The Determinants of Debt Maturity Structure: Evidence from France, Germany and the UK

34 Pages Posted: 8 May 2006

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.

Suggested Citation

Antoniou, Antonios and Guney, Yilmaz and Paudyal, Krishna N., The Determinants of Debt Maturity Structure: Evidence from France, Germany and the UK. European Financial Management, Vol. 12, No. 2, pp. 161-194, March 2006. Available at SSRN: https://ssrn.com/abstract=884280 or http://dx.doi.org/10.1111/j.1354-7798.2006.00315.x

Antonios Antoniou (Contact Author)

Wealth Associates ( email )

Alpine House,
Honeypot Lane
London, NW9 9RX
United Kingdom

Yilmaz Guney

University of Hull ( email )

Hull, HU6 7RX
United Kingdom

HOME PAGE: http://https://www.hull.ac.uk/faculties/fblp/hubs.aspx

Krishna N. Paudyal

Independent ( email )

No Address Available

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