Footnote:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments August 7, 2019 erstellt
Description:
This paper examines the impact of concentrated equity ownership (blockholders) on the corporate debt maturity structure within the framework of agency theory. Using a novel and hand-collected data set from 2000 to 2015 in Australia, we find support for our hypothesis that debt maturity is a concave function of block ownership, which is likely a reflection of the conditions of the Australian capital market. Our findings contribute to empirical evidence on the monitoring effects of blockholders and the use of debt maturity to control for debt-equity and manager-equity conflicts