{"id":"https://openalex.org/W2585783151","doi":null,"title":"The effect of financial market development on capital and debt maturity structure of firms in selected African countries / Oyebola Fatima Etudaiye-Muhtar","display_name":"The effect of financial market development on capital and debt maturity structure of firms in selected African countries / Oyebola Fatima Etudaiye-Muhtar","publication_year":2016,"publication_date":"2016-01-01","ids":{"openalex":"https://openalex.org/W2585783151","mag":"2585783151"},"language":"en","primary_location":{"id":"pmh:oai:studentsrepo.um.edu.my:6654","doi":null,"is_oa":true,"landing_page_url":"http://studentsrepo.um.edu.my/6654/1/oyebola.pdf","pdf_url":"http://studentsrepo.um.edu.my/6654/1/oyebola.pdf","source":{"id":"https://openalex.org/S4406922526","display_name":"University of Malaya Students Repository","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"Thesis"},"volume":null,"type":"dissertation","is_traditional":true,"indexed_in":[],"open_access":{"is_oa":true,"oa_status":"green","oa_url":"http://studentsrepo.um.edu.my/6654/1/oyebola.pdf","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5040249372","display_name":"Oyebola Fatima Etudaiye-Muhtar","orcid":"https://orcid.org/0000-0003-4094-7496","observed_orcids":["https://orcid.org/0000-0003-4094-7496"]},"institutions":[],"countries":[],"is_corresponding":true,"raw_author_name":"Etudaiye-Muhtar Oyebola Fatima","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]}],"institutions":[],"countries_distinct_count":0,"institutions_distinct_count":0,"corresponding_author_ids":["https://openalex.org/A5040249372"],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":null,"has_fulltext":true,"cited_by_count":3,"citation_normalized_percentile":null,"cited_by_percentile_year":null,"biblio":{"volume":null,"issue":null,"first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9848999977111816,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9848999977111816,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12123","display_name":"Financial Analysis and Corporate Governance","score":0.003800000064074993,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T14317","display_name":"Finance, Markets, and Regulation","score":0.0017999999690800905,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/financial-market-development","display_name":"financial market development","score":0.9829999804496765},{"id":"https://openalex.org/keywords/capital-structure","display_name":"capital structure","score":0.8989999890327454},{"id":"https://openalex.org/keywords/debt-maturity","display_name":"debt maturity","score":0.9120000004768372},{"id":"https://openalex.org/keywords/trade-off-theory","display_name":"trade-off theory","score":0.6570000052452087},{"id":"https://openalex.org/keywords/financial-intermediation","display_name":"financial intermediation","score":0.5329999923706055},{"id":"https://openalex.org/keywords/stock-market-development","display_name":"stock market development","score":0.6819999814033508},{"id":"https://openalex.org/keywords/banking-sector-development","display_name":"banking sector development","score":0.7889999747276306},{"id":"https://openalex.org/keywords/debt-financing","display_name":"debt financing","score":0.3790000081062317},{"id":"https://openalex.org/keywords/transaction-costs","display_name":"transaction costs","score":0.5860000252723694},{"id":"https://openalex.org/keywords/information-asymmetry","display_name":"information asymmetry","score":0.7850000262260437},{"id":"https://openalex.org/keywords/corporate-finance","display_name":"corporate finance","score":0.3269999921321869},{"id":"https://openalex.org/keywords/african-firms","display_name":"African firms","score":0.7599999904632568},{"id":"https://openalex.org/keywords/emerging-and-frontier-markets","display_name":"emerging