Decisiones de Inversión: el Impulsor de la Innovación Tecnológica Empresarial
Contenido principal del artículo
Resumen
El objetivo de esta investigación es medir el impacto de las decisiones de inversión que tienen los gerentes o dueños en la innovación tecnológica y en el desempeño de las micro, pequeñas y medianas empresas manufactureras mexicanas y analizar sus efectos. El método que se utilizó fue enfoque cuantitativo, con un diseño transversal a través del Modelo de Ecuaciones Estructurales. Los resultados indican que las decisiones de inversión tienen un impacto significativo en la innovación tecnológica. En este sentido, los hallazgos sugieren que los tomadores de decisiones deben prestar atención a la reinversión de sus ganancias, así como los préstamos de personas cercanas para aumentar los niveles de innovación. La originalidad radica en el modelo teórico utilizado y en el sector analizado. La limitación es que no se diferencian los sectores económicos y solo en el Estado de Aguascalientes.
Detalles del artículo

Esta obra está bajo una licencia internacional Creative Commons Atribución-NoComercial 4.0.
Citas
Adamides, E., & Karacapilidis, N. (2020). Methodology for supporting the development and maintenance of open innovation capabilities. Journal of Innovation and Knowledge, 5(1), 29–38. https://doi.org/10.1016/j.jik.2018.07.001
Ali, M., Khan, M., & Zhang, Y. (2024). Financing innovation and firm performance: Evidence from European SMEs. Journal of Small Business Management, 62(3), 512–530. https://doi.org/10.1080/00472778.2024.1123456
Ali, S. (2024). Debt financing as moderator in the relationship between intellectual capital components and SME performance. Management Research Review, 48(13), 1–24. https://doi.org/10.1108/MRR-07-2022-0505
Ali, S., Muhammad, H., & Migliori, S. (2024). R&D investment and SMEs performance: The role of capital structure decisions. EuroMed Journal of Business. https://doi.org/10.1108/EMJB-11-2023-0311
Almansour, A. Y., Alrawashdeh, N., & Almansour, B. Y. (2020). The impact of capital structure on the performance of microfinance institutions. Management Science Letters, 10(4), 881–888. https://doi.org/10.5267/j.msl.2019.10.008
Backman, M., & Wallin, T. (2018). Access to banks and external capital acquisition: Perceived innovation obstacles. Annals of Regional Science, 61(1), 161–187. https://doi.org/10.1007/s00168-018-0863-8
Bandyopadhyay, A., & Barua, N. M. (2016). Factors determining capital structure and corporate performance in India: Studying the business cycle effects. Quarterly Review of Economics and Finance, 61. https://doi.org/10.1016/j.qref.2016.01.001
Berger, A. N., & Bonaccorsi di Patti, E. (2006). Capital structure and firm performance: A new approach to testing agency theory. Journal of Banking and Finance, 30(4), 1065–1102. https://doi.org/10.1016/j.jbankfin.2005.05.015
Cannavacciuolo, L., Ferraro, G., Ponsiglione, C., Primario, S., & Quinto, I. (2023). Technological innovation-enabling Industry 4.0 paradigm: A systematic literature review. Technovation, 124. https://doi.org/10.1016/j.technovation.2023.102733
Chen, H., & Xie, F. (2018). How technological proximity affect collaborative innovation? An empirical study of China’s Beijing–Tianjin–Hebei region. Journal of Management Analytics, 5(4), 287–308. https://doi.org/10.1080/23270012.2018.1478329
Chen, H., Basri, M. F., & Halim, H. A. (2025). Equity and debt financing dependence, green innovation, and the moderating role of financial reporting quality: Evidence from Chinese firms. Sustainability, 17(17), 7693. https://doi.org/10.3390/su17177693
Chen, Y., Li, X., & Zhao, L. (2025). Green finance and technological innovation: The moderating role of financial reporting quality. Technological Forecasting and Social Change, 210, 123542. https://doi.org/10.1016/j.techfore.2025.123542
Chien, C. F., Gen, M., Shi, Y., & Hsu, C. Y. (2014). Manufacturing intelligence and innovation for digital manufacturing and operational excellence. Journal of Intelligent Manufacturing, 25(5), 845–847. https://doi.org/10.1007/s10845-014-0896-5
Coccia, M. (2018). Classification of innovation considering technological interaction. Journal of Economics Bibliography, 5(2), 76–93. https://doi.org/10.1453/jeb.v5i2.1650
Detthamrong, U., Chancharat, N., & Vithessonthi, C. (2017). Corporate governance, capital structure and firm performance: Evidence from Thailand. Research in International Business and Finance, 42, 689–709. https://doi.org/10.1016/j.ribaf.2017.07.011
Dijkstra, T. K., & Henseler, J. (2015). Consistent and asymptotically normal PLS estimators for linear structural equations. Computational Statistics and Data Analysis, 81, 10–23. https://doi.org/10.1016/j.csda.2014.07.008
Fernandez, V. (2017). The finance of innovation in Latin America. International Review of Financial Analysis, 53, 37–47. https://doi.org/10.1016/j.irfa.2017.08.008
Fornell, C., & Larcker, D. F. (1981). Evaluating structural equation models with unobservable variables and measurement error. Journal of Marketing Research, 18(1).
