The determinants of debt maturity structure: Evidence from France, Germany and the UK

Antonios Antoniou, Y. Guney, Krishna Paudyal

Research output: Contribution to journalArticle

82 Citations (Scopus)

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 languageEnglish
Pages (from-to)161-194
Number of pages34
JournalEuropean Financial Management
Volume12
Issue number2
DOIs
Publication statusPublished - Mar 2006
Externally publishedYes

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