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

Access to Document

10.1016/j.econlet.2019.108740

Link to publication in Scopus

Cite this

@article{5c94262c659f45b5b330bbebee1f2ada,

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.",

keywords = "Agency costs, Blockholders, Debt maturity",

author = "Zheyao Pan and Tan, {Kelvin Jui Keng}",

year = "2019",

month = dec,

day = "1",

doi = "10.1016/j.econlet.2019.108740",

language = "English",

volume = "185",

pages = "1--3",

journal = "Economics Letters",

issn = "0165-1765",

publisher = "Elsevier",

}

TY - JOUR

T1 - The role of blockholders in the corporate debt maturity structure

AU - Pan, Zheyao

AU - Tan, Kelvin Jui Keng

PY - 2019/12/1

Y1 - 2019/12/1

N2 - 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.

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.

KW - Agency costs

KW - Blockholders

KW - Debt maturity

UR - http://www.scopus.com/inward/record.url?scp=85073167667&partnerID=8YFLogxK

U2 - 10.1016/j.econlet.2019.108740

DO - 10.1016/j.econlet.2019.108740

M3 - Article

VL - 185

SP - 1

EP - 3

JO - Economics Letters

JF - Economics Letters

SN - 0165-1765

M1 - 108740

ER -

The role of blockholders in the corporate debt maturity structure

Abstract

Keywords

Access to Document

Fingerprint

Cite this