Abstract
This paper examines the impact of blockholders on the corporate debt maturity structure within the framework of agency theory. Using a novel and hand-collected dataset in Australia, we find support for our hypothesis that debt maturity is a concave function of block equity ownership. Our findings contribute to empirical evidence on the monitoring effects of blockholders and the use of debt maturity to control for debt-equity and manager-equity conflicts.
Original language | English |
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Article number | 108740 |
Pages (from-to) | 1-3 |
Number of pages | 3 |
Journal | Economics Letters |
Volume | 185 |
DOIs | |
Publication status | Published - 1 Dec 2019 |
Keywords
- Agency costs
- Blockholders
- Debt maturity