The role of verbal and visual text in the process of institutionalization

Renate Meyer; Dennis Jancsary; Markus Höllerer; Eva Boxenbaum

doi:10.5465/amr.2014.0301

The role of verbal and visual text in the process of institutionalization

Publication: Scientific journal › Journal article › peer-review

Abstract

We study a novel aspect of a firm's capital structure, namely the profile of its debt maturity dates. In a simple theoretical framework we show that the dispersion of debt maturities constitutes an important dimension of capital structure choice, driven by firm characteristics and debt rollover risk. Guided by these predictions we establish two main empirical results. First, using an exogenous shock to rollover risk, we document a significant increase in maturity dispersion for firms that need to roll over maturing debt. Second, we find strong support that maturities of newly issued debt are influenced by pre-existing maturity profiles.

Original language	English
Pages (from-to)	1 - 27
Journal	Academy of Management Review
Volume	43
Issue number	3
DOIs	https://doi.org/10.5465/amr.2014.0301
Publication status	Published - 2018

Austrian Classification of Fields of Science and Technology (ÖFOS)

502052 Business administration
506009 Organisation theory

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10.5465/amr.2014.0301Licence: Unspecified

1 Finished
1 Active

The visual dimension in organizing, organization, and organization research
Höllerer, M. (researchers ), Jancsary, D. (researchers ) & Meyer, R. (researchers )
1/01/09 → …
Project: Research funding
The Impact of Material Artifacts and Visual Representations on the Institutionalization of Innovations
Meyer, R. (PI - Project head), Höllerer, M. (researchers ) & Jancsary, D. (researchers )
1/09/16 → 31/12/16
Project: Research funding

Cite this

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title = "The role of verbal and visual text in the process of institutionalization",

abstract = "We study a novel aspect of a firm's capital structure, namely the profile of its debt maturity dates. In a simple theoretical framework we show that the dispersion of debt maturities constitutes an important dimension of capital structure choice, driven by firm characteristics and debt rollover risk. Guided by these predictions we establish two main empirical results. First, using an exogenous shock to rollover risk, we document a significant increase in maturity dispersion for firms that need to roll over maturing debt. Second, we find strong support that maturities of newly issued debt are influenced by pre-existing maturity profiles.",

author = "Renate Meyer and Dennis Jancsary and Markus H{\"o}llerer and Eva Boxenbaum",

year = "2018",

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language = "English",

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T1 - The role of verbal and visual text in the process of institutionalization

AU - Meyer, Renate

AU - Jancsary, Dennis

AU - Höllerer, Markus

AU - Boxenbaum, Eva

PY - 2018

Y1 - 2018

N2 - We study a novel aspect of a firm's capital structure, namely the profile of its debt maturity dates. In a simple theoretical framework we show that the dispersion of debt maturities constitutes an important dimension of capital structure choice, driven by firm characteristics and debt rollover risk. Guided by these predictions we establish two main empirical results. First, using an exogenous shock to rollover risk, we document a significant increase in maturity dispersion for firms that need to roll over maturing debt. Second, we find strong support that maturities of newly issued debt are influenced by pre-existing maturity profiles.

AB - We study a novel aspect of a firm's capital structure, namely the profile of its debt maturity dates. In a simple theoretical framework we show that the dispersion of debt maturities constitutes an important dimension of capital structure choice, driven by firm characteristics and debt rollover risk. Guided by these predictions we establish two main empirical results. First, using an exogenous shock to rollover risk, we document a significant increase in maturity dispersion for firms that need to roll over maturing debt. Second, we find strong support that maturities of newly issued debt are influenced by pre-existing maturity profiles.

U2 - 10.5465/amr.2014.0301

DO - 10.5465/amr.2014.0301

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JO - Academy of Management Review

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The role of verbal and visual text in the process of institutionalization

Abstract

Austrian Classification of Fields of Science and Technology (ÖFOS)

Access to Document

Projects

The visual dimension in organizing, organization, and organization research

The Impact of Material Artifacts and Visual Representations on the Institutionalization of Innovations

Cite this