Publication: Debt maturity in Spanish small business startups
Authors
Blasco Leante, José Enrique ; Baños-Caballero, Sonia ; García-Teruel, Pedro J.
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Publisher
Universidad de Murcia, Servicio de Publicaciones
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DOI
https://doi.org/10.6018/rcsar.487681
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info:eu-repo/semantics/article
Description
Abstract
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.
This article studies debt maturity in startup firms. Specifically, it analyzes whether the maturity of the debt of these firms is different from that of older firms. It also studies whether these possible differences are maintained during periods of financial crisis. To this end, we use a sample of small Spanish firms during the period 2011-2020. The results indicate that new or recently created firms have debt with shorter maturities. This could be explained by the greater agency problems and information asymmetries that these firms face. Moreover, we observe that this result is maintained during periods of financial crisis.
This article studies debt maturity in startup firms. Specifically, it analyzes whether the maturity of the debt of these firms is different from that of older firms. It also studies whether these possible differences are maintained during periods of financial crisis. To this end, we use a sample of small Spanish firms during the period 2011-2020. The results indicate that new or recently created firms have debt with shorter maturities. This could be explained by the greater agency problems and information asymmetries that these firms face. Moreover, we observe that this result is maintained during periods of financial crisis.
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Citation
Revista de Contabilidad - Spanish Accounting Review, V. 27, N. 2, 2024
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