Firm Complexity and Capital Structure: Evidence from Italian Diversified Firms

被引：4
|
作者：
Monteforte, Daniele [1 ]
Stagliano, Raffaele [2 ,3 ]
机构：
[1] Univ Calabria, Dept Business Sci, Via P Bucci Cubo 3C,Campus Arcavacata, I-87036 Arcavacata Di Rende, CS, Italy
[2] Montpellier Business Sch, Grp Sup Co, Montpellier, France
[3] Montpellier Res Management, Montpellier, France
来源：
MANAGERIAL AND DECISION ECONOMICS | 2015年 / 36卷 / 04期
关键词：
D O I：
10.1002/mde.2660
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This paper examines the links between product diversification, international diversification and capital structure for a panel of medium and large Italian firms. The results indicate that the interaction between these two dimensions of diversification strategy has a negative and significant impact on leverage. Furthermore, debt maturity analysis reveals that firms pursuing a simultaneous dual diversification strategy have, in particular, lower long-term debt ratios. Our findings support the hypothesis that the complexity that comes from diversification reduces debt levels. Copyright (C) 2014 John Wiley & Sons, Ltd.
引用
收藏
页码：205 / 220
页数：16
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