Debt maturity structure and the 1997 Asian financial crisis

The paper investigates the effects of firm-specific and country-specific characteristics, and the 1997 Asian financial crisis on the debt maturity structure of firms in the Asia Pacific region. The results indicate that firms in this region have a target optimal debt maturity structure, and the maturity structure decision of a firm is driven by both its own characteristics and the economic environment. They also reveal that the crisis had significant effect on firm's debt maturity structure and their determinants.