The Influence of Corporate Debt Maturity Structure on Corporate Growth: evidence in U.S. Stock Market

Yingda Tang () and Kaixian Xu
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Yingda Tang: Anderson School of Management, University of California, Los Angeles, 90095, US

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Abstract: This study aims to investigate the impact of debt maturity structure on corporate growth in U.S. firm. Using unbalanced panel dataset of 2,774 firms from 2013 to 2022, this study utilizes two-way fixed effects regression model. The findings of this study uncover the positive effects of long-term debt maturity on corporate growth, suggesting that firms engaged in longer debt maturities invest in projects with substantial growth potential. These results remain robust with alternative explained variable approach. Additionally, heterogeneity analysis results show that firms with high reputation, strong innovation, and shorter debt recovery periods are more pronounced to the effects of long-term debt maturity on corporate growth. These findings lead managers and policymakers to leverage long-term debt in debt structure to support investments in projects with high growth potential.

Keywords: Corporate debt maturity structure Corporate growth Corporate innovation Firm reputation Average recovery period; Corporate debt maturity structure; Corporate growth; Corporate innovation; Firm reputation; Average recovery period (search for similar items in EconPapers)
Date: 2025-04-17
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