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pISSN : 2288-6672 / eISSN : 2713-6248
- https://journal.kci.go.kr/capm
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Debt Maturity and Stock Price Crash Risk: Evidence from Korea
- Asset Management Review
- Abbr : AMR
- 2018, 6(1), pp.27~52
- DOI : 10.23007/amr.2018.6.1.27
- Publisher : Institute of Management Research, SungKyunKwan University
- Research Area : Social Science > Business Management > Finance
1성균관대학교 경영연구소
Candidate
ABSTRACT
This paper investigates the effect of debt maturity structure on future stock price crash risk of firms listed on Korea Stock Exchange over the period 2000-2016. I find that firms with a larger the proportion of short- (long-) term debt are more likely to have lower (higher) future stock price crash risk. I further examine the relation between debt maturity structure and future stock price crash risk is more pronounced for firms with lower largest shareholder ownership, weak governance system, board of directors with a minimum number of outside directors under statutory requirements, and non-Big 4 auditors. The results suggest that the relationship between debt maturity structure and stock price crash risk is due to the monitoring effect of short-term debt in Korean stock market.
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