and frontier markets","score":0.8169999718666077},{"id":"https://openalex.org/keywords/adjustment-costs","display_name":"adjustment costs","score":0.5690000057220459},{"id":"https://openalex.org/keywords/speed-of-adjustment","display_name":"speed of adjustment","score":0.7730000019073486},{"id":"https://openalex.org/keywords/interest-rate-liberalization","display_name":"interest rate liberalization","score":0.7609999775886536},{"id":"https://openalex.org/keywords/bank-privatization","display_name":"bank privatization","score":0.777999997138977},{"id":"https://openalex.org/keywords/foreign-ownership","display_name":"foreign ownership","score":0.48399999737739563}],"concepts":[{"id":"https://openalex.org/C143910263","wikidata":"https://www.wikidata.org/wiki/Q750458","display_name":"Capital market","level":2,"score":0.5415452122688293},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.5220748782157898},{"id":"https://openalex.org/C2780299701","wikidata":"https://www.wikidata.org/wiki/Q475000","display_name":"Stock market","level":3,"score":0.5034746527671814},{"id":"https://openalex.org/C73283319","wikidata":"https://www.wikidata.org/wiki/Q1416617","display_name":"Financial system","level":1,"score":0.4778163731098175},{"id":"https://openalex.org/C200870193","wikidata":"https://www.wikidata.org/wiki/Q11691","display_name":"Stock exchange","level":2,"score":0.45336559414863586},{"id":"https://openalex.org/C149933338","wikidata":"https://www.wikidata.org/wiki/Q950816","display_name":"Capital structure","level":3,"score":0.4508601427078247},{"id":"https://openalex.org/C19244329","wikidata":"https://www.wikidata.org/wiki/Q208697","display_name":"Financial market","level":2,"score":0.4495755434036255},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.4488737881183624},{"id":"https://openalex.org/C120527767","wikidata":"https://www.wikidata.org/wiki/Q3196867","display_name":"Debt","level":2,"score":0.4421415328979492},{"id":"https://openalex.org/C197142791","wikidata":"https://www.wikidata.org/wiki/Q540626","display_name":"Bond market","level":2,"score":0.442113995552063},{"id":"https://openalex.org/C101433766","wikidata":"https://www.wikidata.org/wiki/Q3543263","display_name":"Maturity (psychological)","level":2,"score":0.4232172966003418},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.34665513038635254},{"id":"https://openalex.org/C151730666","wikidata":"https://www.wikidata.org/wiki/Q7205","display_name":"Paleontology","level":1,"score":0.0},{"id":"https://openalex.org/C15744967","wikidata":"https://www.wikidata.org/wiki/Q9418","display_name":"Psychology","level":0,"score":0.0},{"id":"https://openalex.org/C86803240","wikidata":"https://www.wikidata.org/wiki/Q420","display_name":"Biology","level":0,"score":0.0},{"id":"https://openalex.org/C138496976","wikidata":"https://www.wikidata.org/wiki/Q175002","display_name":"Developmental psychology","level":1,"score":0.0},{"id":"https://openalex.org/C2780762169","wikidata":"https://www.wikidata.org/wiki/Q5905368","display_name":"Horse","level":2,"score":0.0}],"mesh":[],"locations_count":2,"locations":[{"id":"pmh:oai:studentsrepo.um.edu.my:6654","doi":null,"is_oa":true,"landing_page_url":"http://studentsrepo.um.edu.my/6654/1/oyebola.pdf","pdf_url":"http://studentsrepo.um.edu.my/6654/1/oyebola.pdf","source":{"id":"https://openalex.org/S4406922526","display_name":"University of Malaya Students Repository","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"Thesis"},{"id":"mag:2585783151","doi":null,"is_oa":false,"landing_page_url":"http://studentsrepo.um.edu.my/6654/","pdf_url":null,"source":null,"license":null,"license_id":null,"version":null,"is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":null}],"best_oa_location":{"id":"pmh:oai:studentsrepo.um.edu.my:6654","doi":null,"is_oa":true,"landing_page_url":"http://studentsrepo.um.edu.my/6654/1/oyebola.pdf","pdf_url":"http://studentsrepo.um.edu.my/6654/1/oyebola.pdf","source":{"id":"https://openalex.org/S4406922526","display_name":"University