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Purpose: The overall aim of this paper is to identify how student’s financial literacy may influence decisions in innovation and entrepreneurship. This article will focus on financial abilities of students and consequences of financial education in context of future business areas. Design/methodology/approach: This paper is theoretical and cognitive. The study reviews existing literature, including reports and scientific researches in area of financial literacy, innovation and entrepreneurship. Literature analysis anticipates economic and social effects of the student’s financial literacy on relevant business processes - innovation and entrepreneurship. Findings: Following the previous studies, this paper confirmed that financial literacy is related to business decision making, especially in area of innovation and entrepreneurship. The study also emphasizes the importance of extensive financial education for students as an impulse for better economic preparation. Social implications: This study provides insights for developing financial program curricula tailored for students that may improve their financial skills and help them face daily challenges as adults. Originality/value: This research has shown that financial literacy is an important aspect in the business area and need to be taken care of already on a student level. Value of financial literacy have also macroeconomic impact, as more innovations and enterprises results in economic growth.
Rocznik
Tom
Strony
37--47
Opis fizyczny
Bibliogr. 36 poz.
Twórcy
autor
- Maria Curie-Sklodowska University of Lublin
Bibliografia
- 1. Alessie, R., Van Rooij, M., Lusardi, A. (2011). Financial literacy and retirement preparation in the Netherlands. Journal of Pension Economics & Finance, 10(4).
- 2. Bernheim, B.D., Garrett, D.M., Maki, D.M. (2001). Education and saving: The long-term effects of high school financial curriculum mandates. Journal of Public Economics, 80, pp. 435-465.
- 3. Blaug, M. (1994). Teoria ekonomii: ujęcie retrospektywne. PWN, pp. 470-472.
- 4. Borodich, S., Deplazes, S., Kardash, N., Kovzik, A. (2010). Comparative analysis of the levels of financial literacy among students in the US, Belarus, and Japan. Journal of Economics and Economic Education Research, 11(3), p. 71.
- 5. Brzozowski, T.T. (2007). "Przedsiębiorczość" - pojęcie polisemiczne czy niewłaściwie rozumiane? Próba systematyzacji. Przedsiębiorczość-Edukacja, nr 3, pp. 196-203.
- 6. Burchi, A., Włodarczyk, B., Szturo, M., Martelli, D. (2021). The effects of financial literacy on sustainable entrepreneurship. Sustainability, 13(9), p. 5070.
- 7. Culebro-Martínez, R., Moreno-García, E., Hernández-Mejía, S. (2024). Financial Literacy of Entrepreneurs and Companies' Performance. Journal of Risk and Financial Management, 17(2), p. 63.
- 8. Czerniachowicz, B. (2014). Selected Conditions for the Development of Innovative Enterprises. In: R. Borowiecki, T. Rojek (Ed.) Contemporary Forms of Inter-Organizational Relations. Cooperation, networks. Cracow University of Economics, EU Foundation in Krakow.
- 9. De Clercq, B. (2019). A comparative analysis of the OECD/INFE financial knowledge assessment using the Rasch model. Empirical Research in Vocational Education and Training, 11(1), p. 1.
- 10. Drucker, P. (1985). Innovation and entrepreneurship. New York: Harper & Row.
- 11. Duréndez, A., Dieguez-Soto, J., Madrid-Guijarro, A. (2023). The influence of CEO's financial literacy on SMEs technological innovation: the mediating effects of MCS and risk-taking. Financial Innovation, 9(1), p. 15.
- 12. Eresia-Eke, C.E., Raath, C. (2013). SMME Owners' Financial literacy and business growth. Mediterranean Journal of Social Sciences, 4(13), 397-4.
- 13. European Commission (2024). European innovation scoreboard 2024. Report. European Union, https://ec.europa.eu/assets/rtd/eis/2024/ec_rtd_eis-country-profile-pl.pdf, 25 July 2024.
- 14. 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, pp. 593-597.
- 15. Garman, E.T., Forgue, R.E. (2002). Personal finance. Lexington: Lexington Volunteer Recording Unit.
- 16. Jappelli, T., Padula, M. (2013). Investment in Financial Literacy and Saving Decisions. Journal of Banking and Finance, 37(8).
