Ir al menú de navegación principal Ir al contenido principal Ir al pie de página del sitio

Estrategias financieras, emprendimiento, cadena de suministro y era digital

Vol. 17 (2023): Resiliencia, valor de la innovación y sostenibilidad como ejes para la competitividad ISBN 978-607-96203-0-12

El papel de los recursos financieros en las actividades innovadoras para las pymes manufactureras

febrero 8, 2024


Este estudio analiza la relación explicativa entre los recursos financieros y el desempeño innovador. La muestra estuvo constituida por 1,572 PYMES pertenecientes al sector industrial manufacturero colombiano entre 2017 y 2018. Se utilizó la metodología del modelo de ecuaciones estructurales basado en las varianzas (PLS-SEM). Los resultados indican una influencia moderada de los recursos financieros sobre la actividad innovadora.


  1. Almeida, H., y Campello, M. (2010). Financing Frictions and the Substitution between Internal and External Funds. The Journal of Financial and Quantitative Analysis, 45(3), 589–622.
  2. Anderson, N., Potočnik, K., y Zhou, J. (2014). Innovation and creativity in organizations: A state-ofthe-science review, prospective commentary, and guiding framework. Journal of Management, 40(5), 1297-1333.
  3. Ato, M., López, J.J. y Benavente, A. (2013). Un sistema de clasificación de los diseños de investigación en Psicología. Anales de Psicología, 29 (3), 1038–1059.
  4. Ayyagari, M., Demirgüç-Kunt, A., y Maksimovic, V. (2011). Firm Innovation in Emerging Markets: The Role of Finance, Governance, and Competition. Journal of Financial and Quantitative Analysis, 46(6), 1545-1580. doi:10.1017/S0022109011000378.
  5. Barney, J. B. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17, 99-120.
  6. Bronkhorst, E., Caballo, E., Van Dorth Tot Medler, M., Klinghammer, S., Smit, H. H., Gijsenbergh, A., Van Der Laan, C. (2017). Innovative Financing Schemes. En Current Practices and Innovations in Smallholder Palm Oil Finance in Indonesia and Malaysia: Long-Term Financing Solutions to Promote Sustainable Supply Chains, Center for International Forestry Research. 11–17.
  7. Brown, J.R., Martinsson, G. y Petersen, B.C. (2012). Do financing constraints matter for RyD? Eur. Econ. Rev. 56(8): 15 12-29.
  8. Cenfetelli, R.T. and Bassellier, G. (2009). Interpretation of formative measurement in information systems research. MIS Quarterly, 33(4), 689–707.
  9. Chemmanur, T. J., y Fulghieri, P. (2014). Entrepreneurial Finance and Innovation: An Introduction and Agenda for Future Research. The Review of Financial Studies, 27(1), 1–19.
  10. Cheng, H., y Wang, B. (2019). Multiplier Effect of Science and Technology Innovation in Regional Economic Development: Based on Panel Data of Coastal Cities. Journal of Coastal Research, 883–890.
  11. Demirkan, I. (2018). The impact of firm resources on innovation. European Journal of Innovation Management, 21(4), 672-694.
  12. Departamento Administrativo Nacional de Estadística (2017). Metodología General de Encuesta de Desarrollo e Innovación Tecnológica en la Industria Manufacturera – EDIT. Disponible en
  13. Departamento Administrativo Nacional de Estadística (2019). Encuesta de Desarrollo e Innovación Tecnológica Industria Manufacturera – EDIT IX 2017-2018. Disponible en
  14. Diamantopoulos, A. y Siguaw, J.A. (2006). Formative versus reflective indicators in organizational measure development: A comparison and empirical illustration. British Journal of Management, 17 (4), 263–282.
  15. Fulghieri, P., y Sevilir, M. (2009). Organization and Financing of Innovation, and the Choice between Corporate and Independent Venture Capital. The Journal of Financial and Quantitative Analysis, 44(6), 1291–1321.
