The role of blockholders in the corporate debt maturity structure

Zheyao Pan and Kelvin Jui Keng Tan

Economics Letters, 2019, vol. 185, issue C

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: Debt maturity; Blockholders; Agency costs (search for similar items in EconPapers)
JEL-codes: G32 G34 (search for similar items in EconPapers)
Date: 2019
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecolet:v:185:y:2019:i:c:s0165176519303726

DOI: 10.1016/j.econlet.2019.108740

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