2026-10-13T02:30:05Zhttps://riubu.ubu.es/oai/requestoai:riubu.ubu.es:10259/94872024-07-26T07:13:52Zcom_10259_3576com_10259.4_2574com_10259.4_106com_10259_2604col_10259_3577
Repositorio Institucional de la Universidad de Burgos
author
Graña Álvarez, Roberto
author
Gómez Conde, Jacobo
author
Lopez-Valeiras, Ernesto
author
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.
eng
Atribución-NoComercial 4.0 Internacional
Business financial literacy
Business-incubated start-ups
Financial leverage
Management control systems
Management control systems, business financial literacy and financial leverage in business-incubated start-ups
info:eu-repo/semantics/article
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URL
https://riubu.ubu.es/bitstream/10259/9487/1/1-s2.0-S0890838924001914-main.pdf
File
MD5
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application/pdf
1-s2.0-S0890838924001914-main.pdf