Managerial stock ownership and the maturity structure of corporate debt

被引：254
|
作者：
Datta, S [1 ]
Iskandar-Datta, M
Raman, K
机构：
[1] Wayne State Univ, Dept Finance, Sch Business Adm, Detroit, MI 48202 USA
[2] Bentley Coll, Dept Finance, Waltham, MA 02154 USA
来源：
JOURNAL OF FINANCE | 2005年 / 60卷 / 05期
关键词：
D O I：
10.1111/j.1540-6261.2005.00800.x
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This study documents that managerial stock ownership plays an important role in determining corporate debt maturity. Controlling for previously identified determinants of debt maturity and modeling leverage and debt maturity as jointly endogenous, we document a significant and robust inverse relation between managerial stock ownership and corporate debt maturity. We also show that managerial stock ownership influences the relation between credit quality and debt maturity and between growth opportunities and debt maturity.
引用
收藏
页码：2333 / 2350
页数：18
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