Firm size and debt maturity as indirect determinants of capital structure: evidence form European panel data

Julia Koralun-Bereźnicka


The study aims at verifying whether the firm size and debt maturity affect the relationship between capital structure and its main determinants. Using panel data models, the impact of the primary factors on leverage is compared across three size groups of firms and for different measures of debt in order to identify the size effect and the debt maturity effect in these relationships. The study covers 11 EU countries during the period 2000–2013. Findings provide evidence that financing choices of small firms provide more support for the pecking-order theory, whereas medium and large-sized firms tend to follow the trade-off predictions on leverage. It also appears that the trade-off theory is more applicable for short-term debt, while pecking order – for long-term debt.
Author Julia Koralun-Bereźnicka (FM/DCF)
Julia Koralun-Bereźnicka,,
- Department of Corporate Finance
Journal seriesApplied Economics Letters, ISSN 1350-4851, (A 15 pkt)
Issue year2018
Publication size in sheets0.50
Keywords in Englishfirm size, debt maturity, capital structure, panel data
ASJC Classification2002 Economics and Econometrics
Languageen angielski
Score (nominal)15
Score sourcejournalList
ScoreMinisterial score = 15.0, 28-01-2020, ArticleFromJournal
Publication indicators WoS Citations = 0.000; Scopus SNIP (Source Normalised Impact per Paper): 2018 = 0.530; WoS Impact Factor: 2017 = 0.504 (2) - 2017=0.568 (5)
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