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@article{ART001693670},
author={Park Myung-Ho and Park, Dae-Keun and Yun， Jeongsun},
title={The Effects of Incentive Alignment on Debt Maturity Structure},
journal={Journal of Insurance and Finance},
issn={2384-3209},
year={2012},
volume={23},
number={3},
pages={95-122}

TY - JOUR
AU - Park Myung-Ho
AU - Park, Dae-Keun
AU - Yun， Jeongsun
TI - The Effects of Incentive Alignment on Debt Maturity Structure
JO - Journal of Insurance and Finance
PY - 2012
VL - 23
IS - 3
PB - Korea Insurance Research Institute
SP - 95
EP - 122
SN - 2384-3209
AB - This paper investigates whether and how corporate governance affects the maturity structure of corporate debts in Korea. We find that managerial ownership tends to reduce the maturity of debts for a low-liquidity risk firm. On the other hand, firms with liquidity risk prefer a long-term debt regardless of managerial ownership. This suggests that corporate governance tends to reduce the maturity of debt only for the firms that do not experience liquidity risk. We also find that the interaction effect between managerial ownership and growth opportunity is negative. This implies that the negative effect of managerial ownership is more prominent for firms with growth opportunity.
KW - debt maturity;investment opportunity;managerial discipline;shareholder-debtholder interetst conflicts;underivestment
DO -
UR -
ER -

Park Myung-Ho, Park, Dae-Keun and Yun， Jeongsun. (2012). The Effects of Incentive Alignment on Debt Maturity Structure. Journal of Insurance and Finance, 23(3), 95-122.

Park Myung-Ho, Park, Dae-Keun and Yun， Jeongsun. 2012, "The Effects of Incentive Alignment on Debt Maturity Structure", Journal of Insurance and Finance, vol.23, no.3 pp.95-122.

Park Myung-Ho, Park, Dae-Keun, Yun， Jeongsun "The Effects of Incentive Alignment on Debt Maturity Structure" Journal of Insurance and Finance 23.3 pp.95-122 (2012) : 95.

Park Myung-Ho, Park, Dae-Keun, Yun， Jeongsun. The Effects of Incentive Alignment on Debt Maturity Structure. 2012; 23(3), 95-122.

Park Myung-Ho, Park, Dae-Keun and Yun， Jeongsun. "The Effects of Incentive Alignment on Debt Maturity Structure" Journal of Insurance and Finance 23, no.3 (2012) : 95-122.

Park Myung-Ho; Park, Dae-Keun; Yun， Jeongsun. The Effects of Incentive Alignment on Debt Maturity Structure. Journal of Insurance and Finance, 23(3), 95-122.

Park Myung-Ho; Park, Dae-Keun; Yun， Jeongsun. The Effects of Incentive Alignment on Debt Maturity Structure. Journal of Insurance and Finance. 2012; 23(3) 95-122.

Park Myung-Ho, Park, Dae-Keun, Yun， Jeongsun. The Effects of Incentive Alignment on Debt Maturity Structure. 2012; 23(3), 95-122.

Park Myung-Ho, Park, Dae-Keun and Yun， Jeongsun. "The Effects of Incentive Alignment on Debt Maturity Structure" Journal of Insurance and Finance 23, no.3 (2012) : 95-122.