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Debt market trends and predictors of specialization: an analysis of pakistani corporate sector

2021-05Journal article Open access
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dc.contributor.authorKhan, Kanwal Iqbal
dc.contributor.authorQadeer, Faisal
dc.contributor.authorMata, Mário Nuno
dc.contributor.authorDantas, Rui
dc.contributor.authorXavier Rita, João
dc.contributor.authorMartins, Jessica Nunes
dc.date.accessioned2023-02-09T09:14:40Z
dc.date.available2023-02-09T09:14:40Z
dc.date.issued2021-05
dc.descriptionArtigo publicado em revista científica internacionalpt_PT
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.pt_PT
dc.description.versioninfo:eu-repo/semantics/publishedVersionpt_PT
dc.identifier.citationKhan, 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), 224. https://doi.org/10.3390/jrfm14050224pt_PT
dc.identifier.doihttps://doi.org/10.3390/jrfm14050224pt_PT
dc.identifier.urihttp://hdl.handle.net/10400.21/15511
dc.language.isoengpt_PT
dc.peerreviewedyespt_PT
dc.publisherMDPIpt_PT
dc.relation.ispartofseries;5
dc.relation.publisherversionhttps://www.mdpi.com/1911-8074/14/5/224pt_PT
dc.subjectDebt structurept_PT
dc.subjectCapital structurept_PT
dc.subjectDebt specializationpt_PT
dc.subjectFinancing choicespt_PT
dc.subjectDebt market conditionspt_PT
dc.subjectFinancial instrumentspt_PT
dc.subjectShort-term loanspt_PT
dc.subjectLong-term loanspt_PT
dc.titleDebt market trends and predictors of specialization: an analysis of pakistani corporate sectorpt_PT
dc.typejournal article
dspace.entity.typePublication
oaire.citation.endPage16pt_PT
oaire.citation.startPage1pt_PT
oaire.citation.titleJournal of Risk and Financial Managementpt_PT
oaire.citation.volume14pt_PT
person.familyNameKhan
person.familyNameQadeer
person.familyNameMata
person.familyNameDantas
person.familyNameXavier Rita
person.familyNameMartins
person.givenNameKanwal Iqbal
person.givenNameFaisal
person.givenNameMário Nuno
person.givenNameRui
person.givenNameJoão
person.givenNameJessica Nunes
person.identifier1403614
person.identifier1489121
person.identifier.ciencia-idFA13-1761-4192
person.identifier.ciencia-id1413-E166-2CD2
person.identifier.ciencia-id6116-C0DA-5ACE
person.identifier.orcid0000-0003-0316-1670
person.identifier.orcid0000-0002-7513-1924
person.identifier.orcid0000-0003-1765-4273
person.identifier.orcid0000-0001-8566-7303
person.identifier.orcid0000-0003-1297-4905
person.identifier.orcid0000-0003-0091-7989
person.identifier.scopus-author-id54395558800
person.identifier.scopus-author-id55515779000
person.identifier.scopus-author-id57224368373
rcaap.rightsopenAccesspt_PT
rcaap.typearticlept_PT
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