Structural Maturation Research Articles

B cell mechanosensing regulates ER remodeling at the immune synapse.

Engagement of the B-cell receptor with immobilized antigens triggers the formation of an immune synapse (IS), a complex cellular platform where B-cells recruit signaling molecules and reposition lysosomes to promote antigen uptake and processing. Calcium efflux from the endoplasmic reticulum (ER) released upon BCR stimulation is necessary to promote B-cell survival and differentiation. Whether the spatial organization of the ER within the B-cell synapse can tune IS function and B-cell activation remains unaddressed. Here, we characterized ER structure and interaction with the microtubule network during BCR activation and evaluated how mechanical cues arising from antigen presenting surfaces affect this process. B-cells were cultured on surfaces of varying stiffness coated with BCR ligands, fixed, and stained for the ER and microtubule network. Imaging analysis was used to assess the distribution of the ER and microtubules at the IS. Upon BCR activation, the ER is redistributed towards the IS independently of peripheral microtubules and accumulates around the microtubule-organization center. Furthermore, this remodeling is also dependent on substrate stiffness, where greater stiffness triggers enhanced redistribution of the ER. Our results highlight how spatial reorganization of the ER is coupled to the context of antigen recognition and could tune B-cell responses. Additionally, we provide novel evidence that the structural maturation of the ER in plasma cells is initiated during early activation of B-cells.

Three-dimensional structures of Vibrio cholerae typing podophage VP1 in two states.

Lytic podophages (VP1-VP5) play crucial roles in subtyping Vibrio cholerae O1 biotype El Tor. However, until now no structures of these phages have been available, which hindered our understanding of the molecular mechanisms of infection and DNA release. Here, we determined the cryoelectron microscopy (cryo-EM) structures of mature and DNA-ejected VP1 structures at near-atomic and subnanometer resolutions, respectively. The VP1 head is composed of 415 copies of the major capsid protein gp7 and 11 turret-shaped spikes. The VP1 tail consists of an adapter, a nozzle, a slender ring, and a tail needle, and is flanked by three extended fibers I and six trimeric fibers II. Conformational changes of fiber II in DNA-ejected VP1 may cause the release of the tail needle and core proteins, forming an elongated tail channel. Our structures provide insights into the molecular mechanisms of infection and DNA release for podophages with a tail needle.

Deformation and microregion fracture mechanisms in type 316L welded joint under isothermal and thermo-mechanical fatigue loadings

Isothermal (IF) and thermo-mechanical fatigue (TMF) tests were conducted on 316L welded joints to investigate the effects of phase angle (in-phase (IP), clockwise-diamond (CD), and out-of-phase (OP)) and mechanical strain amplitude (±0.4 %, ±0.5 %, ±0.6 %) on deformation and microregion fracture mechanisms. Results reveal that increasing strain amplitude induces a higher softening rate, reduced fatigue life, and more pronounced dynamic strain aging (DSA). Nevertheless, there is a complicated discrepancy in the cyclic deformation between various phase angles. At high strain amplitudes, local embrittlement along the austenite/δ-ferrite interface induces cracking in the weld metal (WM) under both IF and TMF loadings, with TMF life increasing with phase angle. At a lower strain amplitude of 0.4 %, however, fracture location migration and different TMF life were observed. Microstructural analysis reveals that during TMF a lower strain amplitude of 0.4 %, the microstructure in both base metal (BM) and WM evolves from simple planar structures to low-energy substructures, characterized by an increase in kernel average misorientation, geometrically necessary dislocations, and low-angle grain boundaries, together with a reduction in high-angle grain boundaries and twin boundaries. In the WM, increasing phase angle tends to reduce dislocation density and reproduces planar dislocation structures due to enhanced DSA, thereby lowering cellular structure maturity. Conversely, in the BM, dislocation proliferation and interaction intensify, enhancing cellular structure maturity and de-twinning effect, which reduces BM fracture resistance and causes fracture migration from the WM to the BM. Moreover, active DSA under CD loading improves deformation resistance in both microregions, prolonging fatigue life and contributing to the observed different TMF life.

