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Financial leverage and debt maturity targeting : international evidence
Gungoraydinoglu, Ali; Öztekin, Özde - In: Journal of risk and financial management : JRFM 14 (2021) 9, pp. 1-36
We provide evidence on leverage and debt maturity targeting in a large international setting. There are key differences …
Persistent link: https://www.econbiz.de/10012628492
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Labor Protection and Corporate Debt Maturity : International Evidence
Belkhir, Mohamed - 2016
This paper investigates the impact of labor protection on corporate debt maturity structure. We hypothesize that … stronger labor protection is conducive to a greater use of short-term debt maturity by firms. Using various country … maturity structure of corporate debt over-and-above economic, legal, and political factors identified in prior research …
Persistent link: https://www.econbiz.de/10013001174
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How Does Long-Term Finance Affect Economic Volatility?
Demirgüç-Kunt, Asli - 2016
In an approach analogous to Rajan and Zingales (1998), we examine how the ability to access long-term debt affects firm-level growth volatility. We find that firms in industries with stronger preference to use long-term finance relative to short-term finance experience lower growth volatility in...
Persistent link: https://www.econbiz.de/10013000820
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Cross-Country Evidence on the Importance of Auditor Choice to Corporate Debt Maturity
El Ghoul, Sadok - 2014
We examine the importance of Big Four audits in reducing agency costs evident in corporate debt maturity worldwide … for monitoring purposes. In additional analyses, we find that the role that auditor choice plays in debt maturity is …, our research implies that Big Four audits matter to corporate debt maturity, although the impact is isolated in firms …
Persistent link: https://www.econbiz.de/10013043358
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The influence of cash flow volatility on firm use of debt of different maturities or zero-debt : International evidence
O'Connor Keefe, Michael; Nguyen, Huyen - 2022
The empirical international literature on the relationship between firm cash flow volatility and debt maturity and zero … associated with our measure of debt maturity at less than a 1% level of significance. Relative to unconditional means of debt … maturity, a one standard deviation increase in cash flow volatility implies a 2.57% decrease in the probability of firms using …
Persistent link: https://www.econbiz.de/10013306166
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The tax sensitivity of debt in multinationals : a review
Schjelderup, Guttorm - 2015
The OECD in its BEPS action plan 4 addresses tax base erosion by profit shifting through the use of tax deductible interest payments. Their main concern is interest deductions between outbound and inbound investment by groups. Studies of multinational firms show that the tax sensitivity of debt...
Persistent link: https://www.econbiz.de/10011384345
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International debt shifting : do multinationals shift internal or external debt? ; conference paper
Møen, Jarle; Schindler, Dirk; Schjelderup, Guttorm; … - 2013
Multinational companies can exploit the tax advantage of debt more aggressively than national companies. Besides utilizing the standard debt tax shield, multinationals can shift debt from affiliates in low-tax countries to affiliates in high-tax countries. We study the capital structure of...
Persistent link: https://www.econbiz.de/10010342883
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The tax-efficient use of debt in multinational corporations
Møen, Jarle; Schindler, Dirk; Schjelderup, Guttorm; … - 2018
Some multinationals use the parent company as a lender to the group, whereas others set up an internal bank in a low tax jurisdiction. This paper discusses the link between capital structure choices and tax planning motives in multinational groups. We model the trade-off between the use of...
Persistent link: https://www.econbiz.de/10011872932
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Impact of COVID-19 on Corporate Debt Structure : Cross Country Evidence
Francis, Bill B. - 2020
We examine the impact of the COVID-19 pandemic on firm borrowing behavior across 31 countries. We exploit the quasi-experimental properties of this pandemic to investigate how national culture, government preparedness, and response to the pandemic affect corporate borrowing and the structure of...
Persistent link: https://www.econbiz.de/10012826571
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Do firms adjust toward a target leverage level?
Xu, Zhaoxia (contributor) - 2007
This paper studies capital structure adjustment mechanisms of firms that experience substantial changes in leverage. Adjustments appear to be asymmetric among firms with large increases and those with large decreases in debt ratios. The different adjustments are not due to differences in...
Persistent link: https://www.econbiz.de/10003560592