Debt maturity of different types of debt

Figures & data

Table 1. Summary statistics.

	Mean	Median	Stdev	0.25	0.75	Obs
Weighted Debt Maturity	3.26	2.00	3.90	0.48	4.58	77,411
Commercial Paper	0.81	0.36	1.34	0.13	0.89	717
Revolving Credit	2.17	1.41	2.37	0.50	3.00	17,933
Term Loans	2.61	2.00	2.61	0.68	3.86	16,901
Bonds and Notes	5.53	4.26	4.88	2.00	7.21	25,158
Capital Lease	2.01	0.46	3.23	0.05	3.00	12,301
Trust Preferred	4.28	2.21	5.11	0.90	5.24	382
Other	0.83	0.20	1.99	0.03	0.78	4019
Total						77,411

Panel A of this table presents the mean, median, standard deviation, quantiles, and number of observations for debt maturity structure variables after wisorization of bottom and top 1%. The sample consists of Compustat firms from 2001 to 2021 with SIC codes outside the ranges 4900–4949 and 6000–6999 (financials and utilities). Weighted debt maturity is debt maturity in years, defined as the principal-weighted maturity of the aggregate debt, as reported in Capital IQ.

Table 2. Debt maturity of different kinds of debt by year.

Panel A: Maturity trend
Year	Mean	Median	N	Median CP	N	RC	N	TL	N
2001	5.30	4.00	3574	0.32	67	1.21	734	1.51	624
2002	5.14	4.00	4207	0.31	69	1.08	855	1.28	776
2003	5.73	4.23	3903	0.26	55	1.00	780	1.41	712
2004	6.17	4.74	3524	0.48	46	1.12	688	1.58	631
2005	6.13	4.60	3615	0.26	53	1.42	729	1.68	664
2006	5.99	4.63	3636	0.33	59	1.32	774	1.83	687
2007	6.04	4.68	3652	0.42	67	1.35	819	2.00	738
2008	5.98	4.57	3822	0.22	34	1.74	964	2.00	813
2009	5.71	4.35	3581	0.26	23	1.21	840	1.85	794
2010	5.89	4.66	3265	0.48	18	1.72	763	1.99	719
2011	5.93	4.89	3360	0.85	18	2.00	827	2.03	754
2012	5.90	5.00	3185	0.86	25	2.00	763	2.25	753
2013	5.93	5.00	3188	0.86	23	1.99	769	2.18	760
2014	5.64	4.82	3530	0.51	35	1.66	877	2.10	847
2015	5.24	4.21	3650	0.98	21	1.74	969	2.32	913
2016	4.98	4.00	3871	0.64	21	1.39	1082	2.10	992
2017	4.83	4.00	3866	0.20	25	1.35	1165	2.16	965
2018	4.81	4.00	3741	0.52	18	1.50	1101	2.24	918
2019	5.30	4.36	4039	0.40	14	1.24	783	2.28	923
2020	4.96	4.00	3922	0.23	8	0.98	637	1.82	1029
2021	4.46	3.75	4280	0.13	18	1.23	1014	1.82	889
Year		BN	N	CL	N	TP	N	Other	N
2001		4.09	1337	0.84	528	3.81	42	0.30	242
2002		4.23	1576	0.51	624	2.34	39	0.35	268
2003		4.80	1526	0.35	532	3.37	36	0.24	262
2004		5.00	1447	0.44	447	2.74	30	0.23	235
2005		5.00	1418	0.37	492	2.14	31	0.19	228
2006		4.85	1364	0.38	503	1.72	26	0.25	223
2007		4.76	1265	0.37	516	2.23	23	0.29	224
2008		4.28	1228	0.30	525	2.15	23	0.26	235
2009		4.36	1157	0.30	550	1.84	21	0.18	196
2010		4.55	1093	0.34	472	1.97	20	0.20	180
2011		4.64	1094	0.27	466	1.13	18	0.16	183
2012		4.85	1046	0.30	426	1.54	13	0.17	159
2013		5.00	1059	0.28	416	1.54	11	0.14	150
2014		4.68	1123	0.19	479	1.83	9	0.17	160
2015		4.08	1118	0.17	469	1.75	7	0.18	153
2016		3.72	1128	0.16	477	0.90	7	0.14	164
2017		3.57	1093	0.17	442	1.71	5	0.15	171
2018		3.57	1080	0.15	466	1.90	5	0.22	153
2019		3.67	1067	1.35	1087	2.07	6	0.15	159
2020		3.89	965	1.44	1139	1.46	5	0.10	139
2021		3.43	974	1.03	1245	3.14	5	0.09	135
