Debt maturity in Spanish small business startups

  1. Blasco Leante, José Enrique 1
  2. Baños-Caballero, Sonia 1
  3. García-Teruel, Pedro J. 1
  1. 1 University of Murcia, Murcia-SPAIN
Revista:
Revista de contabilidad = Spanish accounting review: [RC-SAR]

ISSN: 1138-4891

Año de publicación: 2024

Volumen: 27

Número: 2

Páginas: 323-330

Tipo: Artículo

DOI: 10.6018/RCSAR.487681 DIALNET GOOGLE SCHOLAR lock_openAcceso abierto editor

Otras publicaciones en: Revista de contabilidad = Spanish accounting review: [RC-SAR]

Resumen

Este artículo estudia el vencimiento de la deuda de empresas de nueva o reciente creación. En concreto, se analiza si el vencimiento de la deuda de estas empresas es diferente al de las empresas de mayor edad. Además, también se estudia si estas posibles diferencias se mantienen durante periodos de crisis financiera. Utilizando una muestra de pequeñas empresas españolas durante el período 2011-2020, los resultados indican que las empresas nuevas o de reciente creación tienen deuda con un menor vencimiento, lo que podría ser explicado por los mayores problemas de agencia e información asimétrica que tienen estas empresas. Además, se observa que este resultado se mantiene en periodos de crisis financiera.

