Debt maturity structure and firm investment

被引：85
|
作者：
Aivazian, VA
Ge, Y
Qiu, JP
机构：
[1] Univ Toronto, Toronto, ON, Canada
[2] Univ Int Business & Econ, Beijing, Peoples R China
[3] Wilfrid Laurier Univ, Waterloo, ON N2L 3C5, Canada
来源：
FINANCIAL MANAGEMENT | 2005年 / 34卷 / 04期
关键词：
D O I：
10.1111/j.1755-053X.2005.tb00120.x
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This study shows that the maturity structure of a firm debt has a significant impact on its investment decisions. We show, after controlling for the effect of the overall level of leverage, that a higher percentage of long-term debt in total debt significantly reduces investment for firms with high growth opportunities. In contrast, the correlation between debt maturity and investment is not significant for firms with low growth opportunities. The results are strong at the firm level and at the business segment level. These results hold even after controlling for the endogeneity problem inherent in the relationship between total leverage, the maturity composition of leverage, and investment.
引用
收藏
页码：107 / 119
页数：13
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