Panel B: Time trend (OLS regression of debt maturity)
	Full	CP	RC	TL	BN	CL	TP	Other
2002	−0.09*	−0.07	−0.08	−0.16	−0.07	−0.14	0.48	−0.11
	(−1.83)	(−0.57)	(−1.57)	(−1.57)	(−0.68)	(−1.51)	(0.38)	(−0.73)
2003	0.28***	−0.13	−0.01	−0.12	0.63***	−0.10	0.84	−0.01
	(4.14)	(−0.94)	(−0.10)	(−1.09)	(4.64)	(−0.70)	(0.63)	(−0.03)
2004	0.65***	0.02	0.08	0.19	1.12***	−0.05	0.54	0.11
	(8.24)	(0.11)	(1.10)	(1.33)	(7.24)	(−0.34)	(0.39)	(0.61)
2005	0.58***	−0.24	0.23***	0.16	1.09***	−0.08	−0.26	0.29
	(7.21)	(−1.46)	(2.92)	(1.21)	(6.66)	(−0.56)	(−0.20)	(1.50)
2006	0.40***	−0.18	0.25***	0.15	0.87***	0.09	−2.29**	−0.01
	(4.94)	(−1.15)	(3.01)	(1.07)	(5.10)	(0.52)	(−2.19)	(−0.06)
2007	0.39***	0.28	0.54***	0.29**	0.82***	0.22	−1.42	−0.03
	(4.72)	(1.12)	(5.52)	(2.10)	(4.64)	(1.28)	(−1.18)	(−0.17)
2008	0.31***	0.55	1.01***	0.37***	0.42**	0.22	−2.27**	0.06
	(3.81)	(1.16)	(9.20)	(2.68)	(2.36)	(1.18)	(−2.32)	(0.34)
2009	0.12	0.39	0.71***	0.17	0.21	0.19	−2.92***	−0.17
	(1.47)	(0.94)	(6.64)	(1.25)	(1.21)	(1.06)	(−3.02)	(−0.95)
2010	0.34***	0.68	0.99***	0.37**	0.38**	0.35*	−3.00***	−0.22
	(4.12)	(1.58)	(8.54)	(2.47)	(2.14)	(1.73)	(−3.14)	(−1.23)
2011	0.36***	0.94**	1.26***	0.50***	0.29*	0.19	−3.04***	−0.38**
	(4.39)	(2.23)	(10.80)	(3.33)	(1.70)	(0.98)	(−2.77)	(−2.03)
2012	0.42***	0.69*	1.30***	0.61***	0.31*	0.22	−2.28	−0.43**
	(5.06)	(1.79)	(11.09)	(4.12)	(1.81)	(1.12)	(−1.36)	(−2.29)
2013	0.42***	0.56	1.16***	0.59***	0.39**	0.04	−2.64*	−0.24
	(5.09)	(1.64)	(10.09)	(4.01)	(2.32)	(0.20)	(−1.95)	(−1.38)
2014	0.15**	0.48	0.86***	0.55***	0.10	−0.18	−1.74	−0.44**
	(2.00)	(1.56)	(8.38)	(3.91)	(0.59)	(−1.03)	(−1.02)	(−2.53)
2015	−0.09	0.71**	0.79***	0.43***	−0.41**	−0.34**	−3.93***	−0.45**
	(−1.21)	(2.13)	(8.22)	(3.19)	(−2.54)	(−1.98)	(−4.32)	(−2.58)
2016	−0.30***	0.34	0.61***	0.41***	−0.76***	−0.49***	−4.00***	−0.53***
	(−4.15)	(1.16)	(6.77)	(3.08)	(−4.68)	(−3.01)	(−4.09)	(−3.12)
2017	−0.38***	0.02	0.58***	0.40***	−0.92***	−0.55***	−3.01**	−0.36**
	(−5.33)	(0.07)	(6.90)	(2.97)	(−5.71)	(−3.48)	(−2.45)	(−2.34)
2018	−0.40***	0.17	0.53***	0.31**	−0.97***	−0.38**	−1.74	−0.39**
	(−5.55)	(0.67)	(6.39)	(2.35)	(−6.02)	(−2.21)	(−0.74)	(−2.05)
2019	−0.12	−0.01	0.29***	0.33**	−0.74***	1.26***	−1.83	−0.54***
	(−1.57)	(−0.06)	(3.40)	(2.51)	(−4.40)	(8.32)	(−0.99)	(−3.06)
2020	−0.33***	−0.23	−0.07	−0.15	−0.68***	1.06***	−1.63	−0.29
	(−4.37)	(−0.94)	(−0.83)	(−1.24)	(−3.82)	(7.30)	(−0.83)	(−1.19)
2021	−0.64***	−0.40**	0.01	−0.09	−1.24***	0.65***	−1.18	−0.35*
	(−9.02)	(−2.35)	(0.20)	(−0.67)	(−7.34)	(4.80)	(−0.62)	(−1.70)
Interc.	3.18***	0.66***	1.63***	2.35***	5.43***	1.76***	5.44***	1.00***
	(52.66)	(4.25)	(29.99)	(21.09)	(40.23)	(17.59)	(6.06)	(6.42)
N	77411	717	17933	16901	25158	12301	382	4019
Adj.R^2	0.01	0.03	0.03	0.01	0.02	0.02	0.03	0.01

This table presents the median and number of observations of debt maturity structure variables by year. The dependent variable is the wisorized principal weighted debt maturity. Refer to Table A.1 in the Appendix for variable definitions.

t statistics in parentheses.

