[Retracted] Debt Maturity Structure and Firm Life Cycle: Empirical Evidence from Asean Countries

Rita Juliana


This article was retracted due to the following reasons:

Article: Debt Maturity Structure and Firm Life Cycle: Empirical Evidence from ASEAN Countries.

Volume 23 Number 2
Author: Rita Juliana

The publisher has retracted this article with the reason of duplicate submission. Author of the paper agreed with the reason.


ASEAN; Debt Maturity; Firm life cycle


Ahmed, B., Akbar, M., Sabahat, T., Ali, S., Hussain, A., Akbar, A., & Hongming, X. (2021). Does firm life cycle impact corporate investment efficiency? Sustainability (Switzerland), 13(1). https://doi.org/10.3390/su13010197

Akron, S., Demir, E., Díez-Esteban, J. M., & García-Gómez, C. D. (2022). How does uncertainty affect corporate investment inefficiency? Evidence from Europe. Research in International Business and Finance, 62. https://doi.org/10.1016/j.ribaf.2022.101752

Alqahtani, J., Duong, L., Taylor, G., & Eulaiwi, B. (2022). Outside directors, firm life cycle, corporate financial decisions and firm performance. Emerging Markets Review, 50. https://doi.org/10.1016/j.ememar.2021.100820

Amin, A., Bowler, B., Hasan, M. M., Lobo, G. J., & Tresl, J. (2023). Firm life cycle and cost of debt. Journal of Banking and Finance, 154(November 2022), 106971. https://doi.org/10.1016/j.jbankfin.2023.106971

Awartani, B., Belkhir, M., Boubaker, S., & Maghyereh, A. (2016). Corporate debt maturity in the MENA region: Does institutional quality matter? International Review of Financial Analysis, 46, 309–325. https://doi.org/10.1016/j.irfa.2015.10.002

Bakarich, K. M., Hossain, M., & Weintrop, J. (2019). Different time, different tone: Company life cycle. Journal of Contemporary Accounting and Economics, 15(1), 69–86. https://doi.org/10.1016/j.jcae.2018.12.002

Bhutta, U. S., AlHares, A., Shahab, Y., & Tariq, A. (2022). The jinx of real earnings management: evidence from inefficient investments and debt maturity structure in Pakistan. Journal of Accounting in Emerging Economies, 12(2), 405–432. https://doi.org/10.1108/JAEE-03-2021-0079

Castro, P., Tascón Fernández, M. T., Amor-Tapia, B., & de Miguel, A.

(2016). Target leverage and speed of adjustment along the life cycle of European listed firms. BRQ Business Research Quarterly, 19(3), 188–205. https://doi.org/10.1016/j.brq.2016.01.003

Chang, S.-C., Chiu, S.-C., & Wu, P.-C. (2017). The Impact of Business Life Cycle and Performance Discrepancy on R&D Expenditures-Evidence from Taiwan. Accounting and Finance Research. https://doi.org/10.5430/afr.v6n3p135

Chiu, W.-C., King, T.-H. D., & Wang, C.-W. (2021). Debt maturity dispersion and the cost of bank loans. Journal of Corporate Finance, 70, 102049. https://doi.org/https://doi.org/10.1016/j.jcorpfin.2021.102049

Choi, S., Furceri, D., Huang, Y., & Loungani, P. (2018). Aggregate uncertainty and sectoral productivity growth: The role of credit constraints. Journal of International Money and Finance, 88, 314–330. https://doi.org/10.1016/j.jimonfin.2017.07.016

Chuang, K. S. (2020). Private placements, market discounts and firm performance: the perspective of corporate life cycle analysis. Review of Quantitative Finance and Accounting, 54, 541–564. https://doi.org/10.1007/s11156-019-00798-4

D’Amato, A. (2020). Capital structure, debt maturity, and financial crisis: empirical evidence from SMEs. Small Business Economics, 55(4), 919–941. https://doi.org/10.1007/s11187-019-00165-6

Dang, V. A., & Phan, H. V. (2016). CEO inside debt and corporate debt maturity structure. Journal of Banking and Finance, 70, 38–54. https://doi.org/10.1016/j.jbankfin.2016.05.009

