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Corporate governance attributes and listed SMES’ debt maturity

Anahí Briozzo (Departamento de Ciencias de la Administración, Universidad Nacional del Sur (UNS), Bahía Blanca, Argentina and IIESS, Universidad Nacional del Sur-CONICET, Bahía Blanca, Argentina)
Clara Cardone-Riportella (Department of Financial Economics and Accounting, Universidad Pablo de Olavide, Sevilla, Spain and INDEM Center for Business Research, Universidad Carlos III de Madrid, Madrid, Spain)
Myriam García-Olalla (Department of Business Administration, Universidad de Cantabria, Santander, Cantabria, Spain)

Corporate Governance

ISSN: 1472-0701

Article publication date: 22 May 2019

Issue publication date: 13 August 2019




This paper aims to develop a cross-country analysis of the similarities and differences in the debt maturity structure of listed SMEs from the point of view of corporate governance (CG) attributes in two different economic environments: an OECD (Spain) country and a non-OECD (Argentina) country.


Using data from listed SMEs in the Argentinian SME segment (pooled data from 2012 to 2015) and 31 listed SMEs in the Spanish Mercado Alternativo Bursátil for growing firms (MAB_GE)(2014), bivariate and multivariate analyses are performed.


Spanish firms with a higher ownership concentration and a large controlling shareholder 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 ownership 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 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.


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 paper 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.



The authors appreciate the useful comments received from Gabrielle Wanzenried, Yi Liu and the rest of assistants of the 24th Annual Conference Multinational Finance Society, Bucharest, Rumania, 25-28 June 2017; and comments received from participants of the International Council Small Business World Conference, Buenos Aires, Argentina, 28 June to 1 July 2017. The authors also thank commentaries received from participants in the International Council Small Business World Conference, Buenos Aires, Argentina, 28th June – 1st July.


Briozzo, A., Cardone-Riportella, C. and García-Olalla, M. (2019), "Corporate governance attributes and listed SMES’ debt maturity", Corporate Governance, Vol. 19 No. 4, pp. 735-750.



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