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March 18, 2026Journal of Business Convergence

Debt Maturity, Financing Pressure, and Expansion Motives: State-Dependent Moderating Effects on Capital Structure Adjustment Speed

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Authors

XZXiaomeng ZhangDKDongil Kim

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Overview

This analysis reveals how debt maturity and financing costs affect capital structure adjustments in companies, suggesting implications for financial policy.

Key Points

  • The research aims to explore how debt maturity, financing pressure, and expansion motives influence capital structure adjustments in firms across different leverage states.
  • Employs the Partial Adjustment Model to analyze capital structure dynamics.
  • Focuses on Chinese A-share listed companies from 2015 to 2024.
  • Examines asymmetric moderating effects under various leverage states.
  • Includes a COVID-19 dummy and explores ownership heterogeneities.
  • Overleveraged firms correct their capital structures 2.0 to 2.6 times faster than underleveraged firms.
  • Expansion motives accelerate rebalancing in underleveraged firms.
  • Financing costs and debt maturity impose limits on capital structure adjustments.
  • Structural reforms and deleveraging policies significantly influence corporate financial behavior.

Cite This Study

Zhang et al. (2026) studied this question.

synapsesocial.com/papers/69ba41e04e9516ffd37a1dbchttps://doi.org/10.31152/jb.2026.02.11.1.313
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