García-Pérez-de-Lema, D., Madrid-Guijarro, A., & Martín, D. P. (2017). Influence of the internal and external financial environment on the innovation performance of SMEs. Journal of Small Business Management, 55(1), 141–161. https://doi.org/10.1111/jsbm.12243
Ghozzi, N., & Sadraoui, T. (2024). Capital structure and firm performance: Empirical evidence from Tunisia. Cogent Economics & Finance, 12(1). https://doi.org/10.1080/23322039.2024.2409983
Gómez, J., Salazar, I., & Vargas, A. (2017). R&D, innovation and productivity in Latin America. Journal of Business Research, 82, 447–457. https://doi.org/10.1016/j.jbusres.2017.03.043
Gómez-Vega, J., & Rivera, C. (2023). Hybrid financial strategies and innovation in emerging economies: Evidence from Latin America. Journal of Developmental Entrepreneurship, 28(1). https://doi.org/10.1142/S1084946723500040
Gul, S., & Cho, H. R. (2019). Capital structure and default risk: Evidence from Korean stock market. Journal of Asian Finance, Economics and Business, 6(2), 15–24. https://doi.org/10.13106/jafeb.2019.vol6.no2.15
Guney, Y., Karpuz, A., & Ozkan, N. (2017). R&D investments and credit lines. Journal of Corporate Finance, 46, 261–283. https://doi.org/10.1016/j.jcorpfin.2017.07.011
Hair, J. F., Hult, G. T., Ringle, C. M., & Sarstedt, M. (2019). A primer on partial least squares structural equation modeling (PLS-SEM) (2nd ed.). SAGE.
Hair, J. F., Howard, M. C., & Nitzl, C. (2020). Assessing the mediation effect in PLS-SEM: Guidelines and empirical examples. European Business Review, 33(2), 273–305. https://doi.org/10.1108/EBR-02-2019-0021
Henseler, J., Ringle, C. M., & Sinkovics, R. R. (2009). The use of partial least squares path modeling in international marketing. Advances in International Marketing, 20, 277–319.
Henseler, J., Ringle, C. M., & Sarstedt, M. (2015). A new criterion for assessing discriminant validity in variance-based structural equation modeling. Journal of the Academy of Marketing Science, 43(1), 115–135. https://doi.org/10.1007/s11747-014-0403-8
Hult, G. T. M. (2017). Market-focused strategic flexibility: Conceptualization and preliminary evidence. Journal of the Academy of Marketing Science, 45(5), 687–693. https://doi.org/10.1007/s11747-017-0558-5
Imran, M., & Tanveer, M. (2015). Impact of capital structure on firm performance: Evidence from Pakistan. International Journal of Management, Accounting and Economics, 2(9), 1045–1055.