Referencias bibliográficas

  • Altman, E. (1968). Financial ratios, discriminant analysis and the prediction of the corporate bankruptcy. Journal of Finance, 23, 589–609. https://doi.org/10.1111/j.1540-6261.1968.tb00843.x
  • Arslan, O., & Karan, M.B. (2006). Ownership and control structure as determinants of corporate debt maturity: a panel study of an emerging market. Corporate Governance: An International Review, 14, 312–324. https://doi.org/10.1111/j.1467-8683.2006.00509.x
  • Astebro, T., & Bernhardt, I. (2003). Start-up financing, owner characteristics, y survival. Journal of Economics and Business, 55, 303-319. https://doi.org/10.1016/S0148-6195(03)00029-8
  • Audretsch, D. B., & Elston, J. A. (1997). Financing the German mittelstand. Small Business Economics, 9, 97–110. https://doi.org/10.1023/A:1007963621438
  • Bank of Spain (2015). Informe anual. Available at: https://www.bde.es/bde/es/secciones/informes/Publicaciones_an/Informe_anual/index2015.html
  • Bank of Spain (2017). Informe anual. Available at: https://www.bde.es/bde/es/secciones/informes/Publicaciones_an/Informe_anual/index2017.html
  • Bank of Spain (2020). Informe anual. Available at: https://www.bde.es/bde/es/secciones/informes/Publicaciones_an/Informe_anual/index2020.html
  • Barclay, M.J., & Smith, C.W. (1995). The maturity structure of corporate debt. Journal of Finance, 50, 609–631. https://doi.org/10.2307/2329421
  • Barnea, A., Haugen, R.A., & Senbet, L.M. (1980). A rationale for debt maturity structure and call provisions in the agency theoretic framework. Journal of Finance, 35, 1223-1234. https://doi.org/10.1111/j.1540-6261.1980.tb02205.x
  • Begley, J., Mings, J., & Watts, S. (1996). Bankruptcy classification errors in the 1980s: An empirical analysis of Altman's and Ohlson's models. Review of Accounting Studies, 1, 267–284. https://doi.org/10.1007/BF00570833
  • Berger, A.N., & Udell, G.F. (1998). The economics of Small Business Finance: The Roles of Private Equity and Debt Markets in the Financial Growth Cycle. Journal of Banking and Finance, 22, 613-673. https://doi.org/10.1016/S0378-4266(98)00038-7
  • Berger, A.N., Espinosa-Vega, M.A., Frame, W. S., & Miller, N.H. (2005). Debt Maturity, Risk, and Asymmetric Information. Journal of Finance, 60, 2895-2923. https://doi.org/10.1111/j.1540-6261.2005.00820.x
  • Breusch, T., & Pagan, A. (1980). The Lagrange Multiplier test and its applications to model specification in Econometrics. Review of Economic Studies, 47, 239-253. https://doi.org/10.2307/2297111
  • Brick, I., & Ravid, S.A. (1985). On the relevance of debt maturity estructure. Journal of Finance, 40, 1423-1437. https://doi.org/10.2307/2328122
  • Casino-Martínez, A., López-Gracia, J., Mestre-Barberá, R., & Peiró-Giménez, A. (2019). An agency approach to debt maturity of unlisted and listed firms in the European setting. European Management Journal, 37, 339-352. https://doi.org/10.1016/j.emj.2018.07.008
  • Childs, P.D., Mauer, D.C., & Ott, S.H. (2005). Interactions of corporate financing and investment decisions: the effects of agency conflicts. Journal of Financial Economics, 76, 667–690. https://doi.org/10.1016/j.jfineco.2004.06.012
  • Cuñat, V. (1999). Determinantes del plazo de endeudamiento de las empresas españolas. Investigaciones Económicas, 23, 351-392. Available at: https://www.fundacionsepi.es/investigacion/revistas/paperArchive/Sep1999/v23i3a3.pdf
  • Datta, S., Iskandar-Datta, M., & Ramna, K. (2005). Managerial stock ownership and the maturity structure of corporate governance. Journal of Finance, 60, 2333–2350. https://doi.org/10.1111/j.1540-6261.2005.00800.x
  • Deloof, M., & Vanacker, T. (2018). The recent financial crisis, start‐up financing and survival. Journal of Business, Finance & Accounting, 45, 928-951. https://doi.org/10.1111/jbfa.12319
  • Diamond, D.W. (1991). Debt maturity and liquity risk. Quarterly Journal of Economics, 106, 709-737. https://doi.org/10.2307/2937924
  • Diamond, D.W. (1993). Seniority and maturity of debt contracts. Journal of Financial Economics, 33, 341–368. https://doi.org/10.1016/0304-405X(93)90011-Y
  • Díaz-Díaz, N., García-Teruel, P. J., & Martínez Solano, P. (2016). Debt maturity structure in private firms: Does the family control matter? Journal of Corporate Finance, 37, 393-411. https://doi.org/10.1016/j.jcorpfin.2016.01.016
  • Emery, D.R., Lewellen, W.G., & Mauer, D.C. (1988). Tax-timing options, leverage, and the choice of corporate form. Journal of Financial Research, 11, 99–110. https://doi.org/10.1111/j.1475-6803.1988.tb00072.x
  • Flannery, M. (1986). Asymmetric Information and risky debt Maturity Choice. Journal of Finance, 41, 19-37. https://doi.org/10.1111/j.1540-6261.1986.tb04489.x
  • Fazzari, S. M., & Petersen, B. (1993). Working capital and fixed investment: New evidence on financing constraints, Rand Journal of Economics, 24, 328–342.
  • García-Teruel, P.J., & Martínez-Solano, P. (2007). Short term Debt in Spanish SMEs. International Small Business Journal, 25, 579-602. https://doi.org/10.1177/0266242607082523
  • García-Teruel, P.J., & Martínez-Solano, P. (2010). Ownership structure and debt maturity: new evidence from Spain. Review of Quantitative Finance and Accounting, 35, 473–491. https://doi.org/10.1007/s11156-009-0115-1
  • González, V.M. (2009). Estructura de vencimiento de la deuda y riesgo de crédito en las empresas españolas. Universia Business Review, 22, 88-101.
  • González, V.M. (2013). Determinants of debt maturity structure across firm size. Spanish Journal of Finance and Accounting, 42, 187-209. https://doi.org/10.1080/02102412.2013.10779745
  • González, V.M. (2015). The financial crisis and corporate debt maturity: The role of banking structure. Journal of Corporate Finance, 35, 310-328. https://doi.org/10.1016/j.jcorpfin.2015.10.002
  • González, V. M. (2017). Firm and country determinants of debt maturity: New international evidence. International Finance, 20, 256-270. https://doi.org/10.1111/infi.12116
  • Guedes, J., & Opler, T. (1996). The determinants of the maturity of corporate debt issues. Journal of Finance, 51, 1809–1833. https://doi.org/10.2307/2329539
  • Hausman, J. A. (1978). Specification tests in Econometrics. Econometrica, 46, 1251-1271. https://doi.org/10.2307/1913827
  • Huyghebaert, N., & Van de Gucht, L.M. (2007). The Determinants of Financial Structure: New Insights from Business Start-ups. European Financial Management, 13, 101-133. https://doi.org/10.1111/j.1468-036X.2006.00287.x
  • Jensen, M.C., & Meckling, W. (1976). Theory of the firm: managerial behaviour, agency cost and ownership structure. Journal of Financial Economics, 3, 305–360. https://doi.org/10.1016/0304-405X(76)90026-X
  • Kane, A., Marcus, A. J., & McDonald, R. L. (1985). Debt policy and the rate of return premium to leverage. Journal of Financial and Quantitative Analysis, 20, 479-499. https://doi.org/10.2307/2330763
  • López-Gracia, J., & Mestre-Barberá, R. (2015). On the relevance of agency conflicts in SME debt maturity structure. Journal of Small Business Management, 53, 714-734. https://doi.org/10.1111/jsbm.12083
  • Mauer, C.M., & Lewellen, W.G. (1987). Debt management under corporate and personal taxation. Journal of Finance, 42, 1275–1291. https://doi.org/10.1111/j.1540-6261.1987.tb04366.x
  • Modigliani, F., & Miller, M. (1958). The Cost of Capital, Corporation Finance and the Theroy of Investment. American Economic Review, 48, 261-297. https://www.jstor.org/stable/1809766
  • Myers, S. (1977). The Determinants of Corporate Borrowing. Journal of Financial Economics, 5, 147-175. https://doi.org/10.1016/0304-405X(77)90015-0
  • Ozkan, A. (2000). An empirical analysis of corporate debt maturity structure. European Financial Management, 6, 197–212. https://doi.org/10.1111/1468-036X.00120
  • Pettit, R., & Singer, R. (1985). Small business finance: a research agenda. Financial Management, 14, 47–60. https://doi.org/10.2307/3665059
  • Ravid, S.A. (1996). Debt Maturity-A Survey. Financial Markets, Institutions and Instruments, 5(3), 1-69.
  • Scherr, F., & Hulburt H. (2001) . The debt maturity structure of small firms. Financial Management, 30, 85-111. https://doi.org/10.2307/3666392
  • Schmidt, R., & Tyrell, M. (1997). Financial systems, corporate finance and corporate governance. European Financial Management, 3, 333–361. https://doi.org/10.1111/1468-036X.00047
  • Stohs, M.H., & Mauer, D.C. (1996). The determinants of corporate debt maturity structure. Journal of Business, 69, 279–312. https://www.jstor.org/stable/2353370
  • Whited, T. M. (1992). Debt, liquidity constraints, and corporate investment: Evidence from panel data. Journal of Finance, 47, 1425–1460. https://doi.org/10.1111/j.1540-6261.1992.tb04664.x
Fuente de los datos: Dialnet