Corporate governance, financing and gender: A study of SMEs from Argentinean Securities Markets

Briozzo, Anahí Eugenia; Albanese, Diana; Santoliquido, Diego

doi:10.1016/j.cya.2017.03.002

Cited by 10 publications

(9 citation statements)

References 21 publications

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“…Berenguer et al (2016) confirm the prudential character of women as owners but find no significant results for women as board members. For Argentina, Briozzo et al (2017) find evidence of relations among different levels of CG and gender diversity. Therefore, we expect that a substitution effect exists between women directors and the of STL, as the control women directors exert replace the monitoring role of STL.…”

Section: Women As Members Of the Board And The Short-term Liabilities Ratiomentioning

confidence: 88%

“…For non-OECD countries, few studies have focussed on the relationship between CG characteristics and DMS, and most of them are based on large public firms: Arslan and Karan (2006) for Turkey; Negash (2012, 2016) for African countries; and Martins et al (2017) for Brazil and Chile, among others. Briozzo et al (2017) studied this relationship for Argentinean SMEs.…”

Section: Ownership Concentration and The Short-term Liabilities Ratiomentioning

confidence: 99%

“…The principal-principal conflict is raised, which arises between the representative manager of the controlling family and other outside investors. The importance of a good CG is that it mitigates conflicts of interest between different participants of a firm and reduces information opacity (Klapper and Love, 2004;Garay and Gonzá lez, 2008;Braga Alves and Shastri, 2011;Briozzo et al, 2017).…”

Section: Ownership Concentration and The Short-term Liabilities Ratiomentioning

confidence: 99%

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Corporate governance attributes and listed SMES’ debt maturity

Briozzo

Cardone‐Riportella

Olalla

2019

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Purpose This paper aims to develop a cross-country analysis of the similarities and differences in the debt maturity structure of listed SMEs from the point of view of corporate governance (CG) attributes in two different economic environments: an OECD (Spain) country and a non-OECD (Argentina) country. Design/methodology/approach Using data from listed SMEs in the Argentinian SME segment (pooled data from 2012 to 2015) and 31 listed SMEs in the Spanish Mercado Alternativo Bursátil for growing firms (MAB_GE)(2014), bivariate and multivariate analyses are performed. Findings Spanish firms with a higher ownership concentration and a large controlling shareholder have higher short-term liabilities (STL) ratios. Participation of women on the board has a negative relation with the STL ratio only for Spain. The participation of corporations in ownership and a Big4 auditor have a negative relation with the STL ratio for both countries. Practical implications These results will help SME managers understand the effects of the application of good governance policies. The study also gives regulators a guideline to develop standards to assist in efficient borrowing in terms of seeking funding in alternative capital markets. Originality/value First, the results provide evidence about the financial impact on the STL ratio of CG attributes in listed SME. Second, as far as the authors know, this is the first paper to analyse the CG attributes of listed SMEs in an OECD country and a non-OECD country. Third, the paper presents CG data derived from an ad hoc basis elaborated from different websites and databases.

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Section: Women As Members Of the Board And The Short-term Liabilities Ratiomentioning

confidence: 88%

Section: Ownership Concentration and The Short-term Liabilities Ratiomentioning

confidence: 99%

Section: Ownership Concentration and The Short-term Liabilities Ratiomentioning

confidence: 99%

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Corporate governance attributes and listed SMES’ debt maturity

Briozzo

Cardone‐Riportella

Olalla

2019

Self Cite

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“…También como afirman Briozzo et al, (2017), las empresas con mujeres en puesto de toma de decisiones tienden a mostrar menos niveles de endeudamiento y ventas relativamente altas. Y el género masculino lleva a un ajuste rápido de la MIPE a través de acceso a créditos (Wellalage & Locke, 2015).…”

Section: Competencias Núcleounclassified

Análisis de las competencias núcleo y el desarrollo empresarial en las MIPES: estudio de caso

Castillo¹,

Santibáñez²,

Chiatchoua³

2021

Rev. CEA

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El documento identifica las competencias núcleo, entendidas como base de la ventaja competitiva, de una muestra de micro y pequeñas empresas de Iztapalapa en la Ciudad de México. Se sigue una doble metodología. Primero, se evalúan atributos de unicidad, colectividad y flexibilidad estratégica de las capacidades; después, se estima un modelo de corte transversal para determinar su contribución en el desarrollo empresarial. Para el sector industrial se establecen a los procesos y compras como competencias núcleo y ventas y marketing para los servicios. Se estima que estas competencias contribuyen a mantener bajos costos, a un rápido ajuste y al aumento de ventas e ingresos en el sector industrial y a la reducción de efectos negativos externos, implicando una pronta respuesta y un incremento de ventas e ingresos en el sector servicios. Los resultados sientan bases para el diseño de políticas de fomento de este grupo de empresas con carácter sectorial a través del impulso de competencias núcleo. Es necesario el diseño de programas de desarrollo de procesos de producción para empresas industriales con la esperanza de que configuren estructuras de costos por debajo del promedio. También es indispensable el diseño de programas de competencias en ventas y marketing para el sector de los servicios que minimicen los efectos negativos de competidores de mayor tamaño.

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“…According to the upper echelons theory (Donald C. Hambrick, 2007), the characteristics of TMT can be able to predict the behavior of enterprise. Generally, gender diversity is supposed to be a crucial characteristic of TMT (Briozzo, Albanese, & Santolíquido, 2017). The team with high gender diversity usually helps the firm trigger beneficial outcomes, such as making great achievement in technology innovation or business model innovation (Triana, Richard, & Su, 2019).…”

Section: Introductionmentioning

confidence: 99%

Threshold effect of gender composition in the top management team on firm innovation: New evidence from China

Huang

2020

Manage Decis Econ

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Whether there is an optimal threshold interval of gender structure of the top management team (hereafter TMT) was determined from the view of maximizing the innovation capacity of the firm. Drawing upon the social role and cognitive theories, the present study applies the panel threshold regression model to reconcile the mixed findings with regard to the relationship between TMT gender composition and enterprise innovation using the data from 187 listed electronic firms in China during the period of 2012–2016. The results indicate that the significant three‐threshold effect does exist with performing the “N” correlation between TMT gender diversity and innovation. The optimal threshold intervals of TMT gender structure in national, coastal, and inland enterprises are [1/4, 3/10], [1/5, 1/3], and [1/10, 1/6], respectively.

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Corporate governance, financing and gender: A study of SMEs from Argentinean Securities Markets

Abstract: Gobierno corporativo, financiamiento y género: un estudio de las pymes emisoras de títulos en los mercados de valores argentinos

Cited by 10 publications

References 21 publications

Corporate governance attributes and listed SMES’ debt maturity

Corporate governance attributes and listed SMES’ debt maturity

Análisis de las competencias núcleo y el desarrollo empresarial en las MIPES: estudio de caso

Threshold effect of gender composition in the top management team on firm innovation: New evidence from China

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