Adjustment to target debt maturity and equity mispricing : evidence from Asia Pacific

• Autorzy: Hussain H. I. , Hadi A. R. A. , Mohamed-Isa A. , Salem M. A. , Kamarudin F. , Jabarullah N. H.

Identyfikatory

DOI

10.17512/pjms.2018.17.2.08

Warianty tytułu

PL

Dostosowanie do docelowej wymagalności zadłużenia oraz nieprawidłowej wyceny wartości : dowody z Azji i Pacyfiku

• Języki publikacji: EN

Abstrakty

EN

This paper examines firms’ target adjustment behavior for debt maturity structure for selected countries from the Asia Pacific region. The literature documents that managers’ structure debt issues in line with a target maturity structure which is limited by transactions costs, information asymmetry, agency problems, liquidity needs as well as institutional factors. Our paper contends that firms adjust to target levels at differing rates based on whether the current maturity structure is above or below target levels as well as equity mispricing. We estimate the target debt maturity based on the lead level and measure speed of adjustment to target levels by regressing the difference between the simulated and actual values. Our findings indicate that firms which are below target debt maturity tend to adjust at more rapid rates during periods of overvaluation. Firms which are above target debt maturity tend to adjust at more rapid rates during periods of undervaluation. Our findings indicate asymmetric adjustment rates indicating that debt maturity structure serves as an important tool for signaling. The implications provide a better understanding on the impact of debt maturity on information asymmetry leading to differences in adjustment to target debt maturity structures.

PL

W niniejszym artykule przeanalizowano zachowanie firm w zakresie dostosowań docelowych dla struktury zapadalności długu dla wybranych krajów z regionu Azji i Pacyfiku. W literaturze udokumentowano, że struktura zarządzania zadłużeniem jest zgodna z docelową strukturą zapadalności, która jest ograniczona przez koszty transakcji, asymetrię informacji, problemy agencji, potrzeby płynności oraz czynniki instytucjonalne. Stwierdzono, że firmy dostosowują się do poziomów docelowych przy różnych stawkach w zależności od tego, czy obecna struktura zapadalności jest powyżej lub poniżej poziomu docelowego, jak również z powodu niewłaściwej wyceny kapitału własnego. Oszacowano docelowy termin zapadalności długu na podstawie poziomu wiodącego oraz zmierzono szybkość dostosowania do poziomów docelowych poprzez regresję różnicy między symulowanymi a rzeczywistymi wartościami. Wyniki wskazują, że firmy, które nie osiągają docelowego poziomu zadłużenia, mają tendencję do szybszego dostosowywania stawek w okresach przewartościowania. Firmy, które przekraczają docelowy poziom zadłużenia, mają tendencję do szybszego dostosowywania stawek w okresach niedowartościowania. Wyniki wskazują na asymetryczne wskaźniki korygowania, które wskazują, że struktura terminów zapadalności służy jako ważne narzędzie sygnalizacji. Implikacje te zapewniają lepsze zrozumienie wpływu dojrzałości długu na asymetrię informacyjną prowadzącą do różnic w dostosowaniu do docelowych struktur zapadalności długu.

Słowa kluczowe

EN

debt maturity; target adjustment behavior; speed of adjustment; capital structure; Asia Pacific region

PL

dojrzałość długu; zachowanie dostosowania celu; szybkość dostosowań; struktura kapitałowa; region Azji i Pacyfiku

• Wydawca: Czestochowa University of Technology
• Czasopismo: Polish Journal of Management Studies
• Rocznik: 2018
• Tom: Vol. 17, No. 2
• Strony: 87--100
• Opis fizyczny: Bibliogr. 44 poz., tab.

Twórcy

autor

Hussain H. I.

• Universiti Kuala Lumpur Business School

autor

Hadi A. R. A.

• Universiti Kuala Lumpur Business School

autor

Mohamed-Isa A.

• Universiti Kuala Lumpur Business School

autor

Salem M. A.

• Community College of Qatar, Business Department, Doha, Qatar

autor

Kamarudin F.

• Accounting and Finance Department, Universiti Putra Malaysia, Malaysia

autor

Jabarullah N. H.

• Universiti Kuala Lumpur Malaysian Institute of Aviation Technology

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Uwagi

Opracowanie rekordu w ramach umowy 509/P-DUN/2018 ze środków MNiSW przeznaczonych na działalność upowszechniającą naukę (2018).