* p<.10, **p<.05, ***p<.01.

Table 3. Regression in principal-weighted debt maturity.

	(1)	(2)	(3)	(4)	(5)
	OLS	OLS	OLS	OLS	FE
Size	−0.62***	−0.50***	−0.38***	−0.30**	0.13
	(−4.05)	(−3.28)	(−2.76)	(−2.20)	(0.49)
Size^2	0.10***	0.10***	0.08***	0.08***	0.03*
	(8.17)	(7.98)	(7.39)	(7.47)	(1.75)
MB	0.04	0.09***	0.05*	0.08***	0.03
	(1.35)	(2.69)	(1.76)	(2.74)	(0.85)
Abnormal	0.08**	0.09**	0.08**	0.09**	0.06**
Earnings	(2.29)	(2.36)	(2.23)	(2.38)	(2.10)
Asset	0.03***	0.03***	0.02***	0.02***	0.01
Maturity	(6.64)	(7.39)	(3.78)	(5.28)	(1.32)
Asset	−15.20***	−10.79**	−14.52***	−11.56***	−2.09
Volatility	(−4.15)	(−2.57)	(−4.37)	(−3.03)	(−0.61)
Leverage	−1.37***	−1.11***	−1.34***	−1.01***	0.18
	(−6.63)	(−5.29)	(−6.55)	(−4.87)	(0.72)
R&D	0.03	0.34	−0.42	−0.37	−1.95***
	(0.10)	(0.99)	(−1.01)	(−0.88)	(−3.22)
Term	26.96***		25.53***
Spread	(9.13)		(8.65)
Intercept	5.07***	4.22***	4.61***	3.86***	3.18***
	(10.54)	(8.56)	(10.48)	(8.51)	(3.62)
Year D.	No	Yes	No	Yes	Yes
Firm D.					Yes
SIC D.	No	No	Yes	Yes	No
N	29823	29823	29819	29819	29109
Adj. R^2	0.17	0.20	0.23	0.26	0.57

This table shows determinants of debt maturity.

Table 4. Regression with additional firm characteristics and economic variables.

	(1)	(2)	(3)	(4)	(5)
Rating	0.48***	0.16	0.47***	0.16	0.29*
Dummy	(3.52)	(1.09)	(3.67)	(1.21)	(1.87)
Taxes	0.14***	0.10**	0.12***	0.08*	−0.02
	(3.15)	(2.19)	(2.84)	(1.95)	(−0.71)
ROA	0.97***	0.65***	0.92***	0.59**	0.02
	(4.13)	(2.75)	(3.96)	(2.54)	(0.08)
Cash	2.62***	2.60***	2.27***	2.24***	1.79***
	(8.49)	(8.43)	(7.11)	(7.02)	(4.82)
PPE	1.07***	0.94***	1.30***	1.21***	1.21**
	(3.88)	(3.43)	(3.62)	(3.37)	(2.45)
Dividend	0.64***	0.68***	0.67***	0.70***	0.02
Dummy	(5.36)	(5.70)	(5.42)	(5.75)	(0.15)
Institu.	−0.12	0.20	−0.28*	0.07	0.15
Own.	(−0.69)	(1.05)	(−1.67)	(0.37)	(0.70)
Analyst	0.01	0.01	0.02**	0.02	0.02
Coverage	(1.18)	(0.77)	(2.11)	(1.49)	(1.09)
Amihud	−0.00	−0.00	−0.00	−0.00	0.00
Illiqudity	(−0.22)	(−0.56)	(−0.25)	(−0.50)	(0.04)
ST	−0.60***		−0.58***
Rate	(−12.28)		(−11.80)
Inflation	0.88***		0.83***
	(12.90)		(12.21)
Real	0.94***		0.89***
ST rate	(13.85)		(13.18)
Default	1.27***		1.16***
Spread	(10.86)		(10.12)
Recession	0.38***		0.41***
Dummy	(5.32)		(5.77)
Bank	0.27***		0.25***
Return	(7.74)		(7.13)
Intercept	3.28***	4.77***	2.55***	3.92***	2.69***
	(6.17)	(9.10)	(5.14)	(8.13)	(2.93)
Year D.	No	Yes	No	Yes	Yes
Firm D.					Yes
SIC D.	No	No	Yes	Yes	No
N	29797	29797	29793	29793	29084
Adj. R^2	0.20	0.21	0.26	0.27	0.57

This table shows determinants of debt maturity by including additional firm and economic variables.

t statistics in parentheses.

