Arbeitspapier
On the relevance of ownership structure in determining the maturity of debt
I show that ownership by blockholding and board composition is an important determinant of corporate debt maturity structure. Using GMM methodology to control for the potential endogeneity of all regressors, I find a statistically and economically significant negative relation between shortterm debt and both blockholding and board structure, irrespective of the identity of shareholders. Robustness tests provide support for the hypothesis that less diversified shareholders tend to trade off underinvestment against the liquidity risk entailed in shorter maturities. Finally, I report strong evidence that the link with insider ownership is non-linear.
- Sprache
-
Englisch
- Erschienen in
-
Series: Manchester Business School Working Paper ; No. 547
- Klassifikation
-
Wirtschaft
Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
Mergers; Acquisitions; Restructuring; Voting; Proxy Contests; Corporate Governance
- Thema
-
debt maturity
ownership structure
corporate governance
endogeneity
GMM
Kapitalstruktur
Kapitalkosten
Eigentümerstruktur
Corporate Governance
Momentenmethode
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Marchica, Maria
- Ereignis
-
Veröffentlichung
- (wer)
-
The University of Manchester, Manchester Business School
- (wo)
-
Manchester
- (wann)
-
2008
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:41 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
- Marchica, Maria
- The University of Manchester, Manchester Business School
Entstanden
- 2008
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