Morphological Characteristics of the Ulna Fracture Zone in Rats Undergoing Therapy With Modified Mesenchymal Stem Cells in Experimental Osteoporosis

Osteoporosis is a progressive systemic disease characterized by a decrease in bone density. This leads to increased bone fragility and a higher likelihood of fractures. New approaches to cellular therapy have been developed for the effective treatment of this pathology, based on the use of modified osteophilic polymers with mesenchymal stem cells (MSCs) for local action on damaged bone areas. The aim of the study was to morphologically assess the effectiveness of modified osteophilic polymer MSCs on reparative osteogenesis processes during the post-traumatic period in animals with a fracture of the ulna and underlying osteoporosis. Material and methods. The experiment involved Wistar rats (females, n=40; 200–300 g, 3 months old). Osteoporosis was simulated by bilateral ovariectomy, and the fracture was simulated through diaphysis osteotomy of the ulna. All rats were randomly distributed into four groups: Group I (control, n=10; buffered solution); Group II (n=10; osteophilic polymer, 1 mg/ml); Group III (n=10; MSC suspension, 1×106); Group IV (n=10; modified osteophilic polymer MSCs, 1×106). The experiment results were evaluated in 1 and 6 months after the fracture. Results. MSCs were applied after exposure to the osteophilic polymer to restore the pool of osteoblast precursors in the fracture area of the ulna in experimental osteoporosis. In all animals, regeneration foci with varying degrees of structural and functional maturation of cellular and intercellular substrates were formed in the fracture area. The most pronounced processes of bone tissue restoration were observed with the use of modified osteophilic polymer MSCs. This is likely associated with the high concentration of modified osteophilic polymer MSCs and their retention in zones of damaged bone regeneration, subsequently stimulating osteogenesis. The paradigm of provisionality, as a universal model manifestating histogenesis and organogenesis, was utilized to gain a more comprehensive biological understanding and interpretation of the observed changes. Conclusion. MSCs applied after exposure to an osteophilic polymer significantly enhance the process of reparative osteogenesis in fractures of long bones in patients with estrogen-induced osteoporosis, thus making this technology promising for combined therapy.

Does firm culture influence corporate financing decisions? Evidence from debt maturity choice

This study establishes a relation between corporate culture and debt maturity choice. Specifically, superior corporate culture is associated with the choice of shorter-term debt, supporting the notion that superior culture reduces managerial agency problems resulting in managers being more receptive to external monitoring through the choice of shorter-term debt. The culture subcomponents of integrity, teamwork, and innovation are found to have a meaningful influence on the debt maturity structure choice. The relation between culture and debt maturity is more pronounced in firms with higher managerial stock ownership and those that are financially constrained, but is weakened in firms with a greater CEO sensitivity to stock prices. Additionally, firms with superior culture are shown to have higher long-term credit ratings. These findings contribute at the confluence of corporate culture and debt financing literatures. A battery of robustness tests, including addressing endogeneity concerns, validate the findings.

Altered development and network connectivity in a human neuronal model of 15q11.2 deletion-related neurodevelopmental disorders.

The chromosome 15q11.2 locus is deleted in 1.5% of patients with genetic epilepsy and confers a risk for intellectual disability and schizophrenia. Individuals with this deletion demonstrate increased cortical thickness, decreased cortical surface area and white matter abnormalities. Human induced pluripotent stem cell (iPSC)-derived neural progenitor cells (NPC) from 15q11.2 deletion individuals exhibit early adhesion junction and migration abnormalities, but later neuronal development and function have not been fully assessed. Imaging studies indicating altered structure and network connectivity in the anterior brain regions and the cingulum suggest that in addition to alterations in progenitor dynamics, there may also be structural and functional changes within discrete networks of mature neurons. To explore this, we generated human forebrain cortical neurons from iPSCs derived from individuals with or without 15q11.2 deletion and used longitudinal imaging and multielectrode array analysis to evaluate neuronal development over time. 15q11.2 deleted neurons exhibited fewer connections and an increase in inhibitory neurons. Individual neurons had decreased neurite complexity and overall decreased neurite length. These structural changes were associated with a reduction in multiunit action potential generation, bursting and synchronization. The 15q11.2 deleted neurons also demonstrated specific functional deficits in glutamate and GABA mediated network activity and synchronization with a delay in the maturation of the inhibitory response to GABA. These data indicate that deletion of the 15q11.2 region is sufficient to impair the structural and functional maturation of cortical neuron networks which likely underlies the pathologic changes in humans with the 15q11.2 deletion.

Mechanical force promotes tissue and molecular changes in adipose tissue regeneration post-transplantation.

