Management control systems, business financial literacy and financial leverage in business-incubated start-ups

IF 5.5 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review Pub Date : 2024-11-01 DOI:10.1016/j.bar.2024.101427

Roberto Graña-Alvarez , Jacobo Gomez-Conde , Ernesto Lopez-Valeiras , Miguel González-Loureiro

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Abstract

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.

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初创企业的管理控制系统、企业财务知识和财务杠杆作用

企业家管理初创企业的资本结构，使财务风险的承担与其风险偏好相一致。我们重点研究了管理控制系统（MCS）（分为财务和非财务 MCS）如何成为新创企业财务杠杆的决定因素。尤其值得关注的是创业者的财务知识对这种关系的影响。我们结合调查数据和档案数据，对企业孵化期初创企业样本进行了上述关联性测试。我们的结果表明，财务监控控制系统与财务杠杆负相关，与之不同的是，非财务监控控制系统与财务杠杆正相关。创业者的金融素养减轻了这些关联的影响。总之，我们的目的是揭示初创企业如何在承担风险和控制运营之间进行权衡。此外，我们还为有关财务杠杆调整以及管理控制系统和金融知识在管理此类杠杆中的作用的文献增添了新的内容。

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来源期刊

British Accounting Review BUSINESS, FINANCE-

CiteScore

8.60

自引率

3.90%

发文量

审稿时长

76 days

期刊介绍： The British Accounting Review*is pleased to publish original scholarly papers across the whole spectrum of accounting and finance. The journal is eclectic and pluralistic and contributions are welcomed across a wide range of research methodologies (e.g. analytical, archival, experimental, survey and qualitative case methods) and topics (e.g. financial accounting, management accounting, finance and financial management, auditing, public sector accounting, social and environmental accounting; accounting education and accounting history), evidence from UK and non-UK sources are equally acceptable.