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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.

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.

Emerging markets in newly industrialised countries have caught the attention of managers of manufacturing companies facing heavy domestic and global pressure. Key barriers to the effective management of international manufacturing operations need to be identified. The same applies to the management of international service operations. The share of services in international trade, the amount of foreign direct investments made and the number of multinational service‐sector enterprises has been increasing rapidly in the last two decades. Existing studies on service internationalisation apply a fairly broad theoretical base. This paper contributes by examining the internationalisation behaviour of Spanish financial service‐sector companies in Latin America to find out if general internationalisation patterns are applicable or if the manufacturing sector influences their internationalisation behaviour.

Attempts to shed light on strategies and international entry modes of financial services firms, providing a framework of the internationalisation process in one specific industry. This is based upon the analysis of four case studies of Spanish banks entering the Latin American markets at two different stages – before and after the 1990s – to see how internationalisation strategies of financial services have evolved over time. Shows that, in accordance with the perceived market risk and the commitment of resources involved, firms may opt to enter a foreign market in a gradual (lineal) process or in a more opportunistic (contingent) way. The foreign direct investment decision vis‐à‐vis the resources and risks involved in the operation has been evolving through time, industry and country of destination.