Pub Date : 2022-02-21DOI: 10.1108/jefas-07-2021-0113
H. R. Morales, Marcela Porporato, Nicolas Epelbaum
PurposeThe technical feasibility of using Benford's law to assist internal auditors in reviewing the integrity of high-volume data sets is analysed. This study explores whether Benford's distribution applies to the set of numbers represented by the quantity of records (size) that comprise the different tables that make up a state-owned enterprise's (SOE) enterprise resource planning (ERP) relational database. The use of Benford's law streamlines the search for possible abnormalities within the ERP system's data set, increasing the ability of the internal audit functions (IAFs) to detect anomalies within the database. In the SOEs of emerging economies, where groups compete for power and resources, internal auditors are better off employing analytical tests to discharge their duties without getting involved in power struggles.Design/methodology/approachRecords of eight databases of an SOE in Argentina are used to analyse the number of records of each table in periods of three to 12 years. The case develops step-by-step Benford's law application to test each ERP module records using Chi-squared (χ²) and mean absolute deviation (MAD) goodness-of-fit tests.FindingsBenford's law is an adequate tool for performing integrity tests of high-volume databases. A minimum of 350 tables within each database are required for the MAD test to be effective; this threshold is higher than the 67 reported by earlier researches. Robust results are obtained for the complete ERP system and for large modules; modules with less than 350 tables show low conformity with Benford's law.Research limitations/implicationsThis study is not about detecting fraud; it aims to help internal auditors red flag databases that will need further attention, making the most out of available limited resources in SOEs. The contribution is a simple, cheap and useful quantitative tool that can be employed by internal auditors in emerging economies to perform the first scan of the data contained in relational databases.Practical implicationsThis paper provides a tool to test whether large amounts of data behave as expected, and if not, they can be pinpointed for future investigation. It offers tests and explanations on the tool's application so that internal auditors of SOEs in emerging economies can use it, particularly those that face divergent expectations from antagonist powerful interest groups.Originality/valueThis study demonstrates that even in the context of limited information technology tools available for internal auditors, there are simple and inexpensive tests to review the integrity of high-volume databases. It also extends the literature on high-volume database integrity tests and our knowledge of the IAF in Civil law countries, particularly emerging economies in Latin America.
{"title":"Benford's law for integrity tests of high-volume databases: a case study of internal audit in a state-owned enterprise","authors":"H. R. Morales, Marcela Porporato, Nicolas Epelbaum","doi":"10.1108/jefas-07-2021-0113","DOIUrl":"https://doi.org/10.1108/jefas-07-2021-0113","url":null,"abstract":"PurposeThe technical feasibility of using Benford's law to assist internal auditors in reviewing the integrity of high-volume data sets is analysed. This study explores whether Benford's distribution applies to the set of numbers represented by the quantity of records (size) that comprise the different tables that make up a state-owned enterprise's (SOE) enterprise resource planning (ERP) relational database. The use of Benford's law streamlines the search for possible abnormalities within the ERP system's data set, increasing the ability of the internal audit functions (IAFs) to detect anomalies within the database. In the SOEs of emerging economies, where groups compete for power and resources, internal auditors are better off employing analytical tests to discharge their duties without getting involved in power struggles.Design/methodology/approachRecords of eight databases of an SOE in Argentina are used to analyse the number of records of each table in periods of three to 12 years. The case develops step-by-step Benford's law application to test each ERP module records using Chi-squared (χ²) and mean absolute deviation (MAD) goodness-of-fit tests.FindingsBenford's law is an adequate tool for performing integrity tests of high-volume databases. A minimum of 350 tables within each database are required for the MAD test to be effective; this threshold is higher than the 67 reported by earlier researches. Robust results are obtained for the complete ERP system and for large modules; modules with less than 350 tables show low conformity with Benford's law.Research limitations/implicationsThis study is not about detecting fraud; it aims to help internal auditors red flag databases that will need further attention, making the most out of available limited resources in SOEs. The contribution is a simple, cheap and useful quantitative tool that can be employed by internal auditors in emerging economies to perform the first scan of the data contained in relational databases.Practical implicationsThis paper provides a tool to test whether large amounts of data behave as expected, and if not, they can be pinpointed for future investigation. It offers tests and explanations on the tool's application so that internal auditors of SOEs in emerging economies can use it, particularly those that face divergent expectations from antagonist powerful interest groups.Originality/valueThis study demonstrates that even in the context of limited information technology tools available for internal auditors, there are simple and inexpensive tests to review the integrity of high-volume databases. It also extends the literature on high-volume database integrity tests and our knowledge of the IAF in Civil law countries, particularly emerging economies in Latin America.","PeriodicalId":53491,"journal":{"name":"Journal of Economics, Finance and Administrative Science","volume":"3 1","pages":""},"PeriodicalIF":2.4,"publicationDate":"2022-02-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78290878","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 : 2022-02-15DOI: 10.1108/jefas-06-2021-0094
Angélica Tacuba
PurposeThe article analyzes how oil price fluctuations are reflected in the management of Petróleos Mexicanos (Pemex) based on its balance sheet (BS) and particularly how oil price fluctuations affect Pemex's corporate income.Design/methodology/approachThe author uses a vector auto-regressive (VAR) model with seven variables for the period 1977–2019. The first variable is the oil price and the others belong to Pemex's BS: total income, sales revenue, operating costs, investment, payment of taxes, duties and contributions (TDC) and the payment of interest on debt.FindingsThe results show that in an environment of elevated fiscal burden that is of an excessive payment of tax by Pemex to the state, the price increases positively affected the income obtained from sales, but that surplus is used primarily to finance the fiscal expenses coming from the TDC, which is associated with the production and commercialization of hydrocarbons; physical and financial investment is disconnected from the evolution of price. Under a fiscal scheme that extracts, on average, 98.46% of Pemex's income, investment is not a priority.Practical implicationsThe findings of the research have important implications for Mexico's energy policy because of affecting the long-term financial and productive sustainability of Pemex.Originality/valueFirst, the study contributes to the literature on oil prices in Mexico by analyzing Pemex's fiscal burden from a corporate finance perspective, an area in which there are few rigorous studies. Second, the study contributes by providing quantitative support for the relationship between oil prices and BS variables through the VAR model.
