Pub Date : 2021-08-26DOI: 10.14718/revfinanzpolitecon.3674
Francisco Javier Vásquez Tejos, Hernan Pape Larre
This article aims to determine if the capital structure of Latin American companies in the emerging markets of Brazil, Chile, Mexico, and Peru, are managed according to the market timing theory or the pecking order theory. The analysis was based on a non-probabilistic sample of 170 companies, with annual data, from an unbalanced panel, in the period 2010-2018. Regressions were applied with the fixed and random effects method. The results do not show significant evidence indicating that Latin American companies comply with the pecking order theory. Furthermore, there is also no definitive evidence that companies benefit from low share prices to issue capital or from debt issuance in the face of high stock market prices. There are signs that they follow a blend of several theories, which would indicate their characteristics in the capital structure of Latin American companies.
{"title":"Market Timing and Pecking Order Theory in Latin America","authors":"Francisco Javier Vásquez Tejos, Hernan Pape Larre","doi":"10.14718/revfinanzpolitecon.3674","DOIUrl":"https://doi.org/10.14718/revfinanzpolitecon.3674","url":null,"abstract":"This article aims to determine if the capital structure of Latin American companies in the emerging markets of Brazil, Chile, Mexico, and Peru, are managed according to the market timing theory or the pecking order theory. The analysis was based on a non-probabilistic sample of 170 companies, with annual data, from an unbalanced panel, in the period 2010-2018. Regressions were applied with the fixed and random effects method. The results do not show significant evidence indicating that Latin American companies comply with the pecking order theory. Furthermore, there is also no definitive evidence that companies benefit from low share prices to issue capital or from debt issuance in the face of high stock market prices. There are signs that they follow a blend of several theories, which would indicate their characteristics in the capital structure of Latin American companies.","PeriodicalId":377256,"journal":{"name":"Revista Finanzas y Política Económica","volume":"3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-08-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130738719","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-08-25DOI: 10.14718/revfinanzpolitecon.3424
Felippe Clemente, Evaldo Henrique Da Silva
We propose to evaluate Lei do Bem (law 11.196/05) for Brazilian regions (North, Northeast, Center-West, Southeast and South). This is the first study that analyzes Lei do Bem using extensive game simulations for the different regions of the country. Based on data from 2006 to 2015, we find moral hazard between government and innovative Brazilian companies, as there was no express incentive in the Lei do Bem to stimulate the industrial sector to innovate and register the innovation as a patent. Thus, policies that review the tax incentives structure contained in the Lei do Bem as well as encourage industries and companies to file patents in public patent databases may have positive effects on the Brazilian innovation system.
我们建议对巴西地区(北部、东北部、中西部、东南部和南部)的Lei do Bem(法律11.196/05)进行评估。这是第一次对《Lei do Bem》进行分析的研究，该研究对该国不同地区进行了广泛的游戏模拟。根据2006年至2015年的数据，我们发现政府与创新型巴西公司之间存在道德风险，因为Lei do Bem中没有明确的激励措施来刺激工业部门创新并将创新注册为专利。因此，审查Lei do Bem中包含的税收激励结构以及鼓励行业和公司在公共专利数据库中申请专利的政策可能对巴西的创新体系产生积极影响。
{"title":"Analysis of the Brazilian tax incentives to innovation and patent data: a Principal-Agent model approach","authors":"Felippe Clemente, Evaldo Henrique Da Silva","doi":"10.14718/revfinanzpolitecon.3424","DOIUrl":"https://doi.org/10.14718/revfinanzpolitecon.3424","url":null,"abstract":"We propose to evaluate Lei do Bem (law 11.196/05) for Brazilian regions (North, Northeast, Center-West, Southeast and South). This is the first study that analyzes Lei do Bem using extensive game simulations for the different regions of the country. Based on data from 2006 to 2015, we find moral hazard between government and innovative Brazilian companies, as there was no express incentive in the Lei do Bem to stimulate the industrial sector to innovate and register the innovation as a patent. Thus, policies that review the tax incentives structure contained in the Lei do Bem as well as encourage industries and companies to file patents in public patent databases may have positive effects on the Brazilian innovation system.","PeriodicalId":377256,"journal":{"name":"Revista Finanzas y Política Económica","volume":"102 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-08-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133566605","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper presents a quantitative analysis of the external and internal determinants that affect the innovation dynamics of a low-tech sector in a less developed economy; the food & beverage (F&B) industry in El Salvador. The empirical framework relies on a multivariate probit analysis applied to data from El Salvador’s First National Innovation Survey 2013. The results show that R&D activities, use of industrial protection by F&B industry firms as well as relationships between firms and knowledge agents are useful for technological innovations while the qualifications of firms’ workforce and the relationships between firms and value chain agents prove useful for non-technological innovations. In addition, firms can take advantage of their size and location in the department of San Salvador to promote product innovation, whereas firms’ maturity is seen to be a disadvantage. Based on the results to emerge, the role that public science, technology and innovation (STI) policies as well as STI business strategies can play in the Salvadoran agri-food industry innovation system is seen to be huge.
