3. Producción
Browse
15 results
Search Results
- Some of the metrics are blocked by yourconsent settings
Item type:Publication, Assessing the Impact of Corporate Entrepreneurship in the Financial Performance of Subsidiaries of Colombian Business Groups: Under Environmental Dynamism Moderation(Research Square, 2020-10-26)Abstract Corporate entrepreneurship creates opportunities in employment, technological advances, value creation, and cultural transformation for entrepreneurial ecosystems, entrepreneurs, governments, economies and society around the globe. The purpose of this study is to assess the impact of corporate entrepreneurship on the financial performance of subsidiaries of Colombian business groups under the moderating effect of the environmental dynamism, because the relationship between corporate entrepreneurship and financial performance in emerging economies must differ from developed economies. Using a cross-sectional structural equation modeling analysis, this study assessed the impact of entrepreneurial orientation and corporate venturing on the firm financial performance of 87 subsidiaries of Colombian business groups at different levels of environmental dynamism. This study confirms that the relationship between corporate entrepreneurship and performance is context-dependent, and that entrepreneurial orientation has a strong and positive causal relationship to corporate venturing. Additionally, subsidiaries of Colombian business groups increase their financial performance when they increase entrepreneurial orientation and decrease financial performance when they increase corporate venturing. Furthermore, the results with and without environmental dynamism are similar. This paper would contribute to important areas in Latin America business where such studies are scarce. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Emerging market stock valuation: new evidence from Peru(Inderscience Publishers, 2020-12-22)There is still a debate regarding which valuation multiples can estimate the price of a stock. Nevertheless, recent research has not considered previous relevant findings and authors are still in an 'exploratory' phase that targets multiples randomly, without analysing intentionally developed and emerging markets separately. The purpose of the investigation is to determine how strongly do the valuation multiples preferred by the literature all around the world explain the price of the stocks in emerging countries such as Peru, through panel data multiple linear regression models. Specific delimitations based on the literature are considered. Results show that: a) the model composed by valuation multiples from different emerging markets studies correlates strongly with the stock price throughout 20 years of analysis; b) the model can be reduced to a very short but statistically solvent expression; c) the commodity-related business is introduced as a novel explanatory variable. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Risk of insolvency and return of shares: empirical analysis of Altman's Z-Score in the Peruvian mining sector between 2008-2018(Our Lady of the Rosary University, 2021-01-25)This research pretends to evaluate the significance of the insolvency risk, referred by Altman's Z-Score, in the explanation of the historical return of the 7 most liquid mining companies listed in the Lima Stock Exchange based on a Market Return Model (MRM) under a cross-sectional approach. In this sense, daily data was collected from the S&P/BVL Peru Select index and the Peruvian 10-year Sovereign Bond between 2008-2018, approximated quarterly by the geometric average to homogenize them with the frequency of the Z. Thus, two central results were obtained: 1) The Z-Score, as an estimator of insolvency risk, is not valid to explain the behavior of the historical return of the shares, and 2) The Market Premium is statistically significant within the yield analysis. Also, contrary to the common literature, the results suggest the validity of Sharpe's conventional CAPM. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, State and dynamics of the innovative performance of medium and large firms in the manufacturing sector in emerging economies: The cases of Peru and Ecuador(Multidisciplinary Digital Publishing Institute (MDPI), 2022-12-30)The purpose of this study was to analyze the current state and dynamics of the innovative behavior of medium and large manufacturing firms in Peru and Ecuador. It has been shown that the factors that enhance or enable the possibilities of innovation in organizations can be internal or external. This study took a quantitative approach, and regression models were applied to samples composed of firms. The relationships between external factors and business resources following the implementation of innovation were analyzed, as was the impact that these factors had on sales performance, considering the effect of the size and age of the firms. The innovations most implemented in firms in Ecuador were processes, and in Peru, organizational innovations were predominant. There were no external factors or business resources statistically related to these types of innovation for each country. For Peruvian firms, the age of the firm presented an inverse relationship to its performance. The study confirms the results of other studies conducted in Peru, and for Ecuador, these findings represent one of the first contributions on this topic. This study contributes to the discussion of the effects, in emerging Latin American countries, of a firm’s age on its ability to innovate. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Business groups and herding behavior during the COVID-19 pandemic(Faculty of Social Sciences, 2022-01-01)This article studies whether herding behavior is present in stock returns of business groups during the COVID-19 pandemic in Latin American Integrated Market (MILA), composed by Chile, Colombia, Mexico, and Peru. Using the series of daily prices and daily traded volumes of the shares of the companies affiliated with a business group and that are included in the stock market indices S&P/IPSA (Chile), COLCAP (Colombia), IPC (Mexico) and S&P/BVL (Peru), from January 1, 2010 to October 27, 2021, with the exception of Mexico, we observe herding behavior during COVID-19 in businesses affiliated with business groups in MILA. In addition, from May 2020 onwards, stock behavior shifts to reverse herding. This study also reports that when the market is up herding is stronger during COVID-19. Something similar occurs for low market volatility and low volume of trading. