The role of blockholders in the corporate debt maturity structure

Zheyao Pan; Kelvin Jui Keng Tan

doi:10.1016/j.econlet.2019.108740

The role of blockholders in the corporate debt maturity structure

Zheyao Pan, Kelvin Jui Keng Tan

Department of Applied Finance

Research output: Contribution to journal › Article › peer-review

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
Article number	108740
Pages (from-to)	1-3
Number of pages	3
Journal	Economics Letters
Volume	185
DOIs	https://doi.org/10.1016/j.econlet.2019.108740
Publication status	Published - 1 Dec 2019

Keywords

Agency costs
Blockholders
Debt maturity

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10.1016/j.econlet.2019.108740

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title = "The role of blockholders in the corporate debt maturity structure",

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.",

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AB - 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.

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KW - Debt maturity

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JF - Economics Letters

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The role of blockholders in the corporate debt maturity structure

Abstract

Keywords

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