{"title":"Innovation Behavior of Salvadoran Food & Beverage Industry Firms","authors":"Elías Humberto Peraza Castaneda, Guillermo Aleixandre Mendizábal","doi":"10.14718/revfinanzpolitecon.2983","DOIUrl":"https://doi.org/10.14718/revfinanzpolitecon.2983","url":null,"abstract":"This paper presents a quantitative analysis of the external and internal determinants that affect the innovation dynamics of a low-tech sector in a less developed economy; the food & beverage (F&B) industry in El Salvador. The empirical framework relies on a multivariate probit analysis applied to data from El Salvador’s First National Innovation Survey 2013. The results show that R&D activities, use of industrial protection by F&B industry firms as well as relationships between firms and knowledge agents are useful for technological innovations while the qualifications of firms’ workforce and the relationships between firms and value chain agents prove useful for non-technological innovations. In addition, firms can take advantage of their size and location in the department of San Salvador to promote product innovation, whereas firms’ maturity is seen to be a disadvantage. Based on the results to emerge, the role that public science, technology and innovation (STI) policies as well as STI business strategies can play in the Salvadoran agri-food industry innovation system is seen to be huge.","PeriodicalId":377256,"journal":{"name":"Revista Finanzas y Política Económica","volume":"75 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-08-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134067733","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-08-24DOI: 10.14718/revfinanzpolitecon.3631
Lilia Corzo, M. B. Guercio, H. Vigier
El objetivo de este trabajo es analizar el alcance de los créditos bancarios a tasa subsidiada para mipymes. Seestima un modelo Logit para examinar los determinantes de la demanda efectiva y potencial para empresas argentinas en 2017. Los principales resultados muestran que las empresas con necesidades insatisfechas de crédito bancario tradicional presentan una menor demanda efectiva y potencial. Además, se observa una relación positiva entre el tamaño de la empresa y la demanda efectiva. La demanda potencial, por suparte, es explicada por la forma jurídica, el acceso al crédito comercial, la educación del gerente y haber experimentado una pérdida de inversión por falta de crédito. Este estudio genera bases para rediseñar y mejorar el alcance de los programas de financiamiento para mipymes.
{"title":"Alcance de los créditos a tasa subsidiada para mipymes argentinas","authors":"Lilia Corzo, M. B. Guercio, H. Vigier","doi":"10.14718/revfinanzpolitecon.3631","DOIUrl":"https://doi.org/10.14718/revfinanzpolitecon.3631","url":null,"abstract":"El objetivo de este trabajo es analizar el alcance de los créditos bancarios a tasa subsidiada para mipymes. Seestima un modelo Logit para examinar los determinantes de la demanda efectiva y potencial para empresas argentinas en 2017. Los principales resultados muestran que las empresas con necesidades insatisfechas de crédito bancario tradicional presentan una menor demanda efectiva y potencial. Además, se observa una relación positiva entre el tamaño de la empresa y la demanda efectiva. La demanda potencial, por suparte, es explicada por la forma jurídica, el acceso al crédito comercial, la educación del gerente y haber experimentado una pérdida de inversión por falta de crédito. Este estudio genera bases para rediseñar y mejorar el alcance de los programas de financiamiento para mipymes.","PeriodicalId":377256,"journal":{"name":"Revista Finanzas y Política Económica","volume":"166 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-08-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115846635","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-08-24DOI: 10.14718/revfinanzpolitecon.v13.n2.2021.9
Rogelio Ladrón de Guevara Cortés, S. Porras, Enric Monte Moreno
This paper compares the dimension reduction or feature extraction techniques, e.g., Principal Component Analysis, Factor Analysis, Independent Component Analysis and Neural Networks Principal Component Analysis, which are used as techniques for extracting the underlying systematic risk factors driving the returns on equities of the Mexican Stock Exchange, under a statistical approach to the Arbitrage Pricing Theory. We carry out our research according to two different perspectives. First, we evaluate them from a theoretical and matrix scope, making a parallelism among their particular mixing and demixing processes, as well as the attributes of the factors extracted by each method. Secondly, we accomplish an empirical study in order to measure the level of accuracy in the reconstruction of the original variables.
