Abstract
This paper explores the determinants of debt maturity for a sample of 3306 nonfinancial listed firms from thirteen European countries. According to literature, two sets of explanatory variables are included: (i) characteristics of firms and (ii) institutional environment. Overall, our results confirm prior literature predictions about the influence of firm-level variables on firm debt maturity, except for tax and growth opportunities. The results also suggest that the type of legal system has a significant impact on debt maturity and the higher the size of banking system in the economy, the lower the preference of firm for long-term debt. However, we cannot confirm the positive impact of expectations of evolution rate and development level of stock markets on debt maturity.
| Original language | Undefined/Unknown |
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| Title of host publication | 2014 Paris Financial Management Conference |
| Publication status | In preparation - Dec 2014 |