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International Small Business Journal
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Short-term Debt in Spanish SMEs

Pedro J. García-Teruel

University of Murcia, Spain, pjteruel{at}um.es

Pedro Martínez-Solano

University of Murcia, Spain, pmsolano{at}um.es

This article analyses the debt maturity structure of small and medium-sized firms in terms of the risk and return trade-off associated with the use of short-term loans. The sample covers 11,533 small and medium-sized Spanish manufacturing firms over the period from 1997 to 2001.The results show that short-term loans are more common in firms with greater financial strength, greater financial flexibility, and major growth options, and when the interest cost differential between short- and long-term loans is more pronounced. Additionally, the size of the firm seems to have an influence on the level of short-term loans; short-term borrowing levels are higher in the smaller firms.

Key Words: debt maturity • financial flexibility • financial solvency • SMEs

International Small Business Journal, Vol. 25, No. 6, 579-602 (2007)
DOI: 10.1177/0266242607082523
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