RT Journal Article
T1 The influence of CEO’s financial literacy on SMEs technological innovation: the mediating effects of MCS and risk‑taking.
A1 Duréndez, Antonio
A1 Diéguez-Soto, Julio
A1 Madrid-Guijarro, Antonia
K1 Pequeñas y medianas empresas
K1 Educación financiera
AB Previous literature showed mixed results about the impact of CEOs’ financial literacy(CFL) on small and medium-sized enterprises’ (SMEs) innovation. This relationship canbe motivated by relevant variables, which are missing in the previous literature andmake a difference as mediators. In this sense, based on the theoretical frameworkrelated to upper echelon theory and resource-based view, this study focuses on themediating effect of risk-taking attitude and management control systems (MCS) variables.Empirical data from 310 SMEs gathered using a qualitative research questionnaireare analyzed using structural equation modeling methodology. Specifically, estimationsare carried out considering the partial least square method. Findings show that MCSand managers’ risk attitudes fully mediate the relationship between financial literacy(FL) and innovation. Between these two mediating variables, the implementation ofMCS stands out because it also enables the mediating effect of CEOs’ risk-taking in theCFL–technological innovation relationship. As the results do not support the significantdirect relationship between FL and risk attitude, they confirm an indirect effect throughMCS. Furthermore, based on the study findings, SMEs’ directors and owners, businessassociations, and public authorities can improve SMEs’ technological innovation byimplementing training programs and policies to foster CFL. They can also acknowledgethe interdependency between organizational factors and individual characteristics toenhance SMEs’ technological innovation.
PB Springer Nature
YR 2023
FD 2023-01-08
LK https://hdl.handle.net/10630/36400
UL https://hdl.handle.net/10630/36400
LA eng
NO uréndez, A., Dieguez-Soto, J. & Madrid-Guijarro, A. The influence of CEO’s financial literacy on SMEs technological innovation: the mediating effects of MCS and risk-taking. Financ Innov 9, 15 (2023). https://doi.org/10.1186/s40854-022-00414-w
DS RIUMA. Repositorio Institucional de la Universidad de Málaga
RD 21 ene 2026