2026-08-17T12:09:19Zhttps://riubu.ubu.es/oai/request

oai:riubu.ubu.es:10259/94872024-07-26T07:13:52Zcom_10259_3576com_10259.4_2574com_10259.4_106com_10259_2604col_10259_3577

Graña Álvarez, Roberto Gómez Conde, Jacobo Lopez-Valeiras, Ernesto González-Loureiro, Miguel 2024-07-25T12:14:29Z 2024-07-25T12:14:29Z 2024-06 0890-8389 http://hdl.handle.net/10259/9487 10.1016/j.bar.2024.101427 Entrepreneurs manage the capital structure of their start-ups to align the assumption of financial risk with their risk appetite. We focus on the ways in which management control systems (MCS), categorized as financial and non-financial MCS, serve as determinants of financial leverage in start-ups. Of particular interest is the influence of entrepreneurs' financial literacy on this relationship. We test these associations on a sample of business-incubated start-ups by combining survey and archival data. Our results show that financial MCS are negatively associated with financial leverage, unlike non-financial MCS, which are positively related. Entrepreneurs’ financial literacy mitigates the impact of these associations. Overall, our aim is to shed light on how start-ups navigate the trade-off between taking risks and controlling their operations. In addition, we add to the growing literature on the adjustment of financial leverage and the role of MCS and financial literacy in managing such leverage. This publication is part of the project PID2019-104163RA-I00 funded by MICIU/AEI /10.13039/501100011033; and the projects PID2022-139974NB-I00 and PID2022-136983NB-I00 funded by MICIU/AEI/10.13039/501100011033 and by ERDF/EU. We also acknowledge the contribution from FCT –UIDB/04728/2020; Santander Financial Institute; PRICIT (CAM-UAM-Professorship Excellence Program); Fundaci´ on Ram´ on Areces; and the Catedra UAM-Auditores Madrid. application/pdf eng Elsevier The British Accounting Review. 2024, 101427 https://doi.org/10.1016/j.bar.2024.101427 info:eu-repo/grantAgreement/AEI/Plan Estatal de Investigación Científica y Técnica y de Innovación 2017-2020/PID2019-104163RA-I00/ES/CONSECUENCIAS ECONOMICAS E INDIVIDUALES DE LOS SISTEMAS DE CONTABILIDAD Y CONTROL DE GESTION/ info:eu-repo/grantAgreement/AEI/Plan Estatal de Investigación Científica, Técnica y de Innovación 2021-2023/PID2022-139974NB-I00/ES/CONTABILIDAD Y CONTROL DE GESTION EN PEQUEÑAS EMPRESAS Y STARTUPS: IMPLICACIONES EN UN CONTEXTO DE ALTA INCERTIDUMBRE/ info:eu-repo/grantAgreement/AEI/Plan Estatal de Investigación Científica, Técnica y de Innovación 2021-2023/PID2022-136983NB-I00/ES/FUNDAMENTOS MICRO Y MACRO DE LAS RESPUESTAS ORGANIZATIVAS A LOS GRANDES RETOS/ Atribución-NoComercial 4.0 Internacional http://creativecommons.org/licenses/by-nc/4.0/ info:eu-repo/semantics/openAccess Business financial literacy Business-incubated start-ups Financial leverage Management control systems Gestión de empresas Contabilidad Industrial management Accounting Management control systems, business financial literacy and financial leverage in business-incubated start-ups info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion The British Accounting Review 101427