Datta, S., Doan, T., & Iskandar-Datta, M. (2019). Policy uncertainty and the maturity structure of corporate debt. Journal of Financial Stability, 44, 100694. https://doi.org/10.1016/j.jfs.2019.100694

Dell’Ariccia, G., Ebrahimy, E., Igan, D., & Puy, D. (2020). Discerning Good from Bad Credit Booms. IMF Staff Discussion Notes, SDN/20/02. https://doi.org/10.5089/9781513529370.006

Díaz-Díaz, N. L., García-Teruel, P. J., & Martínez-Solano, P. (2016). Debt maturity structure in private firms: Does the family control matter? Journal of Corporate Finance, 37, 393–411. https://doi.org/10.1016/j.jcorpfin.2016.01.016

Dickinson, V. (2011). Cash flow patterns as a proxy for firm life cycle. Accounting Review, 86(6), 1969–1994. https://doi.org/10.2308/accr-10130

Do, T. V. T., & Phan, D. T. (2022). Debt maturity structure and investment decisions: Evidence of listed companies on Vietnam’s stock market. In Cogent Economics and Finance (Vol. 10, Issue 1).

Cogent OA. https://doi.org/10.1080/23322039.2021.2024358

Drobetz, W., Halling, M., & Schröder, H. (2016). Corporate Life-Cycle

Dynamics of Cash Holdings. Swedish House of Finance Research Paper, 15–07.

Faff, R., Kwok, W. C., Podolski, E. J., & Wong, G. (2016). Do corporate policies follow a life-cycle? Journal of Banking and Finance, 69, 95–107. https://doi.org/10.1016/j.jbankfin.2016.04.009

Feng, Z., & Lin, J. (2023). Macroeconomic uncertainty and firms’ investment in China. Economics Letters, 226, 111095. https://doi.org/https://doi.org/10.1016/j.econlet.2023.111095

Gort, M., & Klepper, S. (1982). Time Paths in the Diffusion of Product Innovations. The Economic Journal, 92, 630. https://doi.org/10.2307/2232554

Habib, A., & Hasan, M. M. (2017). Firm life cycle , corporate risk-taking , and investor sentiment. Accounting and Finance, 57(2), 465–497. https://doi.org/10.1111/acfi.12141

Habib, A., & Hasan, M. M. (2019). Corporate life cycle research in accounting, finance and corporate governance: A survey, and directions for future research. International Review of Financial Analysis, 61, 199–201. https://doi.org/10.1016/j.irfa.2018.12.004

Hasan, M.M., Al-Hadi, A., Taylor, G., & Richardson, G. (2016). Does a Firm?s Life Cycle Explain Its Propensity to Engage in Corporate Tax Avoidance? European Accounting Review, 8180(July). https://doi.org/10.1080/09638180.2016.1194220

Hasan, Mostafa Monzur, & Cheung, A. (Wai K. (2018). Organization capital and firm life cycle. Journal of Corporate Finance, 48, 556–578. https://doi.org/10.1016/j.jcorpfin.2017.12.003

Hasan, Mostafa Monzur, Cheung, A., Tunas, L., & Kot, H. W. (2021). Firm life cycle and trade credit. Financial Review, 56(4). https://doi.org/10.1111/fire.12264

Hasan, Mostafa Monzur, Hossain, M., Cheung, A. W. K., & Habib, A. (2015). Corporate life cycle and cost of equity capital. Journal of Contemporary Accounting and Economics, 11(1), 46–60. https://doi.org/10.1016/j.jcae.2014.12.002

Hussain, R. Y., Wen, X., Hussain, H., Saad, M., & Zafar, Z. (2022). Do leverage decisions mediate the relationship between board structure and insolvency risk? A comparative mediating role of capital structure and debt maturity. South Asian Journal of Business Studies, 11(1), 104–125. https://doi.org/10.1108/SAJBS-05-2020-0150

Keasey, K., Martinez, B., & Pindado, J. (2015). Young family firms: Financing decisions and the willingness to dilute control. Journal of Corporate Finance, 34, 47–63. https://doi.org/10.1016/j.jcorpfin.2015.07.014

Kim, I., Lee, S., & Sharma, B. (2023). Competition law reform and firm performance: Evidence from developing countries. Emerging Markets Review, 56, 101050. https://doi.org/https://doi.org/10.1016/j.ememar.2023.101050

Kolm, J., Laux, C., & Loranth, G. (2019). Debt Maturity Structure and Liquidity Shocks. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3307398

La Rocca, M. L., La Rocca, T. L., & Cariola, A. (2011). Capital Structure Decisions During a Firm’s Life Cycle. Small Business Economics, 37(1), 107–130. https://doi.org/10.1007/s11187-009-9229-z

Li, X., & Su, D. (2020). How does economic policy uncertainty affect corporate debt maturity?

