ABSTRACT This study analyzes the two corporate governance mechanisms that affect the debt maturity structure of small and medium- sized enterprises (SMEs) listed on the Alternative Investment Market (AIM): Big 4 auditors and the firms’ ownership structure. Analyzing 227 listed SMEs (1998–2016) and applying both cross- sectional and panel data estimations, we find that: (a) there is a positive and significant relationship between Big 4 auditors and debt maturity; (b) firms with more ownership concentration have a higher fraction of long-term debt in their capital struc - ture; (c) although family firms are, on average, associated with shorter debt maturities, when they are audited by a Big 4, their debt maturity lengthens.

AIM Firms' Debt Maturity: Do Auditor's Quality and Ownership Structure Matter? / FEITO-RUIZ, Isabel; CARDONE-RIPORTELLA, Clara; Ughetto, Elisa. - In: JOURNAL OF SMALL BUSINESS MANAGEMENT. - ISSN 0047-2778. - ELETTRONICO. - 61:4(2023), pp. 1736-1772. [10.1080/00472778.2020.1866765]

AIM Firms' Debt Maturity: Do Auditor's Quality and Ownership Structure Matter?

UGHETTO ELISA
2023

Abstract

ABSTRACT This study analyzes the two corporate governance mechanisms that affect the debt maturity structure of small and medium- sized enterprises (SMEs) listed on the Alternative Investment Market (AIM): Big 4 auditors and the firms’ ownership structure. Analyzing 227 listed SMEs (1998–2016) and applying both cross- sectional and panel data estimations, we find that: (a) there is a positive and significant relationship between Big 4 auditors and debt maturity; (b) firms with more ownership concentration have a higher fraction of long-term debt in their capital struc - ture; (c) although family firms are, on average, associated with shorter debt maturities, when they are audited by a Big 4, their debt maturity lengthens.
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Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/11583/2855887