In this paper, we examine simultaneous relationship between leverage, maturity and over(under)- investment in emerging markets. We divide leverage into short term and long term to investigate the relation between current and future simultaneous relationship between leverage and investment decision, between debt maturity and investment decision, and between leverage and debt maturity. This research used twenty emerging market data from 2006 – 2016. First of all, our results show that firms in emerging markets prefer to use short-term debt to long-term debt to minimize the underinvestment problem. Second, there is a simultaneous non-linear relation between long-term leverage and growth opportunities in emerging markets firms. Third, long-term debt has non-linear effects on investment decision in emerging markets firms. It can be concluded that firms in emerging markets have different characteristics with regard to their capabilities to manage the interaction between leverage, maturity and investment compared to developed markets.

中文翻译：

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杠杆，期限和投资决策之间的关系：来自新兴市场的证据

在本文中，我们研究了新兴市场的杠杆率，期限与过度（不足）投资之间的同时关系。我们将杠杆分为短期和长期，以研究杠杆与投资决策之间，债务到期与投资决策之间以及债务与债务到期之间当前和未来的同时关系。这项研究使用了2006年至2016年的20个新兴市场数据。首先，我们的结果表明，新兴市场中的公司更喜欢使用短期债务而非长期债务来最大程度地减少投资不足问题。其次，新兴市场公司的长期杠杆与增长机会之间存在非线性关系。第三，长期债务对新兴市场公司的投资决策具有非线性影响。