of Malaya Students Repository","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"Thesis"},"sustainable_development_goals":[{"score":0.6452000141143799,"id":"https://metadata.un.org/sdg/8","display_name":"Decent work and economic growth"}],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":true,"grobid_xml":true},"content_urls":{"pdf":"https://content.openalex.org/works/W2585783151.pdf","grobid_xml":"https://content.openalex.org/works/W2585783151.grobid-xml"},"referenced_works_count":146,"referenced_works":["https://openalex.org/W40260141","https://openalex.org/W1481048593","https://openalex.org/W1495656322","https://openalex.org/W1498927610","https://openalex.org/W1526834212","https://openalex.org/W1531649513","https://openalex.org/W1559772812","https://openalex.org/W1586904735","https://openalex.org/W1789197623","https://openalex.org/W1933529014","https://openalex.org/W1963080271","https://openalex.org/W1966697556","https://openalex.org/W1968146290","https://openalex.org/W1969151017","https://openalex.org/W1969230115","https://openalex.org/W1969519191","https://openalex.org/W1970448347","https://openalex.org/W1976386631","https://openalex.org/W1977379364","https://openalex.org/W1981214072","https://openalex.org/W1981228061","https://openalex.org/W1981317044","https://openalex.org/W1982156134","https://openalex.org/W1983667313","https://openalex.org/W1984270607","https://openalex.org/W1994326793","https://openalex.org/W1997500202","https://openalex.org/W2000578291","https://openalex.org/W2000622579","https://openalex.org/W2002629143","https://openalex.org/W2010802592","https://openalex.org/W2015297737","https://openalex.org/W2017368346","https://openalex.org/W2020960836","https://openalex.org/W2022378474","https://openalex.org/W2024889806","https://openalex.org/W2025610165","https://openalex.org/W2025838887","https://openalex.org/W2027382631","https://openalex.org/W2028387372","https://openalex.org/W2028995298","https://openalex.org/W2029792205","https://openalex.org/W2031933256","https://openalex.org/W2034625637","https://openalex.org/W2035554302","https://openalex.org/W2037841399","https://openalex.org/W2045509777","https://openalex.org/W2049439963","https://openalex.org/W2053523932","https://openalex.org/W2068069220","https://openalex.org/W2069042508","https://openalex.org/W2069055476","https://openalex.org/W2069271085","https://openalex.org/W2072282899","https://openalex.org/W2073216789","https://openalex.org/W2074270440","https://openalex.org/W2074648283","https://openalex.org/W2080708425","https://openalex.org/W2081113003","https://openalex.org/W2084310832","https://openalex.org/W2084978231","https://openalex.org/W2085089719","https://openalex.org/W2089596717","https://openalex.org/W2091246868","https://openalex.org/W2093260805","https://openalex.org/W2093928214","https://openalex.org/W2095146523","https://openalex.org/W2096874528","https://openalex.org/W2098723702","https://openalex.org/W2102980769","https://openalex.org/W2105715156","https://openalex.org/W2106969911","https://openalex.org/W2108491286","https://openalex.org/W2110014964","https://openalex.org/W2113844427","https://openalex.org/W2121308228","https://openalex.org/W2121597019","https://openalex.org/W2122529435","https://openalex.org/W2124597406","https://openalex.org/W2125720994","https://openalex.org/W2126903234","https://openalex.org/W2127999605","https://openalex.org/W2130182730","https://openalex.org/W2131124263","https://openalex.org/W2131865209","https://openalex.org/W2144357229","https://openalex.org/W2153524047","https://openalex.org/W2154789811","https://openalex.org/W2155375