English, Article, Journal or magazine article edition: The Debt-Maturity Structure of Small Firms in a Creditor-Oriented Environment D. HEYMAN; M. DELOOF; H. OOGHE

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Bookmark: http://trove.nla.gov.au/version/14400
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • The Debt-Maturity Structure of Small Firms in a Creditor-Oriented Environment
Author
  • D. HEYMAN
  • M. DELOOF
  • H. OOGHE
Physical Description
  • preprint
Notes
  • Once a firm decides to issue debt, the characteristics of this debt instrument should be considered. One of the critical decisions involves debt maturity. Using a sample of 1091 Belgian small firms from 1996 until 2000, this study analyses the determinants of the corporate debt-maturity structure of small firms in a creditor-oriented system. Consistent with previous empirical evidence on large firms, the present results strongly support the maturity-matching principle. The hypothesis that firms with many growth opportunities will borrow on the short term as a response to the under-investment problem, is not supported. There is a clear relation between the credit worthiness of a firm and the debt-maturity structure. Firms with a better credit score borrow on the long term, whereas firms with a poor credit quality are apparently forced to borrow on the short term. This evidence contradicts the expected U-shaped relationship between credit worthiness and debt maturity. Size negatively influences debt maturity.
  • debt maturity, capital structure, small firms
  • RePEc:rug:rugwps:03/​197
Language
  • English
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