{"title":"Statistical and computational techniques for extraction of underlying systematic risk factors: a comparative study in the Mexican Stock Exchange","authors":"Rogelio Ladrón de Guevara Cortés, S. Porras, Enric Monte Moreno","doi":"10.14718/revfinanzpolitecon.v13.n2.2021.9","DOIUrl":"https://doi.org/10.14718/revfinanzpolitecon.v13.n2.2021.9","url":null,"abstract":"This paper compares the dimension reduction or feature extraction techniques, e.g., Principal Component Analysis, Factor Analysis, Independent Component Analysis and Neural Networks Principal Component Analysis, which are used as techniques for extracting the underlying systematic risk factors driving the returns on equities of the Mexican Stock Exchange, under a statistical approach to the Arbitrage Pricing Theory. We carry out our research according to two different perspectives. First, we evaluate them from a theoretical and matrix scope, making a parallelism among their particular mixing and demixing processes, as well as the attributes of the factors extracted by each method. Secondly, we accomplish an empirical study in order to measure the level of accuracy in the reconstruction of the original variables.","PeriodicalId":377256,"journal":{"name":"Revista Finanzas y Política Económica","volume":"120 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-08-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115601748","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-08-24DOI: 10.14718/revfinanzpolitecon.3914
Zobayer Ahmed
Sustainable high economic growth is the major objective of a country. Whereas inflation is one of the critical factors that affect economic development. Growth-inflation nexus is one of the most controversial topics in this present world. This study re-investigates the link between inflation and the economic development of Bangladesh by employing a non-linear autoregressive distributed lagged (NARDL) approach. For this study, we use annual time series data set on the growth rate of per capita gross domestic product, and the inflation rate for the time range from 1986 to 2017. The asymmetric cointegration result based on the NARDL approach shows the confirmation of long-run integration between the GDP growth rate and inflation rate (CPI). The study finds a positive and robust nexus between growth rate and inflation rate. The relationship exists both in the long-run as well as in the short-run. The results also have statistically significant. This study further explores that there is an asymmetric relationship between the rate of inflation and the rate of economic growth. The nonlinear ARDL approach shows that the GDP growth rate responds more with an upward change in inflation than that of a downward change. Furthermore, in the short-run, the positive change in inflations has a significant and positive influence on the growth rate. Still, the influence of an adverse change in inflations has statistically insignificant. Both the policymakers of Bangladesh (Bangladesh Bank) and development partners working in the country can be benefited from these results in the context of policy implementation. This study recommends that to boosting up the economic growth in the context of Bangladesh, the inflation rate can be treated as a significant determination.
{"title":"Revisiting inflation and growth nexus: an asymmetric cointegration based on Non-linear ARDL approach in case of Bangladesh","authors":"Zobayer Ahmed","doi":"10.14718/revfinanzpolitecon.3914","DOIUrl":"https://doi.org/10.14718/revfinanzpolitecon.3914","url":null,"abstract":"Sustainable high economic growth is the major objective of a country. Whereas inflation is one of the critical factors that affect economic development. Growth-inflation nexus is one of the most controversial topics in this present world. This study re-investigates the link between inflation and the economic development of Bangladesh by employing a non-linear autoregressive distributed lagged (NARDL) approach. For this study, we use annual time series data set on the growth rate of per capita gross domestic product, and the inflation rate for the time range from 1986 to 2017. The asymmetric cointegration result based on the NARDL approach shows the confirmation of long-run integration between the GDP growth rate and inflation rate (CPI). The study finds a positive and robust nexus between growth rate and inflation rate. The relationship exists both in the long-run as well as in the short-run. The results also have statistically significant. This study further explores that there is an asymmetric relationship between the rate of inflation and the rate of economic growth. The nonlinear ARDL approach shows that the GDP growth rate responds more with an upward change in inflation than that of a downward change. \u0000Furthermore, in the short-run, the positive change in inflations has a significant and positive influence on the growth rate. Still, the influence of an adverse change in inflations has statistically insignificant. Both the policymakers of Bangladesh (Bangladesh Bank) and development partners working in the country can be benefited from these results in the context of policy implementation. This study recommends that to boosting up the economic growth in the context of Bangladesh, the inflation rate can be treated as a significant determination.","PeriodicalId":377256,"journal":{"name":"Revista Finanzas y Política Económica","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-08-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127511926","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-08-24DOI: 10.14718/revfinanzpolitecon.3782
Enrique Samanamud Valderrama
Este artículo examina la relación entre el desempleo y la producción en el Perú entre 1970 y 2018 —denominada comúnmente como Ley de Okun—, a partir de las dos primeras versiones planteadas originalmente por Arthur Okun. Asimismo, se plantea una nueva formulación econométrica que agrega al desempleo el subempleo como variable dependiente, buscando una aproximación a los elevados niveles deempleo precario característicos de economías en desarrollo, que sirven de vía de escape a la población y evitan mayores niveles de desempleo. Finalmente, a los modelos se incorporan variables adicionales al producto que permitan un mejor ajuste. Los resultados evidencian inferiores niveles del coeficiente en comparación con los estimados originalmente para la economía de Estados Unidos y de similares trabajosefectuados para las economías desarrolladas por diversos autores, lo que implica mayores niveles de producto para reducir el desempleo. Además, la reformulación agregada de desempleo con subempleo ayuda a explicar mejor las necesidades de crecimiento de la economía peruana.
