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Firm Complexity and Capital Structure: Evidence from Italian Diversified Firms

Daniele Monteforte and Raffaele Staglianò

Managerial and Decision Economics, 2015, vol. 36, issue 4, 205-220

Abstract: This paper examines the links between product diversification, international diversification and capital structure for a panel of medium and large Italian firms. The results indicate that the interaction between these two dimensions of diversification strategy has a negative and significant impact on leverage. Furthermore, debt maturity analysis reveals that firms pursuing a simultaneous dual diversification strategy have, in particular, lower long‐term debt ratios. Our findings support the hypothesis that the complexity that comes from diversification reduces debt levels. Copyright © 2014 John Wiley & Sons, Ltd.

Date: 2015
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