2026-04-27T17:09:18Zhttps://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 d2c3245b-24c8-4e37-be11-3fae1d8511a4 Gómez Conde, Jacobo c845999c-dae5-42ce-b410-fc21ff5c09c7 600 Lopez-Valeiras, Ernesto c1f237ad-4d6a-4859-8525-c07f7d70f220 González-Loureiro, Miguel ff135cf7-603b-4006-b06d-5a8bb69c2132 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 THUMBNAIL 1-s2.0-S0890838924001914-main.pdf.jpg 1-s2.0-S0890838924001914-main.pdf.jpg IM Thumbnail image/jpeg 4828 https://riubu.ubu.es/bitstream/10259/9487/4/1-s2.0-S0890838924001914-main.pdf.jpg 0c85e8376982fcf13b2ea674af1ec30c MD5 4 LICENSE license.txt license.txt text/plain; charset=utf-8 999 https://riubu.ubu.es/bitstream/10259/9487/3/license.txt b295bcbce42e2caabeb0c623d3860c06 MD5 3 CC-LICENSE license_rdf license_rdf application/rdf+xml; charset=utf-8 914 https://riubu.ubu.es/bitstream/10259/9487/2/license_rdf 24013099e9e6abb1575dc6ce0855efd5 MD5 2 ORIGINAL 1-s2.0-S0890838924001914-main.pdf 1-s2.0-S0890838924001914-main.pdf application/pdf 750091 https://riubu.ubu.es/bitstream/10259/9487/1/1-s2.0-S0890838924001914-main.pdf edefc658de238e8818fa387a3151cf08 MD5 1 10259/9487 oai:riubu.ubu.es:10259/9487 2024-07-26 09:13:52.112 Repositorio Institucional de la Universidad de Burgos bubrep@ubu.es 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