Titulo:
Consumo de seguros en las pequeñas empresas españolas: el papel de la alfabetización financiera de la persona empresaria
.
Sumario:
Las micro y pequeñas empresas (mypes) desempeñan un papel clave en la generación de empleo, la innovación y el crecimiento económico. Sin embargo, son también las empresas que presentan menor capacidad de resiliencia ante situaciones adversas y mayores dificultades para acceder a las pólizas de seguros. El presente artículo tiene como objetivo analizar si la alfabetización financiera (AF) de la persona gestora o propietaria de la empresa se asocia con el consumo de seguros por parte de esta. Este artículo emplea una metodología cuantitativa basada en una muestra de más de 1.100 mypes españolas, obtenida de la primera edición de la Encuesta de Competencias Financieras en las Pequeñas Empresas, correspondiente al año 2021. En particular, se a... Ver más
Guardado en:
2248-6046
2011-7663
17
2025-02-18
1
31
http://purl.org/coar/access_right/c_abf2
info:eu-repo/semantics/openAccess
Esta obra está bajo una licencia internacional Creative Commons Atribución-NoComercial-CompartirIgual 4.0.
Marcos Álvarez-Espiño, Sara Fernández-López, Lucía Rey-Ares - 2025
| id |
metarevistapublica_ucatolica_revistafinanzasypoliticaeconomica_16-article-6041 |
|---|---|
| record_format |
ojs |
| spelling |
Consumo de seguros en las pequeñas empresas españolas: el papel de la alfabetización financiera de la persona empresaria Liebenberg, A. P., Carson, J. M. & Dumm, R. E. (2012). A dynamic analysis of the demand for life insurance. Journal of Risk and Insurance, 79(3), pp. 619-644. https://doi.org/10.1111/j.1539-6975.2011.01454.x Muriithi, S. (2017). African Small and Medium Enterprises (SMEs) contributions, challenges and solutions. European Journal of Research and Reflection in Management Sciences, 5(1), 36-48. https://www.idpublications.org/wp-content/uploads/2017/01/Full-Paper-AFRICAN-SMALL-ANDMEDIUM-ENTERPRISES-SMES-CONTRIBUTIONS-CHALLENGES.pdf Molina-García, A., Diéguez-Soto, J., Galache-Laza, M. T. & Campos-Valenzuela, M. (2022). Financial literacy in SMEs: A bibliometric analysis and a systematic literature review of an emerging research field. Review of Managerial Science, 17, 787-826. https://doi.org/10.1007/s11846-022-00556-2 Mikušová, M. & Horváthová, P. (2023). Are small businesses better prepared for crises? Czech case. Journal of Contingencies and Crisis Management, 31(1), 61-76. https://doi.org/10.1111/1468-5973.12406 Mayers, D. & Smith, Jr., C. W. (1982). On the corporate demand for insurance. The Journal of Business, 55(2), 281-296. https://www.jstor.org/stable/2352704 Mayers, D. & Clifford W.S., Jr. (1987). Corporate insurance and the underinvestment problem. Journal of Risk and Insurance, 54(1),45-54. https://doi.org/10.2307/252881 Maudos, J. (2013). Las restricciones financieras de las Pymes Españolas: La importancia del crédito bancario. Cuadernos de Información Económica, 232, 9-20. https://www.funcas.es/wp-content/uploads/Migracion/Articulos/FUNCAS_CIE/232art03.pdf Mare, C., Laura Dragoș, S., Dragotă, I. M. & Dragoș, C. M. (2019). Insurance literacy and spatial diffusion in the life insurance market: A subnational approach in romania. Eastern European Economics, 57(5), 375-396. https://doi.org/10.1080/00128775.2019.1618194 Lusardi, A., Hasler, A. & Yakoboski, P. J. (2021). Building up financial literacy and financial resilience. Mind & Society, 20, 181-187. https://doi.org/10.1007/s11299-020-00246-0 Luciano, E., Rossi, M. & Sansone, D. (2015). Financial Inclusion and Life Insurance Demand: Evidence from Italian Households. https://doi.org/10.2139/ssrn.2706615 Lin, C., Hsiao, Y. J. & Yeh, C. Y. (2017). Financial literacy, financial advisors, and information sources on demand for life insurance. Pacific-Basin Finance Journal, 43,218-237. https://doi.org/10.1016/j.pacfin.2017.04.002 Kotzè, L. & Smit, A. (2008). Personal financial literacy and personal debt management: the potential relationships with new venture creation. South African Journal of Entrepreneurship and Small Business Management, 1(1), 35-50. https://doi.org/10.4102/sajesbm.v1i1.11 OCDE (2021). G20/OECD-INFE Report Navigating the Storm: MSMEs’ financial and digital competencies in COVID-19 times. https://www.oecd.org/finance/navigating-the-storm-MSMEs-financial-and-digitalcompetencies-in-COVID-19-times.htm