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Analysing the roles of CEO's financial literacy and financial constraints on Spanish SMEs technological innovation

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  • García-Pérez-de-Lema, Domingo
  • Ruiz-Palomo, Daniel
  • Diéguez-Soto, Julio

Abstract

Drawing on human capital and upper echelons theories, this study analyses how CEO's financial literacy influences a firm's technological innovation and investigates the mediating role of alleviating financial constraints of Small and Medium-sized Enterprises (SMEs) in the former relationship. We develop and test hypotheses applying a Structural Equation Model to a sample of 310 Spanish SMEs. The results show that CEO's financial literacy exerts both a direct and an indirect impact, through alleviating financial constraints, on a firm's technological innovation.

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  • García-Pérez-de-Lema, Domingo & Ruiz-Palomo, Daniel & Diéguez-Soto, Julio, 2021. "Analysing the roles of CEO's financial literacy and financial constraints on Spanish SMEs technological innovation," Technology in Society, Elsevier, vol. 64(C).
    • Handle: RePEc:eee:teinso:v:64:y:2021:i:c:s0160791x20313221
    DOI: 10.1016/j.techsoc.2020.101519
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    More about this item

    Keywords

    Financial literacy; Financial constraints; Technological innovation; SMEs;
    All these keywords.

    JEL classification:

    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D
    • G53 - Financial Economics - - Household Finance - - - Financial Literacy
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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