* p<.10, **p<.05, ***p<.01.

Table 5. Regression in different debt structure.

Panel A: Logit and OLS regression
	(1)	(2)	(3)	(4)	(5)	(6)	(7)
	CP	RC	TL	BN	CL	TP	Other
Size	0.02**	0.96***	0.74***	−0.36*	0.78***	−13.39***	−0.29
	(2.19)	(8.42)	(5.97)	(−1.84)	(5.37)	(−2.95)	(−1.08)
Size^2	−0.00	−0.09***	−0.07***	0.09***	−0.06***	0.66**	0.01
	(−1.30)	(−10.91)	(−7.82)	(5.79)	(−5.72)	(2.64)	(0.96)
MB	0.00***	0.16***	−0.05*	0.15***	0.16***	−0.02	0.05
	(5.59)	(4.51)	(−1.73)	(2.91)	(3.82)	(−0.01)	(1.12)
Abnormal	−0.00	−0.04	0.04	0.16***	−0.07	0.33	−0.06
Earnings	(−0.16)	(−1.25)	(0.98)	(3.36)	(−1.45)	(1.62)	(−0.58)
Asset	0.00	0.01**	0.00	0.01	0.02***	0.03	0.01
Maturity	(1.24)	(2.07)	(0.69)	(1.48)	(4.06)	(0.38)	(1.62)
Asset	−0.48***	−8.41**	6.29	−24.41***	7.87*	7.94	−5.95
Volatility	(−2.92)	(−2.32)	(1.57)	(−4.34)	(1.81)	(0.08)	(−0.56)
Leverage	−0.02***	−3.19***	−0.27	−1.94***	−4.16***	−3.60	−0.70*
	(−3.72)	(−17.46)	(−1.49)	(−6.12)	(−14.40)	(−1.50)	(−1.72)
R&D	−0.05	−0.33	−0.09	1.19	−0.30	−30.99	2.90**
	(−1.62)	(−0.47)	(−0.17)	(1.48)	(−0.56)	(−0.45)	(2.47)
Term	0.27***	13.27***	0.87	24.40***	20.17***	16.88	−2.66
Spread	(4.49)	(3.82)	(0.26)	(6.15)	(4.15)	(0.64)	(−0.57)
N	44604	10997	11240	18769	7849	213	2346
Adj. R^2		0.26	0.17	0.28	0.21	0.61	0.29
Panel B: Probit regression in Column (1) and FE regression without year dummies in (2)–(7)
	(1)	(2)	(3)	(4)	(5)	(6)	(7)
	CP	RC	TL	BN	CL	TP	Other
Size	0.01	0.46*	0.18	−1.50***	0.02	−25.79**	−1.17***
	(1.28)	(1.76)	(0.69)	(−3.66)	(0.04)	(−2.66)	(−2.65)
Size^2	−0.00	−0.05***	−0.01	0.15***	−0.01	1.42**	0.07**
	(−0.32)	(−2.71)	(−0.37)	(5.17)	(−0.35)	(2.40)	(2.52)
MB	0.00***	0.10**	0.02	0.00	0.10**	−1.89	0.09
	(5.82)	(2.46)	(0.50)	(0.08)	(2.21)	(−1.17)	(1.46)
Abnormal	−0.00	−0.01	0.01	0.09***	−0.07	0.55	−0.09
Earnings	(−0.22)	(−0.40)	(0.35)	(2.72)	(−1.60)	(1.47)	(−0.87)
Asset	0.00	−0.01	−0.01*	0.00	0.02**	0.00	0.01**
Maturity	(1.15)	(−0.72)	(−1.66)	(0.51)	(2.09)	(0.00)	(2.00)
Asset	−0.48***	5.01	4.65	−0.87	1.54	110.55	0.60
Volatility	(−3.20)	(1.15)	(1.18)	(−0.17)	(0.31)	(0.89)	(0.05)
Leverage	−0.02***	−2.45***	−0.72***	0.70**	−3.68***	−4.90	−0.77**
	(−3.83)	(−8.94)	(−2.72)	(2.05)	(−10.41)	(−1.46)	(−2.20)
R&D	−0.05*	2.15**	0.45	−3.03***	−1.54*	−220.51	2.09
	(−1.70)	(2.24)	(0.55)	(−2.98)	(−1.96)	(−1.20)	(1.44)
Term	0.29***
Spread	(4.93)
N	44604	11005	11253	18778	7868	221	2387
Adj. R^2		0.51	0.52	0.66	0.54	0.68	0.72

This table shows determinants of debt maturity of various debt types.

t statistics in parentheses.

* p<.10, **p<.05, ***p<.01.

Table 6. Additional variables in different types of debt.