069","https://openalex.org/W2156109180","https://openalex.org/W2156510931","https://openalex.org/W2157005718","https://openalex.org/W2157509893","https://openalex.org/W2158106972","https://openalex.org/W2159401492","https://openalex.org/W2159481529","https://openalex.org/W2160845694","https://openalex.org/W2167351159","https://openalex.org/W2168352563","https://openalex.org/W2170790204","https://openalex.org/W2170838722","https://openalex.org/W2172046571","https://openalex.org/W2183036775","https://openalex.org/W2586338753","https://openalex.org/W2740766300","https://openalex.org/W2752617332","https://openalex.org/W2905366712","https://openalex.org/W2994778376","https://openalex.org/W3022374830","https://openalex.org/W3022689532","https://openalex.org/W3121131820","https://openalex.org/W3121351830","https://openalex.org/W3121358175","https://openalex.org/W3121408182","https://openalex.org/W3121714546","https://openalex.org/W3121734683","https://openalex.org/W3121759882","https://openalex.org/W3122221630","https://openalex.org/W3122235809","https://openalex.org/W3122398884","https://openalex.org/W3122420217","https://openalex.org/W3122420571","https://openalex.org/W3122597312","https://openalex.org/W3122685622","https://openalex.org/W3122778615","https://openalex.org/W3122792928","https://openalex.org/W3122972215","https://openalex.org/W3123053174","https://openalex.org/W3123180440","https://openalex.org/W3123200913","https://openalex.org/W3124000936","https://openalex.org/W3124044836","https://openalex.org/W3124114405","https://openalex.org/W3124223064","https://openalex.org/W3124290898","https://openalex.org/W3124450204","https://openalex.org/W3124557370","https://openalex.org/W3124803532","https://openalex.org/W3124834107","https://openalex.org/W3124896946","https://openalex.org/W3125087107","https://openalex.org/W3125147207","https://openalex.org/W3125175221","https://openalex.org/W3125372646","https://openalex.org/W3125939327","https://openalex.org/W4241562708"],"related_works":["https://openalex.org/W2281201149","https://openalex.org/W2258311578","https://openalex.org/W1990249424","https://openalex.org/W1513568286","https://openalex.org/W7111426010","https://openalex.org/W1547090667","https://openalex.org/W2609272069","https://openalex.org/W3108316601","https://openalex.org/W180692112","https://openalex.org/W7098468297"],"abstract_inverted_index":{"Spurred":[0],"by":[1,119,155,479],"the":[2,9,15,55,97,102,139,165,168,197,200,232,251,279,299,326,330,334,352,362,367,406,410,437,453,468,489],"finance-growth":[3],"literature":[4],"establishing":[5],"that":[6,123,141,248,333,364,420,440,487],"development":[7,23,109,172,201,237,347,365,444,485],"of":[8,35,38,44,48,60,96,106,138,164,170,190,199,215,234,253,258,266,319,329,338,392,399,455,491],"financial":[10,21,76,107,125,143,207,235,262,335,457],"system":[11,316,458],"promotes":[12],"growth":[13,70],"in":[14,51,54,87,101,113,129,145,151,192,274,298,324,341,358,366,405,412,451],"economy,":[16],"some":[17,130,137],"African":[18,124,193,276],"countries":[19,112,194,277,287,297],"introduced":[20],"sector":[22,346,470,484],"policies":[24,31],"to":[25,75,91,136,175,179,223,371,424,445,462,471],"accelerate":[26],"economic":[27,69],"growth.":[28],"Introducing":[29],"these":[30,204],"(examples":[32],"include":[33,149],"removal":[34],"sectoral":[36],"allocation":[37],"credit,":[39],"interest":[40],"rate":[41],"deregulation,":[42],"privatisation":[43],"state-owned":[45],"banks,":[46],"relaxation":[47],"foreign":[49],"participation":[50],"investment":[52],"activities":[53],"domestic":[56],"stock":[57,64,368,442],"exchange,":[58],"cross-listing":[59],"shares":[61],"across":[62],"different":[63],"exchanges":[65],"etc.),":[66],"besides":[67],"enhancing":[68],"also":[71],"facilitates":[72],"firms\u2019":[73,177,213],"access":[74,90,178