{"title":"Una revisión para el Perú de la relación entre el desempleo, el subempleo y la producción","authors":"Enrique Samanamud Valderrama","doi":"10.14718/revfinanzpolitecon.3782","DOIUrl":"https://doi.org/10.14718/revfinanzpolitecon.3782","url":null,"abstract":"Este artículo examina la relación entre el desempleo y la producción en el Perú entre 1970 y 2018 —denominada comúnmente como Ley de Okun—, a partir de las dos primeras versiones planteadas originalmente por Arthur Okun. Asimismo, se plantea una nueva formulación econométrica que agrega al desempleo el subempleo como variable dependiente, buscando una aproximación a los elevados niveles deempleo precario característicos de economías en desarrollo, que sirven de vía de escape a la población y evitan mayores niveles de desempleo. Finalmente, a los modelos se incorporan variables adicionales al producto que permitan un mejor ajuste. Los resultados evidencian inferiores niveles del coeficiente en comparación con los estimados originalmente para la economía de Estados Unidos y de similares trabajosefectuados para las economías desarrolladas por diversos autores, lo que implica mayores niveles de producto para reducir el desempleo. Además, la reformulación agregada de desempleo con subempleo ayuda a explicar mejor las necesidades de crecimiento de la economía peruana.","PeriodicalId":377256,"journal":{"name":"Revista Finanzas y Política Económica","volume":"22 6","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-08-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"120903526","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-08-24DOI: 10.14718/revfinanzpolitecon.3743
Pedro Grados Smith
A pesar de un crecimiento sostenido del PBI del Perú en los últimos veinte años, la pobreza monetaria aún es el principal problema económico y social. Este fenómeno se extiende a dos factores importantes: la inclusión financiera y el empleo informal, que tienen implicancias en la sostenibilidad de los mecanismos impulsores del crecimiento económico para aliviar la pobreza. Utilizando el modelo econométrico de mínimos cuadrados generalizados factibles (FGLS) con efectos fijos (FEGLS), a fin de controlar los efectos heterogéneos entre los departamentos del Perú durante el periodo 2010-2019, este documento evalúa empíricamente el impacto de la inclusión financiera y el empleo informal en la pobreza monetaria. Los resultados empíricos muestran que la expansión de la inclusión financiera beneficiaría a la reducción de la pobreza monetaria, en tanto con respecto al empleo informal se revela que existe una relación negativa: se determina que su desarrollo está asociado con la reducción de la pobreza, pero no es determinante para su alivio.