	(1)	(2)	(3)	(4)	(5)	(6)	(7)
	CP	RC	TL	BN	CL	TP	Other
Rating	0.009***	−0.989***	−0.445***	0.892***	−0.595***	−5.117**	−0.429**
Dummy	(4.94)	(−10.78)	(−3.81)	(5.47)	(−3.80)	(−2.27)	(−2.32)
Taxes	0.001	0.081**	0.079*	0.173***	−0.056	−0.064	0.017
	(0.78)	(2.26)	(1.82)	(2.76)	(−0.92)	(−0.59)	(0.30)
ROA	0.031***	0.630***	0.004	1.344***	0.189	−3.313	−0.463
	(3.20)	(2.63)	(0.01)	(3.63)	(0.63)	(−0.35)	(−0.64)
Cash	−0.018**	−0.752**	0.921***	4.339***	1.968***	−7.770	1.017
	(−2.17)	(−2.31)	(2.64)	(8.44)	(5.39)	(−1.63)	(1.64)
PPE	0.005	−0.207	0.493	0.364	1.993***	7.297	0.886
	(1.09)	(−0.69)	(1.40)	(0.73)	(3.88)	(0.75)	(1.02)
Dividend	0.010***	0.348***	−0.018	0.827***	0.245	−1.976	0.222
Dummy	(5.29)	(3.93)	(−0.15)	(4.76)	(1.25)	(−1.45)	(1.18)
Institu.	−0.005***	0.317**	0.235	−0.248	−0.123	−2.510	−0.536**
Own.	(−2.63)	(2.31)	(1.44)	(−1.05)	(−0.46)	(−1.16)	(−2.20)
Analyst	0.000**	−0.009	−0.014*	0.036**	−0.002	0.055	0.023
Coverage	(2.51)	(−1.31)	(−1.75)	(2.54)	(−0.12)	(0.45)	(1.52)
Amihud	−0.000	−0.001	0.002	0.000	−0.000	0.002	−0.001
Illiqudity	(−0.37)	(−0.95)	(1.41)	(0.19)	(−0.25)	(0.09)	(−0.62)
ST	0.002*	−0.000	−0.044	−0.867***	0.143**	0.169	−0.180*
Rate	(1.85)	(−0.01)	(−0.84)	(−13.32)	(2.07)	(0.31)	(−1.87)
Inflation	0.001	−0.264***	−0.120*	1.400***	−0.138	0.099	0.231**
	(0.89)	(−5.02)	(−1.81)	(15.64)	(−1.56)	(0.20)	(2.08)
Real	0.001	−0.197***	−0.016	1.444***	−0.164*	0.098	0.236**
ST rate	(0.54)	(−3.85)	(−0.24)	(16.14)	(−1.94)	(0.17)	(2.05)
Default	0.007***	0.344***	0.007	1.699***	−0.190	−0.314	0.185
Spread	(2.87)	(3.15)	(0.06)	(10.72)	(−0.99)	(−0.29)	(1.08)
Recession	−0.003	−0.262***	−0.231***	0.607***	0.503***	−0.598	0.116
Dummy	(−1.23)	(−3.46)	(−2.88)	(6.15)	(3.99)	(−0.38)	(0.77)
Bank	0.002**	−0.265***	−0.126***	0.534***	0.082	0.900*	−0.034
Return	(1.99)	(−8.49)	(−3.52)	(11.42)	(1.39)	(1.83)	(−0.69)
N	44556	10989	11231	18755	7835	213	2343
Adj. R^2		0.293	0.181	0.324	0.225	0.666	0.301

This table shows determinants of debt maturity of various debt types with additional variables.

t statistics in parentheses.

* p<.10, **p<.05, ***p<.01.

Table 7. Credit rating on debt maturity.

	Mean	Median	Stdev	0.25	0.75	Obs
Panel A: Rated firms
Weighted Debt Maturity	3.75	2.06	6.405	0.36	5.46	28,965
Revolving Credit	1.19	0.67	1.46	0.22	1.62	5,602
Term Loans	2.01	1.25	2.25	0.35	2.99	5,442
Bonds and Notes	7.13	5.84	4.91	3.69	9.25	12,095
Capital Lease	0.59	0.07	1.75	0.01	0.38	2,480
Trust Preferred	3.69	1.95	4.68	0.84	4.54	281
Other	0.68	0.15	1.90	0.02	0.58	2,395
Panel B: Unrated firms
Weighted Debt Maturity	2.97	2.00	3.41	0.57	4.00	48,446
Revolving Credit	2.62	1.98	2.56	0.80	3.72	12,331
Term Loans t	2.89	2.25	2.71	0.95	4.00	11,459
Bonds and Notes	4.05	2.96	4.35	1.00	5.04	13,063
Capital Lease	2.37	0.81	3.41	0.09	3.76	9,821
Trust Preferred	5.94	3.18	5.87	1.83	10.34	101
Other	1.05	0.28	2.08	0.04	1.09	1,624

This table presents the mean, median, standard deviation, quantiles, and number of observations for debt maturity structure variables of different types of debt based on rating status.