Jain, A., Gupta, V., & Singh, S. (2023). Digital transformation, innovation capability and performance: A meta-analytic review. Technological Forecasting and Social Change, 187, 122231. https://doi.org/10.1016/j.techfore.2022.122231
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360. https://doi.org/10.1016/0304-405X(76)90026-X
Kareem, A., & Al-Homaidi, E. (2020). The impact of capital structure on firm performance: Evidence from GCC countries. Journal of Asian Finance, Economics and Business, 7(10), 607–618. https://doi.org/10.13106/jafeb.2020.vol7.no10.607
Khan, M., Dang, V. T., & Li, Z. (2021). Capital structure and firm performance: Empirical evidence from Vietnam. Journal of Asian Finance, Economics and Business, 8(5), 443–453. https://doi.org/10.13106/jafeb.2021.vol8.no5.0443
Kumar, A., & Sharma, R. (2019). Innovation, financial constraints and firm performance in developing countries. Economic Modelling, 80, 321–334. https://doi.org/10.1016/j.econmod.2019.01.020
Laursen, K., Masciarelli, F., & Prencipe, A. (2012). Regions matter: How localized social capital affects innovation and external knowledge acquisition. Organization Science, 23(1), 177–193. https://doi.org/10.1287/orsc.1100.0611
Lee, S. M., Lim, S. B., & Pathak, R. D. (2011). Innovation and financial performance in SMEs. Service Industries Journal, 31(7), 1149–1164. https://doi.org/10.1080/02642060903437594
Lemos, F., Oliveira, R., & Mendes, P. (2024). Institutional support and innovation performance of SMEs in emerging markets. Technological Forecasting and Social Change, 207, 123421. https://doi.org/10.1016/j.techfore.2023.123421
Li, H., Yang, Z., & Guo, W. (2020). Financial structure, innovation and firm performance in China. Chinese Management Studies, 14(2), 321–340. https://doi.org/10.1108/CMS-05-2019-0178
López-Muñoz, H. F., & Camargo, M. (2020). A systematic review of the relationship between capital structure and innovation. Journal of Cleaner Production, 276. https://doi.org/10.1016/j.jclepro.2020.124170
Li, Z., Zhang, H., & Gao, R. (2020). Frugal innovation in supply chain cooperation considering e-retailer’s platform value. Soft Computing, 24(20), 15373–15387. https://doi.org/10.1007/s00500-020-04872-1
Martínez-San Román, R., García, D., & Pérez, L. (2023). Financial constraints and innovation: The case of technology-based SMEs. Small Business Economics, 61(4), 1799–1816. https://doi.org/10.1007/s11187-022-00662-8
Margaritis, D., & Psillaki, M. (2010). Capital structure, equity ownership and firm performance. Journal of Banking and Finance, 34(3), 621–632. https://doi.org/10.1016/j.jbankfin.2009.08.023
Mazzucato, M. (2013a). Financing innovation: Creative destruction vs. destructive creation. Industrial and Corporate Change, 22(4), 851–867. https://doi.org/10.1093/icc/dtt025
Modigliani, F., & Miller, M. H. (1958). The cost of capital, corporation finance and the theory of investment. American Economic Review, 48(3), 261–297.
Modigliani, F., & Miller, M. H. (1963). Corporate income taxes and the cost of capital: A correction. American Economic Review, 53(3), 433–443.
Mohamed, E., & Ruth, Y. (2023). Capital structure and firm performance in African countries. African Development Review, 35(2), 200–214. https://doi.org/10.1111/1467-8268.12636
Myers, S. C. (2001). Capital structure. Capital Structure, 15(2), 81–102. https://doi.org/10.4337/9781785363528.00012
Neville, C., & Lucey, B. M. (2017). Capital structure and Irish tech SMEs. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.2910979
Núñez-Pomar, J., Prado-Gascó, V., & Sanz, V. (2016). Financial decision-making and firm performance in sports organizations. European Sport Management Quarterly, 16(4), 456–477. https://doi.org/10.1080/16184742.2016.1188831
Nguyen, T., Tran, Q., & Le, D. (2023). University–industry collaboration and absorptive capacity in SMEs: The role of social capital. Technovation, 123. https://doi.org/10.1016/j.technovation.2022.102677
Nunnally, J. C., & Bernstein, I. H. (1994). Psychometric theory (3rd ed.). McGraw-Hill Education.