{"title":"Implicancias de la inclusión financiera y el empleo informal en la pobreza monetaria de los departamentos del Perú","authors":"Pedro Grados Smith","doi":"10.14718/revfinanzpolitecon.3743","DOIUrl":"https://doi.org/10.14718/revfinanzpolitecon.3743","url":null,"abstract":"A pesar de un crecimiento sostenido del PBI del Perú en los últimos veinte años, la pobreza monetaria aún es el principal problema económico y social. Este fenómeno se extiende a dos factores importantes: la inclusión financiera y el empleo informal, que tienen implicancias en la sostenibilidad de los mecanismos impulsores del crecimiento económico para aliviar la pobreza. Utilizando el modelo econométrico de mínimos cuadrados generalizados factibles (FGLS) con efectos fijos (FEGLS), a fin de controlar los efectos heterogéneos entre los departamentos del Perú durante el periodo 2010-2019, este documento evalúa empíricamente el impacto de la inclusión financiera y el empleo informal en la pobreza monetaria. Los resultados empíricos muestran que la expansión de la inclusión financiera beneficiaría a la reducción de la pobreza monetaria, en tanto con respecto al empleo informal se revela que existe una relación negativa: se determina que su desarrollo está asociado con la reducción de la pobreza, pero no es determinante para su alivio.","PeriodicalId":377256,"journal":{"name":"Revista Finanzas y Política Económica","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-08-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129346288","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-08-24DOI: 10.14718/revfinanzpolitecon.3740
Rogelio, Salvador Torra Porras, Enric Monte Moreno
This paper compares the dimension reduction or feature extraction techniques, e.g., Principal Component Analysis, Factor Analysis, Independent Component Analysis and Neural Networks Principal Component Analysis, which are used as techniques for extracting the underlying systematic risk factors driving the returns on equities of the Mexican Stock Exchange, under a statistical approach to the Arbitrage Pricing Theory. We carry out our research according to two different perspectives. First, we evaluate them from a theoretical and matrix scope, making a parallelism among their particular mixing and demixing processes, as well as the attributes of the factors extracted by each method. Secondly, we accomplish an empirical study in order to measure the level of accuracy in the reconstruction of the original variables.
{"title":"Statistical and computational techniques for extraction of underlying systematic risk factors: a comparative in the Mexican stock exchange","authors":"Rogelio, Salvador Torra Porras, Enric Monte Moreno","doi":"10.14718/revfinanzpolitecon.3740","DOIUrl":"https://doi.org/10.14718/revfinanzpolitecon.3740","url":null,"abstract":"This paper compares the dimension reduction or feature extraction techniques, e.g., Principal Component Analysis, Factor Analysis, Independent Component Analysis and Neural Networks Principal Component Analysis, which are used as techniques for extracting the underlying systematic risk factors driving the returns on equities of the Mexican Stock Exchange, under a statistical approach to the Arbitrage Pricing Theory. We carry out our research according to two different perspectives. First, we evaluate them from a theoretical and matrix scope, making a parallelism among their particular mixing and demixing processes, as well as the attributes of the factors extracted by each method. Secondly, we accomplish an empirical study in order to measure the level of accuracy in the reconstruction of the original variables.","PeriodicalId":377256,"journal":{"name":"Revista Finanzas y Política Económica","volume":"106 1 Pt 2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-08-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130453939","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-03-17DOI: 10.14718/REVFINANZPOLITECON.V13.N1.2021.7
Juan Ignacio Leo-Castela, José Ignacio Sánchez-Macías
In the 20th century, traditional economic doctrine was focused on studying from different perspectives, the relationship between corruption (and related economic crimes) and growth and economic development. However, new OECD policies and recommendations clearly support a greater role of institutional factors in the prevention of social harm inherent in corruption offenses. Using an econometric analysis methodology (probit regression model) and a complete-linkage clustering approach, this paper shows the growing importance of corporate compliance in the OECD, especially, since the legal regulation of the liability of legal persons and the appointment of a compliance officer. Our research results suggest that this integrity policy underwent a geographical expansion from the Anglo-Saxon countries to the rest of the OECD member countries; additionally, institutional and historical aspects are regaining importance in the functioning of the world economy as a lever of change for corporate integrity.
{"title":"Las políticas de integridad corporativa como política económica en la OCDE","authors":"Juan Ignacio Leo-Castela, José Ignacio Sánchez-Macías","doi":"10.14718/REVFINANZPOLITECON.V13.N1.2021.7","DOIUrl":"https://doi.org/10.14718/REVFINANZPOLITECON.V13.N1.2021.7","url":null,"abstract":"In the 20th century, traditional economic doctrine was focused on studying from different perspectives, the relationship between corruption (and related economic crimes) and growth and economic development. However, new OECD policies and recommendations clearly support a greater role of institutional factors in the prevention of social harm inherent in corruption offenses. Using an econometric analysis methodology (probit regression model) and a complete-linkage clustering approach, this paper shows the growing importance of corporate compliance in the OECD, especially, since the legal regulation of the liability of legal persons and the appointment of a compliance officer. Our research results suggest that this integrity policy underwent a geographical expansion from the Anglo-Saxon countries to the rest of the OECD member countries; additionally, institutional and historical aspects are regaining importance in the functioning of the world economy as a lever of change for corporate integrity.","PeriodicalId":377256,"journal":{"name":"Revista Finanzas y Política Económica","volume":"37 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-03-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115009929","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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