Klapper, L. F., Lusardi, A. & Panos, G. A. (2012). Financial literacy and the financial crisis (Working paper 17930). National Bureau of Economic Research. https://doi.org/10.3386/w17930 Kim, Y. & Vonortas, N. S. (2014). Managing risk in the formative years: Evidence from young enterprises in Europe. Technovation, 34(8), 454-465. https://doi.org/10.1016/j.technovation.2014.05.004 Johnson, E. & Sherraden, M. S. (2007). From financial literacy to financial capability among youth. Journal of Sociology and Social Welfare, 34(3), 119-145. https://scholarworks.wmich.edu/jssw/vol34/iss3/7 Hair, J., Anderson, R., Tatham, R. & Black, W. (1998). Multivariate analysis (4th ed.). Prentice Hall International. Guzmán-Soria, E., de la Garza-Carranza, M. T., García-Salazar, J. A., Hernández-Martínez, J. & Rebollar-Rebollar, S. (2020). Análisis de productividad y eficiencia de las MIPYMES en México. Journal of Globalization, Competitiveness and Governability, 14(2), 69-83. https://doi.org/10.3232/GCG.2020.V14.N2.03 Graña-Álvarez, R., López-Valeiras, E., González-Loureiro, M. & Coronado, F. (2024). Financial literacy in SMEs: A systematic literature review and a framework for further inquiry. Journal of Small Business Management, 62(1), 1-50. https://doi.org/10.1080/00472778.2022.2051176 Goel, A. M. & Thakor, A. V. (2008). Overconfidence, CEO selection, and corporate governance. Journal of Finance, 63,2737-2784. https://doi.org/10.1111/j.1540-6261.2008.01412.x Gibson, H. (2008). Ideology, instrumentality and economics education: On the secretion of values within philanthropy, financial capability and enterprise education in English schools. International Review of Economics Education, 7(2), 57-78. https://doi.org/10.1016/S1477-3880(15)30089-X García-Pérez-de-Lema, D., Ruiz-Palomo, D. & Diéguez-Soto, J. (2021). Analysing the roles of CEO's financial literacy and financial constraints on Spanish SMEs technological innovation. Technology in Society, 64, 101519. https://doi.org/10.1016/j.techsoc.2020.101519 Fernandes, D., Lynch, J. G., Jr. & Netemeyer, R. G. (2014). Financial literacy, financial education and downstream financial behaviors. Management Science, 60(8),1861-1883. https://doi.org/10.1287/mnsc.2013.1849 OCDE (2008). Enhancing the role of SMEs in GVCs. https://citeseerx.ist.psu.edu/vie wdoc/download?doi=10.1.1.645.2369 Owusu, J., Ismail, M. bin, Osman, M. H. B. M. & Kuan, G. (2019). Financial literacy as a moderator linking financial resource availability and SME growth in Ghana. Investment Management and Financial Innovations, 16(1), 154-166. https://doi.org/10.21511/imfi.16(1).2019.12 Eniola, A. A. & Entebang, H. (2017). SME managers and financial literacy. Global Business Review, 18(3), 559-576. https://doi.org/10.1177/0972150917692063 Usama, K. M. & Yusoff, W. F. (2019). The impact of financial literacy on business performance. International Journal of Research and Innovation in Social Science, 3(10), 84-91. https://www.rsisinternational.org/journals/ijriss/Digital-Library/volume-3-issue-10/84-91.pdf Text http://purl.org/coar/access_right/c_abf2 info:eu-repo/semantics/openAccess http://purl.org/coar/version/c_970fb48d4fbd8a85 info:eu-repo/semantics/publishedVersion http://purl.org/redcol/resource_type/ART http://purl.org/coar/resource_type/c_2df8fbb1 http://purl.org/coar/resource_type/c_6501 info:eu-repo/semantics/article Wang, H., Zhang, D., Guariglia, A. & Fan, G.Z. (2021). Growing out of the growing pain’: Financial literacy and life insurance demand in China. Pacific-Basin Finance Journal, 66, 101459. https://doi.org/10.1016/j.pacfin.2020.101459 Tuffour, J. K., Amoako, A. A. & Amartey, E. O. (2022). Assessing the effect of financial literacy among managers on the performance of small-scale enterprises. Global Business Review, 23(5), 1200-1217. https://doi.org/10.1177/0972150919899753 Penrose E. T. (1995). The Theory of the Growth of the Firm. Oxford: Oxford Academic. https://doi.org/10.1093/0198289774.001.0001 Timmons, J. A., Spinelli, S. & Tan, Y. (2004). New venture creation: Entrepreneurship for the 21st century (vol. 6). McGraw-Hill. Tang, N. & Baker, A. (2016). Self-esteem, financial knowledge and financial behavior. Journal of Economic Psychology, 54, 164-176. https://doi.org/10.1016/j.joep.2016.04.005 Stahl, U. (2023). Distant relations: Business