Cybersecurity risk and debt maturity
Ha Truong, Vuong Thao Tran · Finance research letters · 2026
This paper examines how firm-level cybersecurity risk affects corporate debt maturity. Using U.S. public firms from 1998 to 2018, we find that higher cybersecurity risk is associated with a significant reduction in short-term debt maturing within three and five years. The results remain robust across alternative specifications and identification strategies addressing endogeneity. Our analyses suggest that the effect operates through a refinancing-risk channel, as it is stronger among firms with higher profitability, lower information asymmetry, and greater financial flexibility, but weaker among financially constrained firms. These patterns are consistent with precautionary maturity adjustments in response to heightened refinancing uncertainty.