- 17. Klapper, L., Lusardi, A., Van Oudheusden, P. (2015). Financial literacy around the world. Washington: Standard & Poor's Ratings Services Global Financial Literacy Survey.
- 18. Li, R., Qian, Y. (2020). Entrepreneurial participation and performance: the role of financial literacy. Management Decision, 58(3), pp. 583-599.
- 19. Lichniak, I. (2011). Determinanty rozwoju przedsiębiorczości w Polsce. Warszawa: Wydawnictwo Szkoły Głównej Handlowej, p. 11.
- 20. Lisowska, R. (2016). Przedsiębiorczość i zarządzanie w małej i średniej firmie: teoria i praktyka. Łódź: UŁ, p. 15.
- 21. Lusardi, A., Michaud, P.C., Mitchell, O.S. (2017). Optimal financial knowledge and wealth inequality. Journal of Political Economy, 125(2).
- 22. Lusardi, A., Mitchell, O. (2006). Financial Literacy And Planning: Implications For Retirement Wellbeing. Pension Research Council Working Paper, 1. The Wharton School.
- 23. McCormick, M.H. (2009). The effectiveness of youth financial education: A review of the literature. Journal of Financial Counseling and Planning, 20.1. Association for Financial Counseling and Planning Education.
- 24. Organisation for Economic Co-Operation and Development (OECD) (2018). OECD/INFE Toolkit for Measuring Financial Literacy and Financial Inclusion. Paris, p. 4.
- 25. Organisation for Economic Co-Operation and Development (OECD) (2023). OECD/INFE 2023 International Survey of Adult Financial Literacy. Report, https://www.oecd.org/en/ publications/2023/12/oecd-infe-2023-international-survey-of-adult-financial-literacy_8ce94e2c.html, June 30, 2024, pp. 14, 29, 51-52.
- 26. Orton L. (2007). Financial Literacy: Lessons from International Experience. Ottawa: Canadian Policy Research Networks Inc.
- 27. PISA (2022). How financially smart are students? Report, OECD, https://www.oecd-ilibrary.org/education/pisa-2022-results-volume-iv_5a849c2a-en, 30 June 2024.
- 28. PISA (2022). The state of learning and equity in education? Report, OECD. https://www.oecd-ilibrary.org/education/pisa-2022-results-volume-i_799d7d80-en, 30 June 2024.
- 29. Rosenberg, N. (2009). Studies on Science and the Innovation Process (Selected Works of Nathan Rosenberg). An Overview of Innovation. 10.1142/7306(), pp. 173-203.
- 30. Stevenson, H.H., Jarillo-Mossi, J.C. (1986). Preserving Entrepreneurship as Companies Grow. Journal of Business Strategy, No. 10, Summer, p. 10.
- 31. Stolper, O.A., Walter, A. (2017). Financial literacy, financial advice, and financial behavior. Journal of Business Economics, 87(5).
- 32. Szopik-Depczyńska, K., Korzeniewicz, W. (2011). Human Capital in the Enterprise Value Model. Scientific Papers, No. 692, Studies and Works of the Faculty of Economics and Management, No. 24. Publishing House of the University of Szczecin.
- 33. Tian, G., Zhou, S., Hsu, S. (2020). Executive financial literacy and firm innovation in China. Pacific-Basin Finance Journal, 62.
- 34. Vitt, L.A., Anderson, C., Kent, J., Lyter, D.M., Siegenthaler, J.K., Ward, J. (2000). Personal finance and the rush to competence: Personal financial literacy in the U.S. The Fannie Mae Foundation.
- 35. Yakob, S., Yakob, R., Bam, H.S., Rusli, R.Z.A. (2021). Financial literacy and financial performance of small and medium-sized enterprises. The South East Asian Journal of Management, 15(1), p. 5.
- 36. Zinni, M.B. (2014). Identifying Drivers for the Accumulation of Household Financial Wealth. CEIS Working Paper, No. 264.
Typ dokumentu
Bibliografia
Identyfikator YADDA
bwmeta1.element.baztech-552a441e-56d3-48b7-b805-b1dd94d7173a
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