The purpose of this empirical work is to examine the determinants of corporate debt maturity structure with a sector analysis of 336 companies represented in the German index CDAX. Considering the relevant literature, revised here, we tested the influence of variables related to the characteristics of companies (growth opportunities, size, taxes, company's quality and debt) and macroeconomic variables (term structure of interest rates and inflation rate). According to the results, the choice of debt maturity by sector do not appear to be influenced by the characteristics of companies in the same way. We note the existence of a negative correlation of investment opportunities and a positive correlation of firm size and debt with debt maturity for all sectors. The relation between debt maturity with the indicators of quality and taxes, despite the result of many sectors not been statistically significant, it shows that some sectors oppose the expected from the literature. The results on the impact of macroeconomic variables, the term structure of interest rates and the inflation rate, in the debt maturity were not statistically significant.
Date of Award | 21 Dec 2015 |
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Original language | Portuguese |
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Awarding Institution | - Universidade Católica Portuguesa
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Supervisor | Luis Pacheco (Supervisor) |
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- Debt maturity
- Capital structure
- Panel data
- Sector analysis
Determinantes da maturidade da dívida: análise setorial aplicada ao Índice CDAX
Baptista, J. C. V. E. S. M. (Student). 21 Dec 2015
Student thesis: Master's Thesis