Fat grafting often yields inconsistent and suboptimal results, necessitating improved fat processing techniques. A stromal vascular fraction (SVF) gel created using mechanical emulsification demonstrates superior retention rates to conventional Coleman fat grafts. This study investigated the mechanisms at play by transplanting fat aspirates from liposuction patients-either processed as Coleman fat grafts or further refined into an SVF gel via mechanical shear force-onto the backs of nude mice. The retention rate of the SVF gel after transplantation surpassed that observed for Coleman fat. Hematoxylin and eosin (HE) staining and immunofluorescence results demonstrated that the SVF gel group could form new adipose tissue characterized by well-organized mature fat structures. Mechanical shear force application induced increased mesenchymal stem cell abundance. Rather than merely surviving regeneration, fat was regenerated after transplantation, and the regenerated cells were mainly from mice, which was supported by microarray analysis. RNA-seq highlighted 601 genes expressed between SVF gel and Coleman fat groups, with 164 genes upregulated (cell cycle processes), and 437 genes downregulated (lipid metabolism). The application of mechanical shear force reduces the risk of complications and fosters cell proliferation and division, thereby enhancing the retention and regeneration of transplanted fat.

Financial resilience, growth and risk sharing in the EU

We build a financial resilience index capturing the structure and stability features of financial systems and benchmark EU financial systems against their ability to enhance stable growth and international risk sharing. The index comprises financial openness, market orientation, equity deepening, maturity structure, and institutional soundness. Our results show that: (i) EU financial systems are highly heterogeneous and converge to a clustered pattern; (ii) the index is highly significant in growth regressions, suggesting that financial structure and institutional soundness are key to enduring growth; (iii) the heterogeneity of EU financial systems has implications for the vulnerability to domestic output shocks: the risk-sharing mechanism is more effective in the market-based and institutionally sound economies that group in the top financial clusters, whereas unsmoothed consumption is higher in economies belonging to the low-resilience clusters, especially in the aftermath of the global financial crisis, when the credit channel is significantly downsized.

The Neurogenic Effects of Pasak bumi (Eurycoma longifolia Jack) and Seluang Fish (Rasbora spp.) in Malnutrition-Induced Rat

Highlights:1. This study analyzed the effects of using locally sourced pasak bumi extract and seluang fish on the parameters of neurogenesis in malnourished rat models.2. It promotes further exploration into modified treatments for malnutrition, emphasizing nutritional strategies that harness locally available natural resources. Abstract Early developmental malnutrition exerts adverse effects on the structural, neurochemical, and neurophysiological maturation of cerebral cells by disrupting the process of neurogenesis. Pasak bumi (Eurycoma longifolia Jack) and seluang fish (Rasbora spp.), two indigenous natural resources of South Kalimantan, Indonesia, are believed to harbor nutritional components capable of mitigating these deleterious effects. We aimed to assess the impact of administering pasak bumi, seluang fish, and pure docosahexaenoic acid (DHA) on the neurogenesis process in malnourished rat models. The Rattus norvegicus specimens were partitioned into seven distinct cohorts, each consisting of five rats: healthy rats in the negative control group (KN), while malnourished rats in the positive control (KP) and treatment groups (P1, P2, P3, P4, and P5). Both the KP and KN groups received a placebo and a standard feed. The treatment groups received different interventions for five weeks: standard feed alongside pasak bumi extract for the P1 group, standard feed and DHA for the P2 group, standard feed in combination with pasak bumi extract and DHA for the P3 group, seluang fish for the P4 group, and pasak bumi extract and seluang fish for the P5 group. The doses determined for the pasak bumi extract and DHA were 15 and 1 mg/kg bw, respectively. The parameters evaluated consisted of the levels of brain-derived neurotrophic factor (BDNF), neural progenitor cell β-tubulin 3 (Tuj-1) expression, and peroxisome proliferator-activated receptor gamma (PPARγ). The data were subjected to analysis through the Kruskal-Wallis test and analysis of variance (ANOVA) at a 95% confidence level. A value of p<0.05 was considered significant. Statistically significant differences were observed in the BDNF levels (p=0.00) and Tuj-1 expressions (p=0.01) across all groups. In conclusion, the combined administration of pasak bumi and seluang fish demonstrates the capacity of enhancing neurogenesis in malnourished rats, as evidenced by elevated BDNF levels and Tuj-1 expressions.

Chemotherapy drives tertiary lymphoid structures that correlate with ICI-responsive TCF1+CD8+ T cells in metastatic ovarian cancer.

