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Almost all studies carried out so far in China regarding debt examinations do not recognize difference among business sectors. China completed the second split share structure reform of listed firms by the end of 2007, which converted 97% non-tradable shares into tradable shares. However, there has been no study conducted to analyze whether determinants of debt have changed since the reform. Therefore, this study aims to find determinants of debt of listed firms in China by analyzing data after the completion of reform across sectors. Data sample used in this study includes all A-share listed firms in China from 2008 to 2012. After deleting missing values, there are in total 547 firms with 2,735 observations, which are taken as the initial full data sample. The method employed by the study is a panel data model, because it has the advantage of taking both cross-section and time series into consideration. In addition, a Hausman test is employed to identify whether a model with fixed effects or random effects should be used for analysis. The main findings are: (1) Total debt is mainly dominated by short-term debt, while long-term debt is lowly financed. During 2008 - 2012, total debt as well as long-term debts increase, but short-term debt decreases; (2) Determinants have different effects on long-term and short-term debts; (3) The effects of determinants are different across different sectors, indicating that specific sectorial factors are at work; (4) The debt decision tends to follow the static trade-off theory with consideration for effects of non-debt tax shield and profits. In general, both long-term and short-term debts are affected positively by profits at different levels. Firm size is the most important determinant and is positively related to long-term debt, while non-debt tax shield contributes negatively to short-term debt. This paper presents an in-depth understanding of debt decision in listed firms in China using a joint model to test the interaction between employee productivity and debt. It, therefore, provides a new perspective on investigations of debt decisions of firms across sectors.

SummaryThis study examines the trends and determinants of child marriage among women aged 20–49 in Bangladesh. Data were extracted from the last six nationally representative Demographic and Health Surveys conducted during 1993–2011. Simple cross-tabulation and multivariate binary logistic regression analyses were adopted. According to the survey conducted in 2011, more than 75% of marriages can be categorized as child marriages. This is a decline of 10 percentage points in the prevalence of child marriage compared with the survey conducted in 1993–1994. Despite some improvements in education and other socioeconomic indicators, Bangladeshi society still faces the relentless practice of early marriage. The mean age at first marriage has increased by only 1.4 years over the last one and half decades, from 14.3 years in 1993–1994 to 15.7 years in 2011. Although the situation on risk of child marriage has improved over time, the pace is sluggish. Both the year-of-birth and year-of-marriage cohorts of women suggest that the likelihood of marrying as a child has decreased significantly in recent years. The risk of child marriage was significantly higher when husbands had no formal education or little education, and when the wives were unemployed or unskilled workers. Muslim women living in rural areas have a greater risk of child marriage. Women's education level was the single most significant negative determinant of child marriage. Thus, the variables identified as important determinants of child marriage are: education of women and their husbands, and women's occupation, place of residence and religion. Programmes to help and motivate girls to stay in school will not only reduce early marriage but will also support overall societal development. The rigid enforcement of the legal minimum age at first marriage could be critical in decreasing child marriage.