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Towards a Deeper Comprehension of Unlevered Betas in Emerging Markets: Gordon and a Regression Stock Valuation Model(Inderscience Publishers, 2023-01-01)Unlevered betas determination in emerging markets remains a challenge because of the lack of formal tropicalised procedures. Replication of methods built for developed markets only generate biases. The study proposes a standardised procedure through the match of two asset pricing models in order to calculate unlevered betas more appropriately for a specific industry in an emerging market. The paper found that the model proposed permits a successful calculation of an unlevered beta which significantly correlates with the one estimated through the market line's slope without recurring to any preconceived indicators from developed markets. Also, the CAPM is reconfirmed as an appropriate opportunity cost for valuation, but dismisses inflation and country risk as part of its composition. Additionally, the paper identifies the main challenges among unlevered betas' calculation in emerging countries and proposes future research opportunities regarding this issue. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, The Effects of Emerging Market Traits on the Relationship Between Intangible Assets and Company Performance: Evidence from a Multi-Level Model(Inderscience Publishers, 2023-01-01)This study investigates the contribution of intangible assets to financial performance and market valuation in emerging economies, controlling for specific features of the latter. The authors developed a multi-level model using the value-added intellectual coefficient and its components as independent variables; financial ratios as dependent variables; and emerging markets’ traits, proxied by the global competitiveness index, as controls. Regressions were performed using nine years of data on manufacturing companies from Chile and Peru and their global competitiveness indexes. Intangible assets are positively associated with firms’ market valuation, and controls improve models’ explanatory power. The results confirm the importance of intangible assets in emerging markets and broaden understanding of the crucial role of their traits in value creation. Their effects vary with variables, countries, and periods. Considering these factors would contribute to sound investment decisions and policymaking. Additional contribution is the assessment of literature on intangible assets in Latin America. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Reskilling Business Executives in Transition Economies: Can Yoga Help?(Inderscience Publishers, 2023-01-01)The required skill set of the business executives in transition economies is changing as the monopolistic public sector businesses are converting themselves to private enterprises with global exposure. Through the lens of mindfulness, this study investigates whether the ancient practice of yoga can support enhancement of helping behaviour and cultural intelligence of business executives in a transitional economy. PROCESS macro has been employed to study the mediation model. The study found that yogic practices significantly increase participants’ helping behaviour and also their cultural intelligence. The results support the partial mediation model with approximately two thirds of the effect on helping behaviour coming from higher mindfulness and the remaining one third coming directly from the practice of yoga. In the case of cultural intelligence, 88% of the increase comes through mindfulness while the remaining 12% can be accounted for directly from yogic practices. This is the first time the gains of benefits of yoga have been quantified in a desegregated manner. Businesses in emerging markets could view yoga not as a woke activity or a trivial pursuit, but as a support for bringing about useful attitudinal changes among their executives. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Herding Behavior of Business Groups During COVID-19: Evidence in Chile(Universidad Nacional Autonoma de Mexico, 2023-01-01)This article investigates whether herding behavior is present in stock returns of business groups during the COVID-19 pandemic. Using series of prices and daily traded volume of the companies that make up the General Index of Stock Prices of the Santiago de Chile Stock Exchange (S&P/CLIGPA) from January 1, 2010 to October 9, 2020 the results show herding behavior during COVID-19. Nevertheless, the herding behavior is weaker in business group firms compared to companies which are not affiliated to business groups. Then, when analyzing how herding behavior evolves in business groups during the presence of COVID-19, it is found that herding behavior changes to reverse herding behavior during May 2020 onwards. When inquiring about this point, it is found that herding behavior in business groups is lower under increasing uncertainty (number of cases and deaths due to COVID-19 increases). - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Corporate Social Responsibility and Return: Social Impact, a Case Study of an Emerging Market Oil Industry in Stock Exchange(2023-05-31)This paper analyzes the relationship between corporate social responsibility (CSR) and social impact within the oil industry in an emerging market (Peru). Following the emerging literature on the social impact field, and using the case study methodology, the findings show that the expected positive relationship is diverse depending on several factors. Specifically, the results reveal that companies must focus on community and environmental responsibility, together with stakeholders' involvement to achieve social impact. However, when companies are weak in any of the previous factors, then the social impact is only partially accepted or even withdrawn.