The effect of managerial discretion on the maturity structure of corporate public debt: Evidence on publicly-listed firms in the Philippines
Date of Publication
2015
Document Type
Bachelor's Thesis
Degree Name
Bachelor of Science in Management of Financial Institutions
College
Ramon V. Del Rosario College of Business
Department/Unit
Financial Management
Thesis Adviser
Kenneth L. Yumang
Defense Panel Member
Maylene Paniza
Michael Ricafort
Abstract/Summary
The Philippine corporate debt market is emerging. Continuous inflow of new issuers of bonds that are made available to the public is becoming a regular event. This study explores the relation between managerial discretion and the maturity structure of corporate public debt. Using a sample of corporate bonds issued by the publicly-listed companies in the Philippines over the 2010-2014, the study's results reveal that managerial ownership have ambiguous effects on the maturity of public debt. Firms with higher managerial ownership have higher Tobin's Q. These results indicate that bondholders are concerned about the potential costs from risk taking activities, thereby decreasing the length of maturity for corporate public debt. In addition, firms with higher managerial ownership face higher yield spreads.
Abstract Format
html
Language
English
Format
Accession Number
TU21585
Shelf Location
Archives, The Learning Commons, 12F, Henry Sy Sr. Hall
Physical Description
xcix leaves : illustrations (some color) ; 29 cm.
Keywords
Corporate debt--Philippines; Corporate bonds--Philippines
Recommended Citation
Ang, J., Cornejo, E., Ingusan, D., & Salva, A. (2015). The effect of managerial discretion on the maturity structure of corporate public debt: Evidence on publicly-listed firms in the Philippines. Retrieved from https://animorepository.dlsu.edu.ph/etd_bachelors/7150