Debt maturity, financial crisis and corporate performance in GCC countries: a dynamic-GMM approach

Rami Mohammad Ahmad Zeitun · Munshi Masudul Haq

15 citations0/0 files storedAfro-Asian J of Finance and Accounting

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Corporate Finance and Governance Financial Analysis and Corporate Governance Working Capital and Financial Performance

Abstract

This study investigates the effect of debt financing and debt maturity on corporate performance, using evidence from Gulf Cooperation Council countries (GCC): Qatar, Oman, Kuwait, Kingdom of Saudi Arabia, United Arab Emirates, and Bahrain. The study uses a dynamic GMM approach for an unbalanced sample of 400 firms for the period 2004-2012. The study also investigates the effects of the financial crisis on the significance of long-term and short-term debt financing as determinants of firms' performance. Our findings indicate that the long-term and short-term debt financing affect firms' performance negatively. The results also show that the economic importance of short-term debt increases as a determinant of firms' performance after crisis, while the effect of long-term debt decreases.

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References

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