Patients with high-grade serous ovarian carcinoma (HGSOC) are virtually insensitive to immune checkpoint inhibitors (ICIs) employed as standalone therapeutics, at least in part reflecting microenvironmental immunosuppression. Thus, conventional chemotherapeutics and targeted anticancer agents that not only mediate cytotoxic effects but also promote the recruitment of immune effector cells to the HGSOC microenvironment stand out as promising combinatorial partners for ICIs in this oncological indication. We harnessed a variety of transcriptomic, spatial and functional assays to characterize the differential impact of neo-adjuvant paclitaxel-carboplatin on the immunological configuration of paired primary and metastatic HGSOC biopsies as compared to NACT-naïve HGSOC samples from 5 independent patient cohorts. We found neo-adjuvant chemotherapy (NACT)-driven endoplasmic reticulum stress and calreticulin exposure in metastatic HGSOC lesions culminates with the establishment of a dense immune infiltrate including follicular T cells (TFH cells), a prerequisite for mature tertiary lymphoid structure (TLS) formation. In this context, TLS maturation was associated with an increased intratumoral density of ICI-sensitive TCF1+PD-1+ CD8+ T cells over their ICI-insensitive TIM-3+PD-1+ counterparts. Consistent with this notion, chemotherapy coupled with a PD-1-targeting ICI provided a significant survival benefit over either therapeutic approach in syngeneic models of HGSOC bearing high (but not low) tumor mutational burden. Altogether, our findings suggest that NACT promotes TLS formation and maturation in HGSOC lesions, de facto preserving an intratumoral ICI-sensitive T-cell phenotype. These observations emphasize the role of rational design, especially relative to the administration schedule, for clinical trials testing chemotherapy plus ICIs in patients with HGSOC.

Pore structure of the mixed sedimentary reservoir of Permian Fengcheng Formation in the Hashan area, Junggar Basin

The Permian Fengcheng Formation (P1f.) in the Hashan area, situated on the southwestern margin of the Junggar Basin, has witnessed a remarkable breakthrough in shale oil exploration in recent years with nearly 789 million tons of shale oil resources. As a unique set of mixed sedimentary shales, the Fengcheng Formation in the Hashan area is characterized by mixed sedimentation of terrigenous siliciclastic sediments, authigenic minerals, and tuffaceous materials. However, the understanding of pore characteristics in the mixed sedimentary reservoir still remains limited, prohibiting accurate estimation of the oil content and insights into oil mobility. Scanning electron microscopy (SEM), X-ray diffraction (XRD), mercury injection capillary pressure (MICP), nuclear magnetic resonance (NMR), X-Ray Computer Tomography (X-CT), and geochemical analysis were performed to investigate the pore size distribution and main controlling factors of the mixed sedimentary reservoir. Results showed that the main pore types in the mixed sedimentary reservoir are intergranular pores and dissolution pores. The pores of the P1f. mixed shales in the Hashan area were classified into II-micropores (< 25 nm), I-micropores (25–100 nm), mesopores (100–1000 nm) and macropores (> 1000 nm). In general, the mixed sedimentary rocks of P1f. formation feature few macropores but a large number of micropores and mesopores. The CS exhibits the most favourable physical properties among all lithofacies. It is concluded that the abundance and maturity of organic matter, mineral composition, sedimentary structure, and diagenesis of reservoir together impact the pore structure in the mixed sedimentary reservoirs. The maturity of organic matter and the content of tuffaceous minerals are the most significant in influencing the pore structure of P1f. shales. Overall, the pore structure of complex lithologic reservoir formed by mixed deposition and its influence on physical properties are studied, and the characteristics of the microscopic pore-throat system of the dominant lithofacies in the Hashan area are clarified, which is of great significance as a guide for the exploration and development of mixed sedimentary reservoirs in continental shale oil in China.

Recruitment of CXCR4+ type 1 innate lymphoid cells distinguishes sarcoidosis from other skin granulomatous diseases.

