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BEF - BUREAU OF ENTREPRENEURIAL FINANCE

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New paper by <b>Feito-Ruiz, Isabel, Clara Cardone-Riportella, and Elisa Ughetto</b> just published on Journal of <b>Small Business Management</b>!

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New paper by Feito-Ruiz, Isabel, Clara Cardone-Riportella, and Elisa Ughetto just published on Journal of Small Business Management!

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 structure; (c) although family firms are, on average, associated with shorter debt maturities, when they are audited by a Big 4, their debt maturity lengthens.

Access the paper here: https://www.tandfonline.com/doi/abs/10.1080/00472778.2020.1866765