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I study the relation between firm debt structure and future external financing and investment. I find that greater reliance on long-term debt is associated with increased access to external financing

I study the relation between firm debt structure and future external financing and investment. I find that greater reliance on long-term debt is associated with increased access to external financing and ability to undertake profitable investments. This contrasts with previous empirical results and theoretical predictions from the agency cost literature, but it is consistent with predictions regarding rollover risk. Furthermore, I find that firms with lower total debt (high debt capacity) have greater access to new financing and investment.

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    Date Created
    • 2017
    Resource Type
  • Text
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    Note
    • Partial requirement for: Ph.D., Arizona State University, 2017
      Note type
      thesis
    • Includes bibliographical references (pages 74-78)
      Note type
      bibliography
    • Field of study: Business administration

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    by Sean Joseph Flynn

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