Corporate Governance Attributes and Listed SMEs' Debt Maturity Structure: Evidence from Different Economic Environments

Abstract

This article develops a cross-country analysis of the similarities and differences in the debt maturity structure (DMS) of listed SMEs from the point of view of corporate governance attributes in two different economic environments: an OECD country (Spain) and a non-OECD country (Argentina). Using data from 25 listed SMEs in the Argentinian SME segment (from 2012 to 2015) and 31 listed SMEs in the Spanish Mercado Alternativo Bursátil (2014), we observe for the former that firms with a higher ownership concentration and with a BIGN auditor have lower 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 ownership has a negative relation with the STL ratio for both countries. These results will help SME managers understand the effects of the application 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 markets