Firm Complexity and Capital Structure: Evidence from Italian Diversified Firms

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.
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https://hal.umontpellier.fr/hal-02048510
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Soumis le : lundi 25 février 2019 - 15:50:24
Dernière modification le : jeudi 6 juin 2019 - 14:38:23

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Daniele Monteforte, Raffaele Staglianò. Firm Complexity and Capital Structure: Evidence from Italian Diversified Firms. Managerial and Decision Economics, Wiley, 2015, 36 (4), pp.205-220. ⟨10.1002/mde.2660⟩. ⟨hal-02048510⟩

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