interruption insurance and business closure insurance. The Geneva Papers on Risk and Insurance-Issues and Practice, 48(3), 630-640. https://doi.org/10.1057/s41288-023-00303-y Simon, H. A. (2000). Bounded rationality in social science: Today and tomorrow. Mind & Society, 1(1), 25-39. https://doi.org/10.1007/BF02512227 Simon, H. A. (1956). Rational choice and the structure of the environment. Psychological Review, 63(2), 129-138. https://doi.org/10.1037/h0042769 Shinozaki, S. (2016). Financing SMEs in global value chains. En Integrating SMEs into global value chains: Challenges and policy actions in Asia (pp. 67-100). Brookings Institutions Press. https://www.jstor.org/stable/10.7864/j.ctt1dgn5z1 Schumpeter, J. (1934). The Theory of Economic Development. Harvard University Press Russo, P. F., Galotto, L. & Rampazzi, C. (2022). The Financial literacy of micro-entrepreneurs: Evidence from Italy. Banca d’Italia. Economic Research and International Relations Area (Working paper 727). https://www.bancaditalia.it/pubblicazioni/qef/2022-0727/QEF_727_22.pdf?language_id=1 Ricci, O. & Santilli, G. (2024). Exploring the link between financial literacy and business interruption insurance: Evidence from Italian micro-enterprises. The Geneva Papers on Risk and Insurance-Issues and Practice, 49, 663-681. https://doi.org/10.1057/s41288-024-00312-5 Remund, D. L. (2010). Financial literacy explicated: The case for a clearer definition in an increasingly complex economy. Journal of Consumer Affairs, 44(2), 276-295. https://doi.org/10.1111/j.1745-6606.2010.01169.x Falkner, E. M. & Hiebl, M. R. (2015). Risk management in SMEs: A systematic review of available evidence. The Journal of Risk Finance, 16(2), 122-144. https://doi.org/10.1108/JRF-06-2014-0079 Dixon, M. (2006). Rethinking financial capability. Lessons from economic psychology and behavioural finance. Norwich Union. https://ippr-org.files.svdcdn.com/production/Downloads/financial_capabilities_1515.pdf Dionne, G. (2013). Risk management: History, definition, and critique. Risk Management andInsurance Review, 16(2),147-166. https://doi.org/10.1111/rmir.12016 17 https://creativecommons.org/licenses/by-nc-sa/4.0 Español Revista Finanzas y Política Económica Universidad Católica de Colombia application/pdf Artículo de revista España Esta obra está bajo una licencia internacional Creative Commons Atribución-NoComercial-CompartirIgual 4.0. micro y pequeñas empresas alfabetización financiera seguros empresariales Rey-Ares, Lucía Fernández-López, Sara Álvarez-Espiño, Marcos Las micro y pequeñas empresas (mypes) desempeñan un papel clave en la generación de empleo, la innovación y el crecimiento económico. Sin embargo, son también las empresas que presentan menor capacidad de resiliencia ante situaciones adversas y mayores dificultades para acceder a las pólizas de seguros. El presente artículo tiene como objetivo analizar si la alfabetización financiera (AF) de la persona gestora o propietaria de la empresa se asocia con el consumo de seguros por parte de esta. Este artículo emplea una metodología cuantitativa basada en una muestra de más de 1.100 mypes españolas, obtenida de la primera edición de la Encuesta de Competencias Financieras en las Pequeñas Empresas, correspondiente al año 2021. En particular, se aplican estimaciones probit binarias y ordenadas que revelan una relación positiva entre los comportamientos financieramente inteligentes de la persona empresaria y el uso de seguros empresariales. Marcos Álvarez-Espiño, Sara Fernández-López, Lucía Rey-Ares - 2025 https://revfinypolecon.ucatolica.edu.co/article/view/6041 Publication Anghel, B., Lacuesta Gabarain, A. & Tagliati, F. (2021). Encuesta de Competencias Financieras en las Pequeñas Empresas 2021: Principales resultados. Documentos Ocasionales/Banco de España, 2129. https://repositorio.bde.es/handle/123456789/19236 Barney, J. B. