Debt maturity and firm productivity—The role of intangibles

Does the maturity of debt matter for productivity? Using data on Italian firms from 1997 to 2015, we study relationship among maturity, productivity, and firm characteristics. We find that productivity is positively associated with short-term negatively long-term debt. This result supports hypothesis less intense monitoring performance fewer liquidation fears stemming long causes a moral hazard, while serves as disciplinary device improve in short run. effect evident small- medium-sized enterprises old firms. In contrast, large can utilize financing through investments. Firms by purchasing intangible assets financed