Kurzfassung:
This thesis addresses fundamental questions on the impact of a company’s production
characteristics on its capital structure and M&A decisions. First, a positive effect of production flexibility on leverage is shown. Second, it is confirmed that debt and asset maturity match. Moreover, it is found that a mismatch in debt and asset maturity increases the yield spread of debt at issuance. Third, no significance for an effect of diversification in production technology on abnormal acquirer returns in horizontal M&A deals is found.