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99-120. https://doi.org/10.1177/014920639101700108 Atkinson, A., Mckay, S., Collard, S. & Kempson, E. (2007). Levels of financial capability in the UK. Public Money and Management, 27(1), 29-36. https://doi.org/10.1111/j.1467-9302.2007.00552.x Bateman, H., Gerrans, P., Thorp, S. & Zeng, Y. (2020). Life insurance: Decision states, financial literacy, and the role of personal values. Netspar Academic Series. https://www.netspar.nl/wp-content/uploads/P20200125_DP001_Thorp.pdf Baumol, W. J. & Strom, R. J. (2007). Entrepreneurship and economic growth. Strategic entrepreneurship journal, 1(3-4), 233-237. https://doi.org/10.1002/sej.26 Berger, A. N. & Udell, G. F. (2006). A more complete conceptual framework for SME finance. Journal of Banking & Finance, 30(11), 2945-2966. https://doi.org/10.1016/j.jbankfin.2006.05.008 Bruhn, M. & Zia, B. (2011). Stimulating managerial capital in emerging markets: The impact of business and financial literacy for young entrepreneurs. World Bank Policy Research (Working Paper 5642). https://documents1.worldbank.org/curated/en/737211468139183866/pdf/WPS5642.pdf Atkinson, A. (2017). Financial education for MSMEs and potential entrepreneurs. OECD Working Papers on Finance, Insurance and Private Pensions, 43. https://doi.org/10.1787/20797117 Asai, Y. (2019). Why do small and medium enterprises (SMEs) demand property liability insurance? Journal of Banking and Finance, 106, 298-304. https://doi.org/10.1016/j.jbankfin.2019.07.012 Brustbauer, J. (2014). Enterprise risk management in SMEs: Towards a structural model. International Small Business Journal, 34(1), 70-85. https://doi.org/10.1177/0266242614542853 Cesgar (2022). XI Informe sobre la Financiación de la pyme en España: Resultados anuales de 2021. Cesgar. https://www.cesgar.es/wp-content/uploads/2022/05/XI-Informe-financiacion-de-la-pyme.-Resultados-2021_VF.pdf Coronel-Pangol, K., Orden-Cruz, C. & Paule-Vianez, J. (2022). Bibliometric analysis of alternative financing for entrepreneurship. Management Letters / Cuadernos de Gestión, 22(2), 167-182. https://doi.org/10.5295/cdg.211559kc de Araújo Lima, P. F., Crema, M. & Verbano, C. (2020). Risk management in SMEs: A systematic literature review and future directions. European Management Journal, 38(1), 78-94. https://doi.org/10.1016/j.emj.2019.06.005 Alperovych, Y., Calcagno, R. & Lentz, M. (2023). Entrepreneurs on their financial literacy: evidence from the Netherlands. Venture Capital, 26(4), 377-400. https://doi.org/10.1080/13691066.2023.2234078 Allgood, S. & Walstad, W. B. (2016). The effects of perceived and actual financial literacy on financial behaviors. Economic Inquiry, 54(1), 675-697. https://doi.org/10.1111/ecin.12255 Adomako, S., Danso, A. & Ofori Damoah, J. (2016). The moderating influence of financial literacy on the relationship between access to finance and firm growth in Ghana. Venture Capital, 18(1), 43-61. https://doi.org/10.1080/13691066.2015.1079952 Acs, Z. J., Stam, E., Audretsch, D. B. & O’Connor, A. (2017). The lineages of the entrepreneurial ecosystem approach. Small Business Economics, 49, 1-10. https://doi.org/10.1007/s11187-017-9864-8 financial literacy Micro and small enterprises (MSEs) play a key role injob creation, innovation, and economic growth. However, they are also the businesses with the least resilience to adverse situations and face greater difficulties in accessing insurance policies. The aim of this article is to analyze whether the financial literacy (FL) of the business owner or manager is associated with the consumption of insurance by the business. This article uses a quantitative methodology based on a sample of over 1,100 Spanish MSEs, obtained from the first edition of the Survey on Financial Competencies in Small Businesses, conducted in 2021. In particular, binary and ordered probit estimations are applied, revealing a positive relationship between the financially savvy behaviors of the business owner and the use of business insurance. business insurance Journal article micro and small enterprises Spain Insurance Consumption in Spanish Small Businesses: The Role of Financial Literacy of the Business Owner https://revfinypolecon.ucatolica.edu.co/article/download/6041/5718 1 2025-02-18T18:42:19Z 2025-02-18T18:42:19Z 2025-02-18 2248-6046 2011-7663 10.14718/revfinanzpolitecon.v17.2025.3 https://doi.org/10.14718/revfinanzpolitecon.v17.2025.3 31 |
| institution |
UNIVERSIDAD CATÓLICA DE COLOMBIA |
| thumbnail |
https://nuevo.metarevistas.org/UNIVERSIDADCATOLICADECOLOMBIA/logo.png |
| country_str |
Colombia |
| collection |
Revista Finanzas y Política Económica |
| title |
Consumo de seguros en las pequeñas empresas españolas: el papel de la alfabetización financiera de la persona empresaria |
| spellingShingle |