OECD & Eurostat. (2018). Oslo Manual 2018: Handbook of innovation indicators and measurement (pp. 1–254). https://doi.org/10.1787/9789264304604-en
Oino, I., & Ukaegbu, B. (2015). The impact of profitability on capital structure and speed of adjustment: An empirical examination of selected firms in Nigerian stock exchange. Research in International Business and Finance, 35, 111–121. https://doi.org/10.1016/j.ribaf.2015.03.004
Pham, H. S. T., & Nguyen, D. T. (2020). Debt financing and firm performance: The moderating role of board independence. Journal of General Management, 45(3), 141–151. https://doi.org/10.1177/0306307019886829
Ramana Nanda, M. R.-K. (2016). Management science. Applied System Innovation, March, 863–863. https://doi.org/10.1201/b21811-171
Ramírez-Solís, E. R., Llonch-Andreu, J., & Malpica-Romero, A. D. (2022). Relational capital and strategic orientations as antecedents of innovation: Evidence from Mexican SMEs. Journal of Innovation and Entrepreneurship, 11, Article 42.
Ramli, N. A., Latan, H., & Solovida, G. T. (2018). PLS-SEM approach: Evidence from Malaysia and Indonesia. Quarterly Review of Economics and Finance, 1–13. https://doi.org/10.1016/j.qref.2018.07.001
Ramli, N. A., Latan, H., & Solovida, G. T. (2019). Determinants of capital structure and firm financial performance—A PLS-SEM approach: Evidence from Malaysia and Indonesia. Quarterly Review of Economics and Finance, 71, 148–160. https://doi.org/10.1016/j.qref.2018.07.001
Ringle, C. M., Wende, C. M., & Becker, J. M. (2015). SmartPLS 3. Boenningstedt: SmartPLS GmbH.
Rivas-Tovar, L. A. (2024). Normas APA 7ª edición: Estructura, citas y referencias. Instituto Politécnico Nacional. https://www.researchgate.net/publication/357046089_Normas_APA_7_Edicion_Estructura_Citas_y_Referencias
Salim, M., & Yadav, R. (2012). Capital structure and firm performance: Evidence from Malaysian listed companies. Procedia – Social and Behavioral Sciences, 65, 156–163. https://doi.org/10.1016/j.sbspro.2012.11.105
Singh, S., & Kumar, M. (2020). Technology acquisition, innovation and financial performance in emerging economies. Technovation, 94–95, 102002. https://doi.org/10.1016/j.technovation.2019.102002
Stiglitz, J., & Weiss, A. (1981). Credit rationing in markets with imperfect information. The American Economic Review, 71, 393–410.
Titman, S., & Wessels, R. (1988). The determinants of capital structure choice. Journal of Finance, 43(1), 1–19. https://doi.org/10.1111/j.1540-6261.1988.tb02585.x
Tanriverdi, H. (2006). Performance effects of information technology synergies in multibusiness firms. MIS Quarterly, 30(1), 57–77. https://doi.org/10.2307/25148717
Tian, X., Wang, Y., & Kohar, U. H. A. (2024). Capital structure, business model innovation, and firm performance: Evidence from Chinese listed corporate based on system GMM model. PLOS ONE, 19(6), e0306054. https://doi.org/10.1371/journal.pone.0306054
Van Hemert, P., Nijkamp, P., & Masurel, E. (2013). From innovation to commercialization through networks and agglomerations: Analysis of sources of innovation, innovation capabilities and performance of Dutch SMEs. Annals of Regional Science, 50(2), 425–452. https://doi.org/10.1007/s00168-012-0509-1
Vo, X. V., & Ellis, C. (2017). An empirical investigation of capital structure and firm value in Vietnam. Finance Research Letters, 22, 90–94. https://doi.org/10.1016/j.frl.2016.10.014
Yuwono, W., Daihani, D. U., & Arafah, W. (2020). Empirical testing of the mediating effect of absorptive capacity and moderation of cultural intelligence on intellectual capital and innovation: Analysis on the tourism industry. Conference Proceedings / Journal,
Zhang, L., Zhang, S., & Guo, Y. (2019). The effects of equity financing and debt financing on technological innovation: Evidence from developed countries. Baltic Journal of Management, 14(4), 698–715. https://doi.org/10.1108/BJM-01-2019-0011
Zhao, Y., & Wang, T. (2024). Financial barriers and innovation capacity in technology-based SMEs: Evidence from emerging markets. Technovation, 125, 102743. https://doi.org/10.1016/j.technovation.2023.102743