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Executive financial literacy and firm innovation in China

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  • Tian, Guangning
  • Zhou, Shuyuan
  • Hsu, Sara

Abstract

Based on data collected from original surveys on China's small and medium-sized enterprises, this paper examines the relationship between executive financial literacy and firm innovation from both theoretical and empirical perspectives. We design a theoretical model of executive financial literacy and firm innovation. After controlling for individual and firm variables, we find that the executive financial literacy can significantly improve firm innovation. We use an instrumental variable approach to overcome potential endogeneity issues associated with executive financial literacy. We find that the conclusion above is robust and reliable. Executive financial literacy has a more significant impact on firms with low leverage ratios and firms lacking a chairman with experience as a deputy to the People's Congress. The results show that executive financial literacy can promote firm innovation by alleviating financing constraints and improving risk management. The paper provides policy implications for stimulating the innovation and creativity of firms as well as the whole society.

Suggested Citation

  • Tian, Guangning & Zhou, Shuyuan & Hsu, Sara, 2020. "Executive financial literacy and firm innovation in China," Pacific-Basin Finance Journal, Elsevier, vol. 62(C).
    • Handle: RePEc:eee:pacfin:v:62:y:2020:i:c:s0927538x20300810
    DOI: 10.1016/j.pacfin.2020.101348
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    More about this item

    Keywords

    Financial literacy; Executive characteristics; Firm innovation;
    All these keywords.

    JEL classification:

    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
    • J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives

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