The Mediating Effect of Corporate Governance on the Relationship Between Strategic Deviation and Debt Maturity Structure

Articles in Press

Document Type : Research Paper

Authors

1 Department of Accounting, Faculty of Social Sciences, Economics, and Accounting, Razi University, Kermanshah, Iran.

2 Department of Accounting, Faculty of Humanities, University of Jiroft, Jiroft, Iran.

3 Assistant Professor, Department of Accounting, University of Mazandaran, Babolsar, Iran.

10.22103/jak.2026.26445.4259

Abstract

Objective: The maturity structure of corporate debt is considered one of the most important corporate financial policies, as inappropriate debt maturity decisions may lead to liquidity constraints and the loss of valuable investment opportunities. Accordingly, this study aims to examine the mediating role of corporate governance in the relationship between strategic deviation from the industry and corporate debt maturity structure.
 
Method: This study is applied in terms of its objective and descriptive–correlational in terms of its research design. The data were analyzed using regression analysis. The statistical population consists of firms listed on the Tehran Stock Exchange, from which a sample of 124 companies was selected for the period 2016–2023, resulting in 992 firm-year observations.
 
Results: The findings indicate that strategic deviation from the industry is positively associated with debt maturity structure. However, the mediating role of corporate governance in this relationship was not supported. Furthermore, the results remained robust across a series of sensitivity analyses.
 
Conclusion: The findings suggest that strategic deviation is an important determinant of firms' debt maturity structure, leading companies to rely more heavily on short-term debt financing. These results can help managers better understand the potential costs associated with strategic deviation alongside its benefits and assist investors in evaluating the risks associated with firms pursuing strategies that deviate from industry norms.

Keywords

Main Subjects

References

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Articles in Press, Accepted Manuscript
Available Online from 25 July 2026

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  • Receive Date: 04 December 2025
  • Revise Date: 14 July 2026
  • Accept Date: 24 July 2026

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