Skip to main content

Research Repository

Advanced Search

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

Antoniou, A.; Guney, Y.; Paudyal, K.

Authors

A. Antoniou

Y. Guney

K. Paudyal



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 firmspecific factors and the country's financial systems and institutional traditions in which it operates.

Citation

Antoniou, A., Guney, Y., & Paudyal, K. (2005). The determinants of debt maturity structure: Evidence from France, Germany and UK. European Financial Management, 12(2), 161-194. https://doi.org/10.1111/j.1354-7798.2006.00315.x

Journal Article Type Article
Publication Date Jan 1, 2005
Deposit Date Mar 26, 2007
Journal European Financial Management
Print ISSN 1354-7798
Electronic ISSN 1468-036X
Publisher Wiley
Peer Reviewed Peer Reviewed
Volume 12
Issue 2
Pages 161-194
DOI https://doi.org/10.1111/j.1354-7798.2006.00315.x
Public URL https://durham-repository.worktribe.com/output/1631047