Corporate governance attributes and listed SMES' debt maturity

Abstract

ABSTRACT: Purpose: This article develops a cross-country analysis of the similarities and differences in the debt maturity structure of listed SMEs from the point of view of CG attributes in two different eco-nomic environments: an OECD (Spain) country and a non-OECD (Argentina) country. Design/methodology/approach: Using data from listed SMEs in the Argentinian SME segment (pooled data from 2012 to 2015) and listed SMEs in the Spanish Mercado Alternativo Bursátil for growing firms (MAB_GE 2014), bivariate and multivariate analyses are performed. Findings: Spanish firms with a higher ownership concentration and a large controlling share-holder have higher short-term liabilities (STL) ratios. Participation of women on the board has a negative relation with the STL ratio only for Spain. The participation of corporations in owner-ship and a Big4 auditor have a negative relation with the STL ratio for both countries. Practical implications: These results will help SME managers understand the effects of the ap-plication of good governance policies. The study also gives regulators a guideline to develop standards to assist in efficient borrowing in terms of seeking funding in alternative capital mar-kets. Originality/value: First, the results provide evidence about the financial impact on the STL ratio of CG attributes in listed SME. Second, as far as the authors know, this is the first article to analyse the CG attributes of listed SMEs in an OECD country and a non-OECD country. Third, the paper presents CG data derived from an ad hoc basis elaborated from different websites and databases.