The Debt Maturity Structure of Small Firms

Frederick C. Scherr and Heather M. Hulburt

Financial Management, 2001, vol. 30, issue 1

Abstract: Small firms differ from large firms in taxability, ownership, flexibility, industry, economies of scale, financial market access, and level of information asymmetry. We investigate the determinants of small firms’ choice of the maturity structure of debt. We find that small firms’ maturity of assets, capital structure, and probability of default are statistically and economically important in the choice of debt maturity. We find little evidence that small firms’ growth options, level of asymmetric information, and tax status affect debt maturity choice.

Date: 2001
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