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

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

Technology in Society, 2021, vol. 64, issue C

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.

Keywords: Financial literacy; Financial constraints; Technological innovation; SMEs (search for similar items in EconPapers)
JEL-codes: G32 G53 O32 (search for similar items in EconPapers)
Date: 2021
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (12)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:teinso:v:64:y:2021:i:c:s0160791x20313221

DOI: 10.1016/j.techsoc.2020.101519

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