Table 8. Regression results.

Panel A: Rated firms
	(1)	(2)	(3)	(4)	(5)	(6)
	RC	TL	BN	CL	TP	Other
Size	−0.071	−0.058	−2.118***	0.077	0.908	0.357
	(−0.21)	(−0.13)	(−2.76)	(0.15)	(0.12)	(0.64)
Size^2	−0.009	−0.027	0.183***	−0.008	−0.131	−0.017
	(−0.44)	(−1.07)	(3.94)	(−0.25)	(−0.30)	(−0.54)
MB	0.074	−0.090	0.462***	−0.010	1.398	0.065
	(1.35)	(−1.24)	(3.84)	(−0.13)	(0.80)	(1.00)
Abnormal	−0.046	0.039	0.110*	−0.026	0.275	−0.200*
Earnings	(−1.45)	(0.80)	(1.74)	(−0.78)	(1.37)	(−1.88)
Asset	−0.004	−0.025***	0.015	0.010	−0.135	0.024**
Maturity	(−1.01)	(−3.40)	(1.48)	(1.57)	(−0.80)	(2.38)
Asset	3.962	11.166	−15.771	2.198	173.488	−9.614*
Volatility	(0.67)	(1.15)	(−1.40)	(0.21)	(0.94)	(−1.67)
Leverage	−1.470***	−0.186	−4.162***	−1.356**	−3.561	−0.699
	(−6.27)	(−0.57)	(−7.92)	(−2.34)	(−1.08)	(−1.62)
R&D	−0.690	−6.516**	6.828*	2.886	−66.699	4.358*
	(−0.33)	(−2.48)	(1.72)	(1.02)	(−0.93)	(1.70)
Term	9.399**	4.007	24.145***	4.596	18.807	−0.368
Spread	(2.33)	(0.86)	(4.82)	(0.85)	(0.55)	(−0.10)
Intercept	2.923**	4.861**	12.317***	0.904	6.213	−1.322
	(2.06)	(2.51)	(3.91)	(0.48)	(0.19)	(−0.54)
N	3401	3764	9781	1699	171	1519
Adj. R^2	0.251	0.302	0.362	0.281	0.577	0.552
Panel B: Unrated firms
	(1)	(2)	(3)	(4)	(5)	(6)
	RC	TL	BN	CL	TP	Other
Size	1.148***	0.414**	0.832***	0.689***	−54.582***	0.394
	(7.77)	(2.56)	(2.92)	(3.39)	(−4.19)	(1.13)
Size^2	−0.098***	−0.034**	−0.033	−0.045**	3.643**	−0.030
	(−8.10)	(−2.51)	(−1.39)	(−2.49)	(3.47)	(−1.24)
MB	0.137***	−0.037	0.025	0.146***	2.248	0.046
	(3.56)	(−1.12)	(0.52)	(3.30)	(1.37)	(0.52)
Abnormal	−0.005	0.042	0.150**	−0.077	0.340	0.092
Earnings	(−0.11)	(0.83)	(2.39)	(−1.31)	(0.22)	(0.37)
Asset	0.010*	0.011*	−0.003	0.023***	0.073***	−0.013
Maturity	(1.70)	(1.87)	(−0.47)	(3.79)	(5.32)	(−1.21)
Asset	−11.921***	3.468	−10.927*	7.146	−176.720***	−11.199
Volatility	(−2.95)	(0.80)	(−1.88)	(1.56)	(−5.64)	(−0.69)
Leverage	−3.359***	−0.434**	−0.105	−4.366***	5.061	−0.151
	(−14.69)	(−1.98)	(−0.31)	(−13.73)	(1.74)	(−0.17)
R&D	0.280	0.232	0.699	−0.175	0.000	3.016**
	(0.39)	(0.45)	(0.84)	(−0.32)	(.)	(2.26)
Term	17.813***	2.662	17.209***	24.954***	14.607	7.674
Spread	(3.74)	(0.59)	(2.78)	(4.30)	(0.20)	(0.78)
Intercept	0.406	1.799***	0.633	0.193	199.012***	−0.050
	(0.84)	(3.54)	(0.73)	(0.33)	(5.07)	(−0.04)
N	7572	7454	8976	6130	40	795
Adj. R^2	0.259	0.153	0.137	0.198	0.849	0.373

This table presents the results of OLS regressions of maturity in different debt after winsorization of bottom and top 1%.

t statistics in parentheses.

* p<.10, **p<.05, ***p<.01.

Table 9. Supply-side factors in maturity of different debt instruments.

