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Debt maturity and SMEs: Do auditor’s quality and ownership structure matter?

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  • Isabel Feito-Ruiz
  • Clara Cardone-Riportella
  • Elisa Ughetto

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 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.

Suggested Citation

  • Isabel Feito-Ruiz & Clara Cardone-Riportella & Elisa Ughetto, 2023. "Debt maturity and SMEs: Do auditor’s quality and ownership structure matter?," Journal of Small Business Management, Taylor & Francis Journals, vol. 61(4), pages 1736-1772, July.
    • Handle: RePEc:taf:ujbmxx:v:61:y:2023:i:4:p:1736-1772
    DOI: 10.1080/00472778.2020.1866765
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