Meg Sato
  佐藤　愛
   所属   大阪経済大学  経営学部 経営学科
   職種   教授
言語種別 英語
発行・発表の年月 2019/03
形態種別 学術雑誌
査読 査読あり
標題 “Corporate Debt Maturity and Future Firm Performance Volatility.”
執筆形態 共著
掲載誌名 International Review of Economics and Finance
掲載区分国外
出版社・発行元 Elsevier
巻・号・頁 (60),pp.216-237
国際共著 国際共著
著者・共著者 Chaiporn Vithessonthi
概要 We propose a simple idea that corporate debt maturity should serve as a good indicator of future firm performance volatility. We show in a simple two-period model that the riskiness of corporate investment is a decreasing function of corporate debt maturity. If “observable” corporate debt maturity and ex ante “unobservable” corporate risk-taking is highly correlated, corporate debt maturity should be highly correlated with “ex post” realized firm performance volatility in following years. Using data on firms in 10 developing and developed countries during 1991–2013, we find that corporate debt maturity is negatively associated with future firm operating performance volatility but is not associated with future firm value volatility.