	(1)	(2)	(3)	(4)	(5)	(6)
	RC	TL	BN	CL	TP	Other
Size	0.880***	0.728***	−0.441**	0.722***	−12.176***	−0.231
	(8.01)	(5.91)	(−2.22)	(5.07)	(−2.94)	(−0.86)
Size^2	−0.075***	−0.067***	0.083***	−0.052***	0.622**	0.014
	(−9.43)	(−7.37)	(5.51)	(−4.88)	(2.64)	(0.91)
MB	0.138***	−0.056*	0.178***	0.156***	0.313	0.064
	(4.11)	(−1.84)	(3.60)	(3.71)	(0.20)	(1.30)
Abnormal	−0.019	0.038	0.180***	−0.050	0.338*	−0.034
Earnings	(−0.56)	(1.03)	(3.81)	(−1.09)	(1.77)	(−0.30)
Asset	0.009**	0.004	0.011	0.021***	0.033	0.014
Maturity	(2.20)	(0.74)	(1.62)	(4.09)	(0.55)	(1.61)
Asset	−10.767***	5.206	−21.985***	7.517*	2.819	−7.992
Volatility	(−3.00)	(1.29)	(−3.96)	(1.73)	(0.03)	(−0.74)
Leverage	−2.902***	−0.198	−2.088***	−3.988***	−1.117	−0.666*
	(−16.66)	(−1.09)	(−6.65)	(−13.81)	(−0.56)	(−1.66)
R&D	−0.203	−0.026	0.953	−0.275	−29.134	2.911**
	(−0.29)	(−0.05)	(1.18)	(−0.51)	(−0.43)	(2.50)
Term	11.107***	2.448	7.886*	17.589***	40.301	−5.089
Spread	(3.02)	(0.70)	(1.79)	(3.48)	(1.03)	(−0.97)
Rating	−1.122***	−0.122	0.227	−1.407***	−5.760**	−0.444*
	(−6.31)	(−0.59)	(0.76)	(−5.30)	(−2.45)	(−1.66)
No crisis	−0.286**	0.176	−1.297***	−0.437**	1.659	−0.257
	(−2.35)	(1.42)	(−6.66)	(−2.46)	(1.51)	(−1.15)
Rating*	0.135	−0.337*	0.949***	0.810***	−0.702	0.098
No crisis	(0.86)	(−1.95)	(3.99)	(3.59)	(−0.54)	(0.43)
Intercept	1.313***	1.039**	5.411***	0.515	64.362***	2.084
	(3.21)	(2.37)	(7.97)	(1.03)	(3.82)	(1.58)
N	10997	11240	18769	7849	213	2346
Adj. R^2	0.275	0.175	0.289	0.212	0.645	0.292

This table presents the results of OLS regressions of maturity in different debt after winsorization of bottom and top 1%.

Table 10. Robustness checks.

Panel A: Correlation
	1	2	3	4	5	6	7	8	VIF
1 Size	1								52.24
2 MB	−0.1451*	1							1.58
3 AbEarnings	−0.0241*	0.0391*	1						1.05
4 AsetMaturity	0.0345*	−0.0743*	−0.0131*	1					2.00
5 AssetVolatility	−0.5810*	0.3560*	0.0758*	−0.0742*	1				2.63
6 Leverage	0.1797*	0.0102*	−0.0530*	0.1487*	−0.3312*	1			1.48
7 R&D	−0.3685*	0.4039*	0.0194*	−0.1041*	0.4718*	−0.0687*	1		2.83
8 Rating	0.6374*	−0.1499*	−0.0179*	0.0911*	−0.4119*	0.2607*	−0.2488*	1	1.95
9 PPE	0.1795*	−0.2057*	−0.0438*	0.6400*	−0.2289*	0.2344*	−0.2725*	0.1931*	3.45
Panel B: GMM and 2SLS
	(1)	(2)	(3)
	WDM	First-stage	Second-stage
L.WDM	0.75***
	(32.41)
L2.WDM	0.07***
L.Leverage		0.352***
		(30.11)
Size	0.40	0.008	0.05
	(1.37)	(1.04)	(0.18)
Size^2	−0.04*	−0.001	0.04*
	(−1.95)	(−1.23)	(1.86)
MB	0.00	0.007***	0.02
	(0.02)	(4.25)	(0.57)
Abnormal	0.01	−0.020***	0.07**
Earnings	(0.29)	(−7.48)	(2.21)
Asset	−0.00	0.000	0.00
Maturity	(−0.44)	(1.24)	(0.50)
Asset	6.93**	−3.944***	−7.48**
Volatility	(1.99)	(−23.25)	(−2.06)
R&D	−1.19*	−0.006	−2.00***
	(−1.77)	(−0.17)	(−2.97)
Leverage	−0.27		−0.25
	(−0.97)		(−0.69)
Additional Controls	Yes	Yes	Yes
Year FE	Yes	Yes	Yes
p-value of
Sagan Test	0.0000
AR(1)	0.0000
AR(2)	0.1099
Wald Chi^2	0.0000
F test		0.0000
Shea’s partial R^2		0.42
Kleibergen-Paap rk LM			0.0000
N	20259	29084	29084

