%0 Journal Article
%A Briozzo, Anahí
%A Cardone Riportella, Clara
%A García-Olalla, Miryam
%T Corporate Governance Attributes and Listed SMEs' Debt Maturity Structure: Evidence from Different Economic Environments
%D 2019
%@ 1472-0701
%U http://hdl.handle.net/10433/16806
%X This article develops a cross-country analysis of the similarities and differences in thedebt maturity structure (DMS) of listed SMEs from the point of view of corporategovernance attributes in two different economic environments: an OECD country(Spain) and a non-OECD country (Argentina). Using data from 25 listed SMEs in theArgentinian SME segment (from 2012 to 2015) and 31 listed SMEs in the SpanishMercado Alternativo Bursátil (2014), we observe for the former that firms with a higherownership 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 ratioonly for Spain. The participation of corporations in ownership has a negative relationwith the STL ratio for both countries. These results will help SME managersunderstand the effects of the application of good governance policies. The study alsogives regulators a guideline to develop standards to assist in efficient borrowing interms of seeking funding in alternative capital markets
%K Corporate governance
%K SMEs
%K Alternative capital markets
%K Debt maturity structure
%~