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An agency approach to debt maturity of unlisted and listed firms in the European setting

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Abstract This study analyses the debt maturity of two groups of companies – unlisted and listed – throughout the period 2005–2013. The research takes an agency costs approach to explore… Click to show full abstract

Abstract This study analyses the debt maturity of two groups of companies – unlisted and listed – throughout the period 2005–2013. The research takes an agency costs approach to explore the determinants of firms' debt maturity structure for a set of five countries, chosen for being representative of the European Union (France, Germany, Italy, Spain and the United Kingdom). Agency costs, as well as institutional and macroeconomic factors, turn out to be decisive in explaining firms’ financial policies regarding debt maturity, during the economic crisis that started in 2007–2008. Our findings indicate that contracting costs had a greater impact on unlisted firms during the post-crisis subperiod than on their listed counterparts. Additionally, the economic effect of this has been estimated, corroborating the overall findings of the study.

Keywords: debt; unlisted listed; debt maturity; agency approach

Journal Title: European Management Journal
Year Published: 2019

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