Consumo de seguros en las pequeñas empresas españolas: el papel de la alfabetización financiera de la persona empresaria Rey-Ares, Lucía Fernández-López, Sara Álvarez-Espiño, Marcos España micro y pequeñas empresas alfabetización financiera seguros empresariales financial literacy business insurance micro and small enterprises Spain |
| title_short |
Consumo de seguros en las pequeñas empresas españolas: el papel de la alfabetización financiera de la persona empresaria |
| title_full |
Consumo de seguros en las pequeñas empresas españolas: el papel de la alfabetización financiera de la persona empresaria |
| title_fullStr |
Consumo de seguros en las pequeñas empresas españolas: el papel de la alfabetización financiera de la persona empresaria |
| title_full_unstemmed |
Consumo de seguros en las pequeñas empresas españolas: el papel de la alfabetización financiera de la persona empresaria |
| title_sort |
consumo de seguros en las pequeñas empresas españolas: el papel de la alfabetización financiera de la persona empresaria |
| title_eng |
Insurance Consumption in Spanish Small Businesses: The Role of Financial Literacy of the Business Owner |
| description |
Las micro y pequeñas empresas (mypes) desempeñan un papel clave en la generación de empleo, la innovación y el crecimiento económico. Sin embargo, son también las empresas que presentan menor capacidad de resiliencia ante situaciones adversas y mayores dificultades para acceder a las pólizas de seguros. El presente artículo tiene como objetivo analizar si la alfabetización financiera (AF) de la persona gestora o propietaria de la empresa se asocia con el consumo de seguros por parte de esta. Este artículo emplea una metodología cuantitativa basada en una muestra de más de 1.100 mypes españolas, obtenida de la primera edición de la Encuesta de Competencias Financieras en las Pequeñas Empresas, correspondiente al año 2021. En particular, se aplican estimaciones probit binarias y ordenadas que revelan una relación positiva entre los comportamientos financieramente inteligentes de la persona empresaria y el uso de seguros empresariales.
|
| description_eng |
Micro and small enterprises (MSEs) play a key role injob creation, innovation, and economic growth. However, they are also the businesses with the least resilience to adverse situations and face greater difficulties in accessing insurance policies. The aim of this article is to analyze whether the financial literacy (FL) of the business owner or manager is associated with the consumption of insurance by the business. This article uses a quantitative methodology based on a sample of over 1,100 Spanish MSEs, obtained from the first edition of the Survey on Financial Competencies in Small Businesses, conducted in 2021. In particular, binary and ordered probit estimations are applied, revealing a positive relationship between the financially savvy behaviors of the business owner and the use of business insurance.
|
| author |
Rey-Ares, Lucía Fernández-López, Sara Álvarez-Espiño, Marcos |
| author_facet |
Rey-Ares, Lucía Fernández-López, Sara Álvarez-Espiño, Marcos |
| topicspa_str_mv |
España micro y pequeñas empresas alfabetización financiera seguros empresariales |
| topic |
España micro y pequeñas empresas alfabetización financiera seguros empresariales financial literacy business insurance micro and small enterprises Spain |
| topic_facet |
España micro y pequeñas empresas alfabetización financiera seguros empresariales financial literacy business insurance micro and small enterprises Spain |
| citationvolume |
17 |
| publisher |
Universidad Católica de Colombia |
| ispartofjournal |
Revista Finanzas y Política Económica |
| source |
https://revfinypolecon.ucatolica.edu.co/article/view/6041 |
| language |
Español |
| format |
Article |
| rights |
http://purl.org/coar/access_right/c_abf2 info:eu-repo/semantics/openAccess https://creativecommons.org/licenses/by-nc-sa/4.0 Esta obra está bajo una licencia internacional Creative Commons Atribución-NoComercial-CompartirIgual 4.0. Marcos Álvarez-Espiño, Sara Fernández-López, Lucía Rey-Ares - 2025 |
| references |
