Purpose
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.
Design/methodology/approach
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.
Findings
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.
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 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.
This paper analyzes the impact of the guarantee provided by mutual guarantee societies (MGSs) on the risk premium that banks should charge for small-and medium-sized enterprise (SME) loans under the new Basel Capital Accords (Basel II and III). We also examine whether the foreseeable decrease in the theoretical credit risk premium would be compensated by the cost of the MGS guarantee. To do so, we develop a rating system for SMEs that uses a large sample of Spanish firms over the period from 2005 to 2009. We find that the final effect of the guarantee on the SME risk premium depends on the values taken by the credit variables of the MGS (essentially, the probability of default).
Este artículo estudia la estructura de financiamiento de pymes del subsector de software y servicios informáticos (SSI) de la Argentina y compara estas últimas con pymes del sector industrial, para los años 2006 y 2010. Los resultados muestran la preponderancia del autofinanciamiento para todas las empresas analizadas, en la que se observa una mayor dependencia de esta fuente de financiamiento para las del subsector SSI. Con respecto a las fuentes externas de financiamiento, en particular para los activos fijos, existe una diferencia entre ambos sectores analizados: las firmas SSI emplean pasivos corrientes como primera fuente de financiamiento, mientras que las firmas industriales recurren a las instituciones financieras. Estos resultados se alinean con las predicciones de la hipótesis de jerarquía financiera y con el ciclo financiero de crecimiento.
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