subjectcapital structure
dc.subjectdebt specialization
dc.subjectfinancing choices
dc.subjectdebt market conditions
dc.subjectfinancial instruments
dc.subjectshort-term loans
dc.subjectlong-term loans
dc.titleDebt Market Trends and Predictors of Specializationen
dc.title.subtitleAn Analysis of Pakistani Corporate Sectoren
dc.typejournal article
degois.publication.firstPage1
degois.publication.issue5
degois.publication.lastPage16
degois.publication.titleJournal of Risk and Financial Management
degois.publication.volume14
dspace.entity.typePublication
rcaap.rightsopenAccess

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NIMS: MagIC - Artigos em revista internacional com arbitragem científica (Peer-Review articles in international journals)