  16. Guo, D., Guo, Y., Jiang, K. (2022). Government RyD support and firms’ access to external financing: funding effects, certification effects, or both?. Technovation, 115, 102469, ISSN 0166-4972.
  17. Hair, J.F., Black, W.C., Babin, B.J. and Anderson, R.E. (2019a). Multivariate Data Analysis (8th). Cengace Learning.
  18. Hair, J.F., Risher, J., Sarstedt, M. and Ringle, C. (2019b). When to use and how to report the results of PLS-SEM. European Business Review. 31 (1), 2–24.
  19. Hair, J.F., Howard, M.C. and Nitzl, C. (2020). Assessing measurement model quality in PLS-SEM using confirmatory composite analysis. Journal of Business Research, 109, 101–110. 523
  20. Hair, J.F., Hult, G.T.M., Ringle, C.M. and Sarstedt, M. (2022). A Primer on Partial Least Squares Structural Equation Modeling (PLS-SEM) (3rd ed.).
  21. Sage. Hall, B. y Lerner J. (2010). The financing of RyD and innovation. In Handbook of the Economics of Innovation, ed.B. Hall, N Rosenberg, 609-39.
  22. Hottenrott, H. y Peters, B. (2012). Innovative capability and financing constraints for innovation: more money, more innovation? The Review of Economics and Statistics, 94(4), 1126–1142.
  23. Kerr, W. y Nanda, R. (2015). Financing Innovation. Annual Review of Financial Economics, 7, 445462.
  24. Kramer, F. D., y Wrightson, J. A. (2016). The role of finance. En Innovation, Leadership, and National Security. Atlantic Council. 11–13.
  25. Mingting, K., Yuanqi, Y. y Kaihua, C. (2020). The impact of external RyD financing on innovation process from a supply-demand perspective. Economic Modelling, 92, 375-387.
  26. Myers, S. y Majluf, N. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13(2), 187-221.
  27. Nelson, R.R. (1991). Why do Firms Differ, and How Does it Matter? Strategic Management Journal, 12, 61-74.
  28. Nguyen, Q. T. K., y Rugman, A. M. (2015). Internal equity financing and the performance of multinational subsidiaries in emerging economies. Journal of International Business Studies, 46(4), 468–490.
  29. OECD y EUROSTAT. (2005). Oslo Manual: Proposed guidelines for collecting and interpreting innovation data (3rd ed.).
  30. OECD Publishing. Parrilli, M. D., y Elola, A. (2012). The strength of science and technology drivers for SME innovation. Small Business Economics, 39(4), 897–907.
  31. Penrose, E. (1959). The theory of the growth of the firm. Oxford University Press.
  32. Peteraf, M.A. (1993). The Cornerstones of Competitive Advantage: A Resource-Based View. Strategic Management Journal, 14, 179-191.
  33. Prahalad, C. K., y Hamel, G. (1990). The core competence of the corporation. Harvard Business Review, 79-91. 524
  34. Rehman, S. U., Bhatti, A. Chaudhry, N. I. (2019). Mediating effect of innovative culture and organizational learning between leadership styles at third-order and organizational performance in Malaysian SMEs. Journal of Global Entrepreneurship Research, 9 (36).
  35. Reinartz, W., Haenlein, M. and Henseler, J. (2009). An empirical comparison of the efficacy of covariance-based and variance-based SEM. International Journal of Research in Marketing, 26 (4), 332–344.
  36. Ringle, C. M., Wende, S. y Becker, J.M. (2015). SmartPLS. SmartPLS GmbH. Boenningstedt.
  37. Shi, Y., Gong, L. y Chen J. (2019). The Effect of Financing on Firm Innovation: Multiple Case Studies on Chinese Manufacturing Enterprises. Emerging Markets Finance and Trade, 55(4), 863-888, DOI: 10.1080/1540496X.2018.1478284.
  38. Teece, D. J., Pisano, G. y Shuen, A. (1997). Dynamic capabilities and strategic management. Strategic Management Journal, 18 (7), 509-533.
  39. Trinugroho, I., Hook, S., Chang, W., Wiwoho, J. y Sergi, B. (2021) Effect of financial development on innovation: Roles of market institutions. Economic Modelling, 103.
  40. Wernerfelt, B. (1984). A resource-based view of the firm. Strategic Management Journal, 5(5), 171180.