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Debt concentration and performance of European firms

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  • Caterina Giannetti

Abstract

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.

Suggested Citation

  • Caterina Giannetti, 2016. "Debt concentration and performance of European firms," Discussion Papers 2016/211, Dipartimento di Economia e Management (DEM), University of Pisa, Pisa, Italy.
    • Handle: RePEc:pie:dsedps:2016/211
    Note: ISSN 2039-1854
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    File URL: https://www.ec.unipi.it/documents/Ricerca/papers/2016-211.pdf
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    Cited by:

    1. Galya Taseva, 2020. "Determinants of Short-term Liabilities of Financially Distressed SME-s," Business Management, D. A. Tsenov Academy of Economics, Svishtov, Bulgaria, issue 1 Year 20, pages 5-24.
    2. Cattaruzzo, Sebastiano & Teruel, Mercedes, 2022. "On the heterogeneity of the long-term leverage-growth relationship: A cross-country analysis of manufacturing firms," Structural Change and Economic Dynamics, Elsevier, vol. 62(C), pages 552-565.

    More about this item

    Keywords

    Debt concentration; European firm financing; Generalized propensity score.;
    All these keywords.

    JEL classification:

    • C24 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Truncated and Censored Models; Switching Regression Models; Threshold Regression Models
    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies

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