Sarcoidosis is a multiorgan granulomatous disease that lacks diagnostic biomarkers and targeted treatments. Using blood and skin from patients with sarcoid and non-sarcoid skin granulomas, we discovered that skin granulomas from different diseases exhibit unique immune cell recruitment and molecular signatures. Sarcoid skin granulomas were specifically enriched for type 1 innate lymphoid cells (ILC1s) and B cells and exhibited molecular programs associated with formation of mature tertiary lymphoid structures (TLSs), including increased CXCL12/CXCR4 signaling. Lung sarcoidosis granulomas also displayed similar immune cell recruitment. Thus, granuloma formation was not a generic molecular response. In addition to tissue-specific effects, patients with sarcoidosis exhibited an 8-fold increase in circulating ILC1s, which correlated with treatment status. Multiple immune cell types induced CXCL12/CXCR4 signaling in sarcoidosis, including Th1 T cells, macrophages, and ILCs. Mechanistically, CXCR4 inhibition reduced sarcoidosis-activated immune cell migration, and targeting CXCR4 or total ILCs attenuated granuloma formation in a noninfectious mouse model. Taken together, our results show that ILC1s are a tissue and circulating biomarker that distinguishes sarcoidosis from other skin granulomatous diseases. Repurposing existing CXCR4 inhibitors may offer a new targeted treatment for this devastating disease.

Problems and Solutions in the Bond Market of UK

The global economy after the COVID-19 pandemic, continues to face challenges by widespread inflation. In response, central banks globally, including the Bank of England, have started cycles of interest rate raise to control inflationary pressures, directly affecting the bond market by increasing bond interest rates. Under the latest market situation, it is necessary to analysis the potential problems in bond market, to further understand its impacts on economic development and monetary policies. The UK bond market is sensitive to monetary policy, particularly during periods of economic distress. For example, when the Bank of England introduced a sudden reversal in policy from quantitative tightening to urgent bond repurchasing program in September 2022, the bond market has volatile response to changes in fiscal and monetary strategies. There is market segmentation in the UK bond market significantly impacts liquidity, particularly during periods of market stress or financial crises. This segmentation effect caused by investor preferences and maturity structures, results in liquidity differences that increasing funding costs. UK government have large burden of bond interest payments, which are mainly driven by high inflation rates and the bond structure with large proportion of inflation-indexed bonds. To mitigate these problems, it is recommended that the UK government implement transparency policy changes, with clearly identify these problems, adopting the recommend approaches to deal with problems from various aspects.

Reputation resources and debt maturity structure: Evidence from Chinese university-based listed companies

This study focuses on the relationship between reputation resources and debt maturity structure and finds that enhancing reputation resources can optimize debt maturity structure, in which corporate credit ratings play a mediating role; moreover, there are differences in the impact of reputation resources on debt maturity structure for firms of different natures, in which the impact is more significant for non-state-owned firms. The findings of this study remain valid after the robustness and endogeneity tests.

Transformative potential of three-dimensional bioprinting technology for advanced organoid research

Organoid research has emerged as a transformative field in biomedicine, focusing on the in vitro development of 3-dimensional (3D) structures that mimic human organs. Derived from various types of stem cells, organoids closely replicate human organ structures and functions, offering significant advantages over 2-dimensional cell cultures and animal models, particularly for drug development, tissue engineering, and precision medicine. Recent innovations, including the integration of biofabrication technologies, have significantly increased the structural complexity and maturity of organoids, expanding their biomedical applications. A critical factor in organoid culture is the utilization of the extracellular matrix (ECM), particularly decellularized ECM hydrogels. These hydrogels are instrumental in organoid growth and development, effectively simulating in vivo environments and supporting organoid functionality across various organ systems. The integration of 3D bioprinting technology into organoid research marks a transformative shift that has enabled the creation of intricate and customized structures. This review demonstrates that these technological innovations have not only revolutionized tissue engineering and regenerative medicine, but also hold immense potential for pharmacology, disease modeling, and personalized medical interventions. The synergistic integration of these technologies presents a promising future for medical research, paving the way for significant advancements in disease modeling, drug discovery, and the development of patient-specific treatments, and marking our entry into a new era of precision medicine and personalized healthcare solutions.

Simultaneous electro-dynamic stimulation accelerates maturation of engineered cardiac tissues generated by human iPS cells

Electrical and dynamic stimulation are commonly employed to enhance the maturation of engineered cardiac tissue (ECT) derived from human induced pluripotent stem cells (iPSCs), reflecting the physiological environment of the heart. While electrical stimulation mimics natural bioelectrical signals and dynamic stimulation replicates mechanical forces, the combined effects of these stimuli on ECT maturation have not been thoroughly explored. We hypothesized that simultaneous electro-dynamic stimulation would enhance ECT maturation and function more effectively than either stimulus alone. Human iPSC-derived cardiovascular cells were co-cultured with Collagen I and Matrigel for 2 weeks, followed by a comparative analysis of four groups: no stimulation, dynamic stimulation, electrical stimulation, and simultaneous electro-dynamic stimulation. The functionality of ECTs was assessed by measuring contractile capacity and calcium indicators, and histological assessments examined structural maturation. Our results demonstrated that simultaneous electro-dynamic stimulation significantly increased the CM component, elevated TNNT2 mRNA expression levels, and enhanced calcium transient capacity. Additionally, ECTs subjected to simultaneous stimulation exhibited a positive force-frequency relationship in contractility and an elevation in peak calcium flux, indicative of advanced tissue maturation. Moreover, simultaneous stimulation promoted vascular network formation within the ECTs, suggesting improved structural organization. These findings underscore the importance of simultaneous stimulation for developing effective cardiac tissue engineering strategies.

