Anahí Briozzo, Clara Cardone-Riportella and Myriam García-Olalla
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…
Abstract
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.
Details
Keywords
Sergio Sanfilippo Azofra, Myriam Garcia Olalla and Begoña Torre Olmo
During the 1990s, the banking sector experienced an important consolidation process in most developed countries, where mergers and acquisitions (M&As) between credit institutions…
Abstract
During the 1990s, the banking sector experienced an important consolidation process in most developed countries, where mergers and acquisitions (M&As) between credit institutions reached unprecedented levels. Financial deregulation and technological progress have played an important role in this process (Berger, Demsetz & Strahan 1999). These, among other factors, may have intensified the synergy derived from size and facilitated an improvement in the management of the acquired institutions. In order to evaluate the importance of these two factors, we carry out a multinomial logit analysis of the characteristics of continental European financial institutions prior to their participation in merger and/or acquisition operations between 1995 and 2001. Our results demonstrate that size is an important factor in mergers and acquisitions, but it is not clear that economies of scale are sought with these types of deals. In turn, improving the management of the acquired institutions has played an important role in this process.