Debt maturity and SMEs: Do auditor’s quality and ownership structure matter?
研究了审计师质量和所有权结构如何影响英国另类投资市场上市中小企业的债务期限，发现四大审计师和股权集中度与长期债务正相关，家族企业通常债务期限较短，但若由四大审计则期限延长。
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.