%0 Journal Article
%A Feito-Ruiz, Isabel
%A Cardone Riportella, Clara
%A Ughetto, Elisa
%T Debt Maturity and SMEs: Do Auditor's Quality and Ownership Structure Matter?
%D 2021
%U http://hdl.handle.net/10433/16791
%X This study analyzes the two corporate governance mechanismsthat affect the debt maturity structure of small and mediumsizedenterprises (SMEs) listed on the Alternative InvestmentMarket (AIM): Big 4 auditors and the firms’ ownership structure.Analyzing 227 listed SMEs (1998–2016) and applying both crosssectionaland panel data estimations, we find that: (a) there isa positive and significant relationship between Big 4 auditorsand debt maturity; (b) firms with more ownership concentrationhave a higher fraction of long-term debt in their capital structure;(c) although family firms are, on average, associated withshorter debt maturities, when they are audited by a Big 4, theirdebt maturity lengthens.
%K Audit quality
%K Ownership structure
%K Debt maturity structure
%K Alternative investment market (aim)
%~