Liebenberg, A. P., Carson, J. M. & Dumm, R. E. (2012). A dynamic analysis of the demand for life insurance. Journal of Risk and Insurance, 79(3), pp. 619-644. https://doi.org/10.1111/j.1539-6975.2011.01454.x Muriithi, S. (2017). African Small and Medium Enterprises (SMEs) contributions, challenges and solutions. European Journal of Research and Reflection in Management Sciences, 5(1), 36-48. https://www.idpublications.org/wp-content/uploads/2017/01/Full-Paper-AFRICAN-SMALL-ANDMEDIUM-ENTERPRISES-SMES-CONTRIBUTIONS-CHALLENGES.pdf Molina-García, A., Diéguez-Soto, J., Galache-Laza, M. T. & Campos-Valenzuela, M. (2022). Financial literacy in SMEs: A bibliometric analysis and a systematic literature review of an emerging research field. Review of Managerial Science, 17, 787-826. https://doi.org/10.1007/s11846-022-00556-2 Mikušová, M. & Horváthová, P. (2023). Are small businesses better prepared for crises? Czech case. Journal of Contingencies and Crisis Management, 31(1), 61-76. https://doi.org/10.1111/1468-5973.12406 Mayers, D. & Smith, Jr., C. W. (1982). On the corporate demand for insurance. The Journal of Business, 55(2), 281-296. https://www.jstor.org/stable/2352704 Mayers, D. & Clifford W.S., Jr. (1987). Corporate insurance and the underinvestment problem. Journal of Risk and Insurance, 54(1),45-54. https://doi.org/10.2307/252881 Maudos, J. (2013). Las restricciones financieras de las Pymes Españolas: La importancia del crédito bancario. Cuadernos de Información Económica, 232, 9-20. https://www.funcas.es/wp-content/uploads/Migracion/Articulos/FUNCAS_CIE/232art03.pdf Mare, C., Laura Dragoș, S., Dragotă, I. M. & Dragoș, C. M. (2019). Insurance literacy and spatial diffusion in the life insurance market: A subnational approach in romania. Eastern European Economics, 57(5), 375-396. https://doi.org/10.1080/00128775.2019.1618194 Lusardi, A., Hasler, A. & Yakoboski, P. J. (2021). Building up financial literacy and financial resilience. Mind & Society, 20, 181-187. https://doi.org/10.1007/s11299-020-00246-0 Luciano, E., Rossi, M. & Sansone, D. (2015). Financial Inclusion and Life Insurance Demand: Evidence from Italian Households. https://doi.org/10.2139/ssrn.2706615 Lin, C., Hsiao, Y. J. & Yeh, C. Y. (2017). Financial literacy, financial advisors, and information sources on demand for life insurance. Pacific-Basin Finance Journal, 43,218-237. https://doi.org/10.1016/j.pacfin.2017.04.002 Kotzè, L. & Smit, A. (2008). Personal financial literacy and personal debt management: the potential relationships with new venture creation. South African Journal of Entrepreneurship and Small Business Management, 1(1), 35-50. https://doi.org/10.4102/sajesbm.v1i1.11 OCDE (2021). G20/OECD-INFE Report Navigating the Storm: MSMEs’ financial and digital competencies in COVID-19 times. https://www.oecd.org/finance/navigating-the-storm-MSMEs-financial-and-digitalcompetencies-in-COVID-19-times.htm Klapper, L. F., Lusardi, A. & Panos, G. A. (2012). Financial literacy and the financial crisis (Working paper 17930). National Bureau of Economic Research. https://doi.org/10.3386/w17930 Kim, Y. & Vonortas, N. S. (2014). Managing risk in the formative years: Evidence from young enterprises in Europe. Technovation, 34(8), 454-465. https://doi.org/10.1016/j.technovation.2014.05.004 Johnson, E. & Sherraden, M. S. (2007). From financial literacy to financial capability among youth. Journal of Sociology and Social Welfare, 34(3), 119-145. https://scholarworks.wmich.edu/jssw/vol34/iss3/7 Hair, J., Anderson, R., Tatham, R. & Black, W. (1998). Multivariate analysis (4th ed.). Prentice Hall International. Guzmán-Soria, E., de la Garza-Carranza, M. T., García-Salazar, J. A., Hernández-Martínez, J. & Rebollar-Rebollar, S. (2020). Análisis de productividad y eficiencia de las MIPYMES en México. Journal of Globalization, Competitiveness and Governability, 14(2), 69-83. https://doi.org/10.3232/GCG.2020.V14.N2.03 Graña-Álvarez, R., López-Valeiras, E., González-Loureiro, M. & Coronado, F. (2024). Financial literacy in SMEs: A systematic literature review and a framework for further inquiry. Journal of Small Business Management, 62(1), 1-50. https://doi.org/10.1080/00472778.2022.2051176 Goel, A. M. & Thakor, A. V. (2008). Overconfidence, CEO selection, and corporate governance. Journal of Finance, 63,2737-2784. https://doi.org/10.1111/j.1540-6261.2008.01412.x Gibson, H. (2008). Ideology, instrumentality and economics education: On the secretion of values within philanthropy, financial capability and enterprise education in English schools. International