Tax effect on Spanish SME optimum debt maturity structure

On the Relevance of Agency Conflicts in SME Debt Maturity Structure

“…Regarding the Spanish market, this study improves the current state of the art, as in recent times only three papers have been published in relation to SME debt maturity policies, namely (1) Hernandez‐Canovas and Martinez‐Solano (), who focus on the effects of banking relationships on SME debt maturity; (2) Garcia‐Teruel and Martinez‐Solano (), on the trade‐off model by Jun and Jen (); and (3) Lopez‐Gracia and Mestre‐Barbera (), which explore the tax effect on debt maturity structure. Our work also takes into account other papers that have recently contributed to SME debt maturity research.…”

“…Antoniou, Guney, and Paudyal () and Deesomsak, Paudyal, and Pescetto () for listed companies and recently Lopez‐Gracia and Mestre‐Barbera () for small private companies represent three of the few studies that consider a dynamic scenario under this theoretical approach.…”

Institutional Quality Matter and Vietnamese Corporate Debt Maturity

“…* The relationship between firm-level factors and debt maturity Barclay and Smith (1995) [1], Barclay, Marx, and Smith (2003) [18], Johnson (2003) [19], Antoniou et al (2006) [20], Cai et al (2008) [3], López-Gracia et al (2011) [21], Custodio et al (2013) [22], El Ghoul et al…”

Theoretical study of the debt financing structure's impact on solvency

“…In Pei and Chen's study, they point that whether it can keep solvency should be considered firstly when the enterprise determines debt financing structure, and on that basis it considers that whether the debt capital comprehensive costs is the lowest [19] .Diamond specifically points that debt maturity structure measured by short-term debt ratio is positively related to asset-liability ratio [20] .Another study also points that the positive effect of debt maturity structure on asset-liability ratio should be interpreted as that the enterprise attempts to strengthen its solvency [21] .Gryglewicz explains how the solvency change influences the liquidity of the enterprise funds through establishing a model, and how the liquidity influences the solvency through the selection of capital structure [22] .When Chinese scholar Mei studies the corporate governance value effect of debt type, she uses a comprehensive performance indicator system which include solvency, and she empirically tests the impact of debt type on solvency [23] .…”