],"markets":[77,126,144],"for":[78,85,250,351,379,403],"external":[79,92,153],"capital.":[80],"This":[81,408,475],"is":[82,94,322,348],"particularly":[83],"important":[84],"firms":[86,100,191,269,404,429],"Africa":[88,114,311],"because":[89],"finance":[93,360,493],"one":[95],"obstacles":[98],"facing":[99],"region.":[103],"A":[104],"comparison":[105],"market":[108,171,236,369,425,443],"indicators":[110],"between":[111],"and":[115,162,185,217,241,256,263,270,284,312,396,414,418,481],"other":[116],"developing":[117,467],"regions":[118],"earlier":[120,181],"studies":[121,182],"showed":[122],"lag":[127],"behind":[128],"indicators,":[131],"which":[132],"may":[133,427,476],"be":[134,224,477],"attributed":[135],"issues":[140,148],"besiege":[142],"Africa.":[146],"These":[147,286],"difficulty":[150],"accessing":[152],"funds":[154],"firms,":[156],"information":[157],"asymmetry,":[158],"high":[159],"transaction":[160,421],"costs,":[161],"illiquidity":[163],"market.":[166],"With":[167],"introduction":[169],"measures":[173,202,486],"meant":[174],"enhance":[176],"finance,":[180],"on":[183,203,238],"capital":[184,216,240,393,413,433],"debt":[186,218,242,342,359,400,415,473,492],"maturity":[187,219,243,401,416],"structure":[188,220,244,402],"decisions":[189,417],"largely":[195],"overlooked":[196],"effect":[198,233,374],"two":[205],"key":[206],"decisions.":[208],"Thus,":[209],"supply-side":[210],"factors":[211],"affecting":[212],"re-balancing":[214],"are":[221,282,288,301],"yet":[222],"researched.":[225],"Given":[226],"this":[227,229],"scenario,":[228],"thesis":[230],"investigates":[231],"corporate":[239],"within":[245],"a":[246,356,372],"framework":[247],"allows":[249],"determination":[252],"adjustment":[254],"costs":[255,422],"speed":[257],"adjustment.":[259],"The":[260,296,314],"annual":[261],"accounting":[264],"data":[265,273,383],"publicly-listed":[267],"non-financial":[268],"country":[271],"level":[272],"nine":[275],"over":[278],"period":[280],"2003-2012":[281],"compiled":[283],"analysed.":[285],"classified":[289],"either":[290],"as":[291,385],"emerging":[292],"or":[293],"frontier":[294],"markets.":[295],"study":[300],"Botswana,":[302],"Egypt,":[303],"Ghana,":[304],"Kenya,":[305],"iv":[306],"Mauritius,":[307],"Morocco,":[308],"Nigeria,":[309],"South":[310],"Tunisia.":[313],"two-step":[315],"generalized":[317],"methods":[318],"moments":[320],"technique":[321],"used":[323],"analysing":[325],"data.":[327],"Results":[328],"analysis":[331],"indicate":[332],"intermediation":[336],"theory":[337,391,398],"an":[339,446],"increase":[340],"financing":[343],"following":[344],"banking":[345,353,469,483],"not":[349],"supported":[350],"sector.":[354],"However,":[355],"decline":[357],"supports":[361,388],"hypothesis":[363],"leads":[370],"substitution":[373],"with":[375],"equity":[376],"being":[377],"substituted":[378],"debt.":[380],"Furthermore,":[381],"firm-level":[382],"(used":[384],"control":[386],"variables)":[387],"dynamic":[389],"trade-off":[390],"structure,":[394],"contracting":[395],"signalling":[397],"study.":[407],"reflects":[409],"dynamism":[411],"indicates":[419],"due":[423],"imperfections":[426],"hinder":[428],"from":[430],"reaching":[431],"optimal":[432],"structure.":[434],"In":[435],"summary,":[436],"results":[438],"suggest":[439],"while":[441],"extent":[447],"has":[448],"been":[449],"successful":[450],"promoting":[452],"use":[454],"equity,":[456],"policy":[459],"makers":[460],"need":[461],"put":[463],"more":[464],"effort":[465],"into":[466],"improve":[472],"usage.":[474],"achieved":[478],"introducing":[480],"implementing":[482],"lowers":[488],"cost":[490],"making":[494],"it":[495],"readily":[496],"accessible.":[497]},"counts_by_year":[{"year":2023,"cited_by_count":2},{"year":2019,"cited_by_count":1}],"updated_date":"2026-11-08T12:12:28.789561","created_date":"2017-02-10T00:00:00"}