This table presents the results of OLS regressions of maturity in different debt after winsorization of bottom and top 1%. Panel A reports (1) the variance inflation factors (VIFs) in a regression of debt maturity on all independent variables and industry fixed effects where standard errors are clustered by firm for selected variables. Panel A reports (2) pairwise correlation coefficients among the variables where 5% significance level is displayed with a star. Panel B presents results of IV and GMM approach in a regression of debt maturity on basic independent variables and industry fixed effects. Refer to Table A.1 in the Appendix for variable definitions.

Table A.1. Explanatory variable definitions.

(Market) Leverage: (Long-term book debt (dltt) + short-term debt (dlc))/(long-term debt + short-term book debt + stock price (prcc_f) × number of outstanding shares (csho)). Market capitalization: Number of shares outstanding (CSHO) times stock price at the fiscal year-end (PRCC_F) Size: log of total assets (AT) Market-to-book: Ratio of market value of assets (AT + CSHOxPRCC_F-CEQ) to book value of total assets (AT) Abnormal earnings: Ratio of difference between the income before extraordinary items, adjusted for common/ordinary stock (capital) equivalents (IBADJ) for time t and t-1 over the market value of equity used to calculate earnings per share (PRCC_FxCSHPRI) Assets maturity: Ratio of property, plant and equipment (PPEGT) over depreciation and amortization (DP) times the proportion of property, plant and equipment in total assets (PPEGT/AT), plus the ratio of current assets (ACT) over the cost of goods sold (COGS) times the proportion of current assets in total assets (ACT/AT) R&D: Ratio of research and development expenditures (XRD) to book value of assets (AT) PPE: Ratio of net property, plant and equipment (PPENT) to book value of assets (AT) Return on assets (ROA): Ratio of earnings before interest, taxes, depreciation and amortization (EBITDA) to book value of total assets (AT) Dividend dummy: Dummy variable that takes the value of one if the firm pays dividends (DVC) and zero otherwise. Cash: Ratio of cash and short-term investments (CHE) over book value of total assets (AT) Taxes: Ratio of total income taxes (TXT) over the pretax income (PI) Term spread: Difference between month-end yield on ten-year government bonds and month-end yield on one-year government bonds (Federal Reserve) Short term rate: Month-end yield on one-year government bonds (Federal Reserve) Assets volatility: Standard deviation of stock return during the fiscal year times market value of equity (CSHOxPRCC_F) divided by market value of assets (AT + CSHOxPRCC_F-CEQ) Rating dummy: Dummy variable that takes the value of one if a firm has a S&P domestic long-term issuer credit rating (SPLTICRM) Institutional ownership: Number of shares held by institutions divided by the number of shares outstanding (Thomson CDA/Spectrum 13 F Holdings) Analyst coverage: Number of analysts covering a firm (NUMREC) Amihud illiquidity: 1000000 x average of the ratio of the absolute stock return over the dollar volume (Amihud (2002) Inflation: Rate of Change in Consumer Price Index Real short-term rate: Difference between the 3-month Treasury bill rate and inflation. Default spread: annual average of difference between corporate bond returns and maturity-matched government bond returns. Bank return: Market-adjusted return for the bank industry using the 48 Fama and French industry classification.

Table A.2. An example of computing the principal-weighted debt maturity.

	Gvkey: 1004
	Year: 2003
dm	Principal	Description text	Capital structure description	Weight	wdm	Prin./td	*dm
8	55000	Notes payable	Notes Payable 8.39% May 15, 2011 on June 1 and December 1	0.256	2.049	0.215	1.724
4	60000	Notes payable	Notes Payable 6.875% December 15, 2007	0.279	1.118	0.235	0.940
0	50000	Notes payable	Notes Payable 7.25% October 15, 2003	0.233	0.000	0.196	0.000
5	20000	Notes payable	Notes Payable 7.98% May 15, 2008	0.093	0.466	0.078	0.392
2	29737	Notes payable	Notes Payable June 29, 2005 3.81%	0.138	0.277	0.117	0.233
=	214737	Total debt=	255237	Notes wdm	3.909		3.289
3	40500		Revolving Credit Facility	RC wdm	3.000	0.159	0.476
	The firm had principal-weighted debt maturity of 3.91 years in Notes and 3 years in RC.			Prin/td-weighted dm			3.765
	The firm had Debt / Total Debt weighted-maturity of 3.77 years in 2003.

Data access statement

The data that support the findings of this study are available from the corresponding author, YL, upon reasonable request.