Debt Maturity Structure and Stock Price Crash Risk in African Economies: The Moderating Role of Accounting Standards
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This study examines the influence of debt maturity structure on stock price crash risk (SPCR) in African economies, focusing on the moderating role of accounting standards such as the IFRS and national GAAP. Drawing on data from 514 publicly listed non-financial firms across six countries: Nigeria, South Africa, Kenya, Egypt, Ghana, and Morocco spanning the period from 2007 to 2020, the research employs generalized least squares panel regression to test its hypotheses. The findings indicate that debt maturity significantly reduces SPCR, with this effect being more pronounced in developing economies where robust accounting standards are better enforced. The study reveals that higher-quality financial reporting frameworks enhance transparency and reduce information asymmetry, thereby amplifying the beneficial impact of debt maturity on SPCR. These insights underscore the critical role of debt maturity and stringent accounting standards in strengthening financial stability and corporate governance. By addressing a notable gap in the literature, this research offers valuable implications for policymakers, regulators, and investors in African markets
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