Loderer, C., Stulz, R., & Waelchli, U. (2017). Firm Rigidities and the Decline in Growth Opportunities. Management Science, 63(9), 3000–3020. https://doi.org/10.1287/mnsc.2016.2478

Maury, B. (2022). Strategic CSR and firm performance: The role of prospector and growth strategies. Journal of Economics and Business, 118, 106031. https://doi.org/https://doi.org/10.1016/j.jeconbus.2021.106031

Miller, D., & Friesen, P. H. (1984). A longitudinal study of the corporate life cycle. Management Science, 30(10), 1161–1183. https://doi.org/10.1287/mnsc.30.10.1161

Ng, H. C., & Cheng, F. F. (2020). The impact of financial flexibility on debt maturity structure for Australian and Malaysian firms. Afro-Asian Journal of Finance and Accounting, 10(2). https://doi.org/10.1504/AAJFA.2020.106260

OECD. (2023). Corporate finance and corporate governance in ASEAN economies (Issue June). https://www.oecd.org/corporate/ca/background-report-corporate-finance-and-corporate-governance-ASEAN-economies.pdf

Olibe, K. O., Rezaee, Z., Flagg, J., & Ott, R. (2019). Corporate diversification, debt maturity structures and firm value: The role of geographic segment data. Quarterly Review of Economics and Finance, 74, 206–219. https://doi.org/10.1016/j.qref.2019.01.011

Pan, W. F., Wang, X., & Yang, S. (2019). Debt maturity, leverage, and political uncertainty. North American Journal of Economics and Finance. https://doi.org/10.1016/j.najef.2019.04.024

Park, B. J. (2021). Corporate social and financial performance: the role of firm life cycle in business groups. Sustainability (Switzerland), 13(13). https://doi.org/10.3390/su13137445

Pour, E. K., & Lasfer, M. (2019). Taxes, governance, and debt maturity structure: International evidence. Journal of International Financial Markets, Institutions and Money, 58, 136–161. https://doi.org/10.1016/j.intfin.2018.09.011

Provaty, S. S., Amin, S., & Hasan, M. M. (2022). Strategic deviation and debt maturity structure. Finance Research Letters, 50. https://doi.org/10.1016/j.frl.2022.103317

Rahaman, M. M. (2011). Access to financing and firm growth. Journal of Banking & Finance, 35(3), 709–723. https://doi.org/https://doi.org/10.1016/j.jbankfin.2010.09.005

Scholes, L., Hughes, M., Wright, M., De Massis, A., & Kotlar, J. (2021). Family management and family guardianship: Governance effects on family firm innovation strategy. Journal of Family Business Strategy, 12(4), 100389. https://doi.org/https://doi.org/10.1016/j.jfbs.2020.100389

Zhang, X., & Xu, L. (2021). Firm life cycle and debt maturity structure: evidence from China. Accounting & Finance, 61(1), 937–976. https://doi.org/https://doi.org/10.1111/acfi.12600

Zhou, H., Chen, H., & Cheng, Z. (2016). Internal Control, Corporate Life Cycle, and Firm Performance. The Political Economy of Chinese Finance, 17, 189–209. https://doi.org/10.1108/S1569-376720160000017013

DOI: http://dx.doi.org/10.20961/jab.v23i2.1063

Jurnal Akuntansi dan Bisnis (JAB)
ISSN 1412-0852 (print), 2580-5444 (online)
Published by Accounting Study Program, Faculty of Economics and Business, Universitas Sebelas Maret, Indonesia

Creative Commons License
JAB on http://jab.fe.uns.ac.id/index.php/jab is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License

Visitor Statistic