The moderating influence of financial literacy on the relationship between access to finance and firm growth in Ghana
- 19 October 2015
- journal article
- research article
- Published by Taylor & Francis Ltd in Venture Capital
- Vol. 18 (1), 43-61
- https://doi.org/10.1080/13691066.2015.1079952
Abstract
The literature on access to finance has confirmed a positive relationship between access to finance and firm growth. Yet the boundary conditions for such linkage are less examined in the context of developing economies. This study draws on resource-based view to introduce financial literacy as a moderator of the relationship between access to finance and firm growth. This theoretically derived research model is empirically tested using survey data from 201 small and medium-sized enterprises in Ghana. Our empirical findings suggest that financial literacy positively enhances the access to finance-firm growth relationship.Keywords
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