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Firm Complexity and Capital Structure: Evidence from Italian Diversified Firms

Author

Listed:
  • Daniele Monteforte

    (Unical - Università della Calabria [Arcavacata di Rende])

  • Raffaele Staglianò

    (MRM - Montpellier Research in Management - UPVM - Université Paul-Valéry - Montpellier 3 - UPVD - Université de Perpignan Via Domitia - Groupe Sup de Co Montpellier (GSCM) - Montpellier Business School - UM - Université de Montpellier)

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.

Suggested Citation

  • Daniele Monteforte & Raffaele Staglianò, 2015. "Firm Complexity and Capital Structure: Evidence from Italian Diversified Firms," Post-Print hal-02048510, HAL.
    • Handle: RePEc:hal:journl:hal-02048510
    DOI: 10.1002/mde.2660
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    Cited by:

    1. Vasanthan Subramaniam & Mosharrof Hosen, 2023. "Corporate diversification and debt financing: Do family shareholders protect their control rights?," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 44(2), pages 1305-1317, March.

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