Arbeitspapier
How does economic policy uncertainty affect corporate debt maturity?
This paper investigates whether and how economic policy uncertainty affects corporate debt maturity. Using a large firm-level dataset for four European countries, we find that an increase in economic policy uncertainty is significantly associated with a shortened debt maturity. Moreover, the impacts are stronger for innovation-intensive firms. We use firms' flexibility in changing debt maturity and the deviation to leverage target to gauge the causal relationship, and identify the reduced investment and steepened term structure as the transmission mechanisms.
- Sprache
-
Englisch
- Erschienen in
-
Series: IWH Discussion Papers ; No. 5/2022
- Klassifikation
-
Wirtschaft
Criteria for Decision-Making under Risk and Uncertainty
Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
- Thema
-
capital structure
corporate investment
debt maturity
economic policy uncertainty
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Li, Xiang
- Ereignis
-
Veröffentlichung
- (wer)
-
Halle Institute for Economic Research (IWH)
- (wo)
-
Halle (Saale)
- (wann)
-
2022
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:45 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Li, Xiang
- Halle Institute for Economic Research (IWH)
Entstanden
- 2022
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