Neurovisceral interactions in individual and phylogenetic development

The article provides a review of experimental studies exploring the nature of neurovisceral interactions through the analysis of heart rate variability at different stages of individual development and within different species. Analysis of heart rate variability is one of the most common and accessible experimental methods to observe aspects of neurovisceral (for example, neurocardiac) interactions. Nonstationary, nonlinear components in the dynamics of inter-beat intervals (periods between adjacent heart beats) reflect the processes of coordination of heart activity with changes in the organization of neural activity, ensuring the current relationship of the individual with the environment. Mathematically, these aspects of heart rate dynamics are expressed in estimates of the complexity, irregularity, entropy, and unpredictability of the time sequence of inter-beat intervals. The dynamics of neurocardiac interactions described in this way are not the same in different species and become more complex in phylogeny. Similarly, in individual development, the dynamics of the heart rate becomes more complex and reflects, among other things, the degree of maturation of certain nervous structures at different stages of ontogenesis. We examined the features of the dynamics of neurovisceral interactions in individual and phylogenetic development within the framework of the system-evolution theory and interpreted them in connection with changes in the structure of individual experience – the characteristics of a set of functional systems actualized in behavior (increasing differentiation of the relationship between the individual and the environment).

Using Data Mining Principles in Implementing Predictive Analytics to Different Areas

This study delves into the realm of information-based knowledge discovery technologies and underscores the growing necessity for extensive data representation to enhance the management of care and mitigate the financial costs associated with promoting long-term care. The proliferation of information collected and disseminated through the Internet has reached unprecedented levels in the context of long-term financial health statistics, posing a challenge for businesses to effectively leverage this wealth of data for research purposes. The explicit specification of costs becomes paramount when dealing with substantial volumes of data. Consequently, the literature on the application of big data in logistics is categorized based on the nature of methods employed, such as explanatory, predictive, regulatory, strategic, and operational approaches. This includes a comprehensive examination of how big data analysis is applied within large corporations. In the healthcare domain, the study contributes to the evaluation of usability by providing a framework to analyze the maturity of structures at four distinct levels. The emphasis is particularly on the pivotal role played by predictive analytics in the healthcare industry through big data methodologies. Furthermore, the study advocates for a paradigm shift in management's perception of large business data sets, urging them to view these as strategic resources that must be seamlessly integrated into the company. This integration is seen as imperative for achieving comprehensive business analysis and staying competitive in the ever-evolving landscape of healthcare. The study concludes by shedding light on the limitations inherent in the research and delineating the specific focus areas that have been addressed.

Debt maturity structure and corporate risk: an empirical study based on pandemic shock in China

We collected data on the duration of outbreaks in Chinese cities from the websites of National, Provincial, and Municipal Healthcare Commissions as our primary source. Our aim is to investigate the impact of debt maturity structure on COVID-19 shocks. We conducted statistical analyses based on different levels of debt maturity and the severity of the shocks. Subsequently, we empirically tested the mitigating effect of debt maturity structure on pandemic shocks using a fixed-effects model. Our findings reveal that pandemic shocks heighten firms’ business risk. However, extending the debt maturity structure significantly alleviates the impact of these shocks. Robust benchmark results were obtained through instrumental tests employing instrumental variables, PSM-DID, and placebo methods. Mechanism tests demonstrate that extending debt maturity helps in mitigating maturity mismatches, reducing debt financing costs, and alleviating financing constraints. Further analysis indicates that the pandemic mitigating effect of debt maturity structure is more pronounced among firms with lower degrees of marketization and governance, particularly among private firms. Our study contributes to the micro-level understanding of the economic repercussions of major pandemic disasters and enriches research on firm risk from the standpoint of capital structure.

Pandemic shock, debt maturity structure and corporate performance

Pandemic shock, debt maturity structure and corporate performance