Abstract
We examine the determinants of the debt maturity structure of French, German and British firms. These countries represent different financial and legal traditions that may have implications on corporate debt maturity structure. Our model incorporates the factors representing three major theories (tax considerations, liquidity and signalling, and contracting costs) of debt maturity. It also controls for capital market conditions. The results confirm the applicability of most theories of debt maturity structure for the UK firms. However, the evidence from France and Germany are mixed. Overall the findings suggest that the debt maturity structure of a firm is determined by firm-specific factors and the country's financial systems and institutional traditions in which it operates.
| Original language | English |
|---|---|
| Pages (from-to) | 161-194 |
| Number of pages | 34 |
| Journal | European Financial Management |
| Volume | 12 |
| Issue number | 2 |
| DOIs | |
| Publication status | Published - 31 Mar 2006 |
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Keywords
- dynamic debt maturity structure
- panel data
- system-GMM
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The determinants of debt maturity structure : evidence from France, Germany and the UK. / Antoniou, Antonios; Guney, Yilmaz; Paudyal, Krishna.
In: European Financial Management, Vol. 12, No. 2, 31.03.2006, p. 161-194.Research output: Contribution to journal › Article
TY - JOUR
T1 - The determinants of debt maturity structure
T2 - evidence from France, Germany and the UK
AU - Antoniou, Antonios
AU - Guney, Yilmaz
AU - Paudyal, Krishna
PY - 2006/3/31
Y1 - 2006/3/31
N2 - We examine the determinants of the debt maturity structure of French, German and British firms. These countries represent different financial and legal traditions that may have implications on corporate debt maturity structure. Our model incorporates the factors representing three major theories (tax considerations, liquidity and signalling, and contracting costs) of debt maturity. It also controls for capital market conditions. The results confirm the applicability of most theories of debt maturity structure for the UK firms. However, the evidence from France and Germany are mixed. Overall the findings suggest that the debt maturity structure of a firm is determined by firm-specific factors and the country's financial systems and institutional traditions in which it operates.
AB - We examine the determinants of the debt maturity structure of French, German and British firms. These countries represent different financial and legal traditions that may have implications on corporate debt maturity structure. Our model incorporates the factors representing three major theories (tax considerations, liquidity and signalling, and contracting costs) of debt maturity. It also controls for capital market conditions. The results confirm the applicability of most theories of debt maturity structure for the UK firms. However, the evidence from France and Germany are mixed. Overall the findings suggest that the debt maturity structure of a firm is determined by firm-specific factors and the country's financial systems and institutional traditions in which it operates.
KW - dynamic debt maturity structure
KW - panel data
KW - system-GMM
UR - http://www.scopus.com/inward/record.url?scp=34247862236&partnerID=8YFLogxK
UR - https://onlinelibrary.wiley.com/journal/1468036x
U2 - 10.1111/j.1354-7798.2006.00315.x
DO - 10.1111/j.1354-7798.2006.00315.x
M3 - Article
VL - 12
SP - 161
EP - 194
JO - European Financial Management
JF - European Financial Management
SN - 1354-7798
IS - 2
ER -