Review of Economics Education, 7(2), 57-78. https://doi.org/10.1016/S1477-3880(15)30089-X García-Pérez-de-Lema, D., Ruiz-Palomo, D. & Diéguez-Soto, J. (2021). Analysing the roles of CEO's financial literacy and financial constraints on Spanish SMEs technological innovation. Technology in Society, 64, 101519. https://doi.org/10.1016/j.techsoc.2020.101519 Fernandes, D., Lynch, J. G., Jr. & Netemeyer, R. G. (2014). Financial literacy, financial education and downstream financial behaviors. Management Science, 60(8),1861-1883. https://doi.org/10.1287/mnsc.2013.1849 OCDE (2008). Enhancing the role of SMEs in GVCs. https://citeseerx.ist.psu.edu/vie wdoc/download?doi=10.1.1.645.2369 Owusu, J., Ismail, M. bin, Osman, M. H. B. M. & Kuan, G. (2019). Financial literacy as a moderator linking financial resource availability and SME growth in Ghana. Investment Management and Financial Innovations, 16(1), 154-166. https://doi.org/10.21511/imfi.16(1).2019.12 Eniola, A. A. & Entebang, H. (2017). SME managers and financial literacy. Global Business Review, 18(3), 559-576. https://doi.org/10.1177/0972150917692063 Usama, K. M. & Yusoff, W. F. (2019). The impact of financial literacy on business performance. International Journal of Research and Innovation in Social Science, 3(10), 84-91. https://www.rsisinternational.org/journals/ijriss/Digital-Library/volume-3-issue-10/84-91.pdf Wang, H., Zhang, D., Guariglia, A. & Fan, G.Z. (2021). Growing out of the growing pain’: Financial literacy and life insurance demand in China. Pacific-Basin Finance Journal, 66, 101459. https://doi.org/10.1016/j.pacfin.2020.101459 Tuffour, J. K., Amoako, A. A. & Amartey, E. O. (2022). Assessing the effect of financial literacy among managers on the performance of small-scale enterprises. Global Business Review, 23(5), 1200-1217. https://doi.org/10.1177/0972150919899753 Penrose E. T. (1995). The Theory of the Growth of the Firm. Oxford: Oxford Academic. https://doi.org/10.1093/0198289774.001.0001 Timmons, J. A., Spinelli, S. & Tan, Y. (2004). New venture creation: Entrepreneurship for the 21st century (vol. 6). McGraw-Hill. Tang, N. & Baker, A. (2016). Self-esteem, financial knowledge and financial behavior. Journal of Economic Psychology, 54, 164-176. https://doi.org/10.1016/j.joep.2016.04.005 Stahl, U. (2023). Distant relations: Business interruption insurance and business closure insurance. The Geneva Papers on Risk and Insurance-Issues and Practice, 48(3), 630-640. https://doi.org/10.1057/s41288-023-00303-y Simon, H. A. (2000). Bounded rationality in social science: Today and tomorrow. Mind & Society, 1(1), 25-39. https://doi.org/10.1007/BF02512227 Simon, H. A. (1956). Rational choice and the structure of the environment. Psychological Review, 63(2), 129-138. https://doi.org/10.1037/h0042769 Shinozaki, S. (2016). Financing SMEs in global value chains. En Integrating SMEs into global value chains: Challenges and policy actions in Asia (pp. 67-100). Brookings Institutions Press. https://www.jstor.org/stable/10.7864/j.ctt1dgn5z1 Schumpeter, J. (1934). The Theory of Economic Development. Harvard University Press Russo, P. F., Galotto, L. & Rampazzi, C. (2022). The Financial literacy of micro-entrepreneurs: Evidence from Italy. Banca d’Italia. Economic Research and International Relations Area (Working paper 727). https://www.bancaditalia.it/pubblicazioni/qef/2022-0727/QEF_727_22.pdf?language_id=1 Ricci, O. & Santilli, G. (2024). Exploring the link between financial literacy and business interruption insurance: Evidence from Italian micro-enterprises. The Geneva Papers on Risk and Insurance-Issues and Practice, 49, 663-681. https://doi.org/10.1057/s41288-024-00312-5 Remund, D. L. (2010). Financial literacy explicated: The case for a clearer definition in an increasingly complex economy. Journal of Consumer Affairs, 44(2), 276-295. https://doi.org/10.1111/j.1745-6606.2010.01169.x Falkner, E. M. & Hiebl, M. R. (2015). Risk management in SMEs: A systematic review of available evidence. The Journal of Risk Finance, 16(2), 122-144. https://doi.org/10.1108/JRF-06-2014-0079 Dixon, M. (2006). Rethinking financial capability. Lessons from economic psychology and behavioural finance. Norwich Union. https://ippr-org.files.svdcdn.com/production/Downloads/financial_capabilities_1515.pdf Dionne, G. (2013). Risk management: History, definition, and critique. Risk Management andInsurance Review, 16(2),147-166. https://doi.org/10.1111/rmir.12016 Anghel, B., Lacuesta Gabarain, A. & Tagliati, F. (2021). Encuesta de Competencias Financieras en las Pequeñas Empresas 2021: Principales resultados. Documentos Ocasionales/Banco de España, 2129. https://repositorio.bde.es/handle/123456789/19236 Barney, J. B. