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Debt Maturity and Complete Export Withdrawal in Start-ups

Author

Listed:
  • Ine Paeleman

    (University of Antwerp)

  • Virginie Mataigne

    (Ghent University)

  • Tom Vanacker

    (Ghent University and University of Exeter Business School)

Abstract

Past research shows that firms with constrained access to debt are more likely to withdraw from exporting. We argue that a firm’s debt maturity structure (i.e., the short-term/long-term debt mix) also matters because short-term debt entails liquidity risk and long-term debt entails higher costs. Using a database on Belgian start-ups, we find that start-ups relying mainly on either short-term debt or long-term debt exhibit a higher likelihood to withdraw from exporting compared to start-ups with a more balanced debt maturity structure. This U-shaped relationship is weaker for start-ups with more financial slack and stronger for start-ups with higher growth opportunities.

Suggested Citation

  • Ine Paeleman & Virginie Mataigne & Tom Vanacker, 2025. "Debt Maturity and Complete Export Withdrawal in Start-ups," Working Paper Research 472, National Bank of Belgium.
    • Handle: RePEc:nbb:reswpp:202502-472
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    File URL: https://www.nbb.be/nl/articles/debt-maturity-and-complete-export-withdrawal-start-ups
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    More about this item

    Keywords

    Complete export withdrawal; start-ups; debt maturity; financial slack; growth opportunities;
    All these keywords.

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship
    • M13 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - New Firms; Startups
    • M16 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - International Business Administration

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