Etudaiye-Muhtar, Oyebola2021-03-022021-03-022013http://hdl.handle.net/123456789/4407The adoption of an appropriate debt maturity structure by firms among other reasons, enables the prevention of adverse effects on firm value and cost of capital, allows alignment of liabilities to assets and addresses underinvestment problems. In view of these reasons, this study investigates the determinants of debt maturity structure for a sample of 59 nonfinancial firms in Nigeria for the period, 2003-2012. Using an instrumental variable technique, the study finds that lagged debt maturity structure, profitability, leverage, and asset structure exhibit a positive relationship with debt maturity, while growth opportunity has a negative relationship with debt maturity. The results are robust to endogeneity and serial correlation issues that are common with dynamic panel studies. The findings are in support of the contracting/agency cost theory, signalling theory and matching principle of debt maturity structure.enDebt maturitygeneralised method of momentcapital structureArticle