Debt concentration and performance of European firms
Caterina Giannetti ()
Discussion Papers from Dipartimento di Economia e Management (DEM), University of Pisa, Pisa, Italy
This paper investigates the level of debt specialization across European firms relying on a cross-country comparable sample of manufacturing firms. We find a non-linear relationship between firm debt specialization (i.e. composition of the various types of debt) and firm size and age. In line with previous evidence for US firms, we observe that small and young firms have a more concentrated debt structure (i.e. they rely on few types of debt). Relying on quasi-experimental setting, we also find that firms having a diversified debt structure are less likely to experience a severe reduction in turnover.
Keywords: Debt concentration; European firm financing; Generalized propensity score. (search for similar items in EconPapers)
JEL-codes: C24 G31 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-bec, nep-cfn, nep-sbm and nep-tid
Note: ISSN 2039-1854
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Persistent link: https://EconPapers.repec.org/RePEc:pie:dsedps:2016/211
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