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99-120. https://doi.org/10.1177/014920639101700108 Atkinson, A., Mckay, S., Collard, S. & Kempson, E. (2007). Levels of financial capability in the UK. Public Money and Management, 27(1), 29-36. https://doi.org/10.1111/j.1467-9302.2007.00552.x Bateman, H., Gerrans, P., Thorp, S. & Zeng, Y. (2020). Life insurance: Decision states, financial literacy, and the role of personal values. Netspar Academic Series. https://www.netspar.nl/wp-content/uploads/P20200125_DP001_Thorp.pdf Baumol, W. J. & Strom, R. J. (2007). Entrepreneurship and economic growth. Strategic entrepreneurship journal, 1(3-4), 233-237. https://doi.org/10.1002/sej.26 Berger, A. N. & Udell, G. F. (2006). A more complete conceptual framework for SME finance. Journal of Banking & Finance, 30(11), 2945-2966. https://doi.org/10.1016/j.jbankfin.2006.05.008 Bruhn, M. & Zia, B. (2011). Stimulating managerial capital in emerging markets: The impact of business and financial literacy for young entrepreneurs. World Bank Policy Research (Working Paper 5642). https://documents1.worldbank.org/curated/en/737211468139183866/pdf/WPS5642.pdf Atkinson, A. (2017). Financial education for MSMEs and potential entrepreneurs. OECD Working Papers on Finance, Insurance and Private Pensions, 43. https://doi.org/10.1787/20797117 Asai, Y. (2019). Why do small and medium enterprises (SMEs) demand property liability insurance? Journal of Banking and Finance, 106, 298-304. https://doi.org/10.1016/j.jbankfin.2019.07.012 Brustbauer, J. (2014). Enterprise risk management in SMEs: Towards a structural model. International Small Business Journal, 34(1), 70-85. https://doi.org/10.1177/0266242614542853 Cesgar (2022). XI Informe sobre la Financiación de la pyme en España: Resultados anuales de 2021. Cesgar. https://www.cesgar.es/wp-content/uploads/2022/05/XI-Informe-financiacion-de-la-pyme.-Resultados-2021_VF.pdf Coronel-Pangol, K., Orden-Cruz, C. & Paule-Vianez, J. (2022). Bibliometric analysis of alternative financing for entrepreneurship. Management Letters / Cuadernos de Gestión, 22(2), 167-182. https://doi.org/10.5295/cdg.211559kc de Araújo Lima, P. F., Crema, M. & Verbano, C. (2020). Risk management in SMEs: A systematic literature review and future directions. European Management Journal, 38(1), 78-94. https://doi.org/10.1016/j.emj.2019.06.005 Alperovych, Y., Calcagno, R. & Lentz, M. (2023). Entrepreneurs on their financial literacy: evidence from the Netherlands. Venture Capital, 26(4), 377-400. https://doi.org/10.1080/13691066.2023.2234078 Allgood, S. & Walstad, W. B. (2016). The effects of perceived and actual financial literacy on financial behaviors. Economic Inquiry, 54(1), 675-697. https://doi.org/10.1111/ecin.12255 Adomako, S., Danso, A. & Ofori Damoah, J. (2016). The moderating influence of financial literacy on the relationship between access to finance and firm growth in Ghana. Venture Capital, 18(1), 43-61. https://doi.org/10.1080/13691066.2015.1079952 Acs, Z. J., Stam, E., Audretsch, D. B. & O’Connor, A. (2017). The lineages of the entrepreneurial ecosystem approach. Small Business Economics, 49, 1-10. https://doi.org/10.1007/s11187-017-9864-8 |
| type_driver |
info:eu-repo/semantics/article |
| type_coar |
http://purl.org/coar/resource_type/c_2df8fbb1 |
| type_version |
info:eu-repo/semantics/publishedVersion |
| type_coarversion |
http://purl.org/coar/version/c_970fb48d4fbd8a85 |
| type_content |
Text |
| publishDate |
2025-02-18 |
| date_accessioned |
2025-02-18T18:42:19Z |
| date_available |
2025-02-18T18:42:19Z |
| url |
https://revfinypolecon.ucatolica.edu.co/article/view/6041 |
| url_doi |
https://doi.org/10.14718/revfinanzpolitecon.v17.2025.3 |
| issn |
2248-6046 |
| eissn |
2011-7663 |
| doi |
10.14718/revfinanzpolitecon.v17.2025.3 |
| citationstartpage |
1 |
| citationendpage |
31 |
| url2_str_mv |
https://revfinypolecon.ucatolica.edu.co/article/download/6041/5718 |
| _version_ |
1833614732777488384 |