{"title":"Pemex: oil price and financial management in the context of elevated fiscal burden","authors":"Angélica Tacuba","doi":"10.1108/jefas-06-2021-0094","DOIUrl":"https://doi.org/10.1108/jefas-06-2021-0094","url":null,"abstract":"PurposeThe article analyzes how oil price fluctuations are reflected in the management of Petróleos Mexicanos (Pemex) based on its balance sheet (BS) and particularly how oil price fluctuations affect Pemex's corporate income.Design/methodology/approachThe author uses a vector auto-regressive (VAR) model with seven variables for the period 1977–2019. The first variable is the oil price and the others belong to Pemex's BS: total income, sales revenue, operating costs, investment, payment of taxes, duties and contributions (TDC) and the payment of interest on debt.FindingsThe results show that in an environment of elevated fiscal burden that is of an excessive payment of tax by Pemex to the state, the price increases positively affected the income obtained from sales, but that surplus is used primarily to finance the fiscal expenses coming from the TDC, which is associated with the production and commercialization of hydrocarbons; physical and financial investment is disconnected from the evolution of price. Under a fiscal scheme that extracts, on average, 98.46% of Pemex's income, investment is not a priority.Practical implicationsThe findings of the research have important implications for Mexico's energy policy because of affecting the long-term financial and productive sustainability of Pemex.Originality/valueFirst, the study contributes to the literature on oil prices in Mexico by analyzing Pemex's fiscal burden from a corporate finance perspective, an area in which there are few rigorous studies. Second, the study contributes by providing quantitative support for the relationship between oil prices and BS variables through the VAR model.","PeriodicalId":53491,"journal":{"name":"Journal of Economics, Finance and Administrative Science","volume":"11 1","pages":""},"PeriodicalIF":2.4,"publicationDate":"2022-02-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80059328","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 : 2022-02-15DOI: 10.1108/jefas-07-2021-0124
Joseph Mawejje, N. Odhiambo
PurposeThis study investigates the dynamic causality linkages between fiscal deficits and selected macroeconomic indicators in a panel of five East African Community countries.Design/methodology/approachThe research design is based on panel cointegration tests, panel cross-section dependence tests, panel error correction-based Granger causality tests and panel impulse response functions.FindingsResults show that there is long-run feedback causality among fiscal deficits and each of the variables include gross domestic product (GDP) growth, current account balance, interest rates, inflation, grants and debt service. Short-run Granger causality dynamics indicate that there is feedback causality between fiscal deficits and GDP growth; no causality between fiscal deficits and inflation; no causality between fiscal deficits and current account; no causality between fiscal deficits and interest rates; feedback causality between fiscal deficits and grants; and no causality between fiscal deficits and debt service. Impulse response functions show positive and significant impacts of current account balance, inflation and grants; negative and significant impacts of real GDP growth and lending rates; and insignificant effects of debt service.Research limitations/implicationsWhile the study examines the dynamic causality between fiscal deficits and selected macroeconomic indicators in the East African Community, the analysis excludes South Sudan due to significant data limitations.Practical implicationsIn light of the East African Community's aspirations to achieve convergence on key macroeconomic targets, including the fiscal deficit, this research provides novel insights on fiscal policy determinants and causality dynamics.Social implicationsThe dynamic relationships between fiscal policy and macroeconomic variables may have social implications for welfare, equitable growth and distribution of resources.Originality/valueWith a focus on the East African Community, this paper contributes to the literature on the macroeconomic determinants of fiscal deficits in regional economic communities.
{"title":"Macroeconomic determinants of fiscal policy in East Africa: a panel causality analysis","authors":"Joseph Mawejje, N. Odhiambo","doi":"10.1108/jefas-07-2021-0124","DOIUrl":"https://doi.org/10.1108/jefas-07-2021-0124","url":null,"abstract":"PurposeThis study investigates the dynamic causality linkages between fiscal deficits and selected macroeconomic indicators in a panel of five East African Community countries.Design/methodology/approachThe research design is based on panel cointegration tests, panel cross-section dependence tests, panel error correction-based Granger causality tests and panel impulse response functions.FindingsResults show that there is long-run feedback causality among fiscal deficits and each of the variables include gross domestic product (GDP) growth, current account balance, interest rates, inflation, grants and debt service. Short-run Granger causality dynamics indicate that there is feedback causality between fiscal deficits and GDP growth; no causality between fiscal deficits and inflation; no causality between fiscal deficits and current account; no causality between fiscal deficits and interest rates; feedback causality between fiscal deficits and grants; and no causality between fiscal deficits and debt service. Impulse response functions show positive and significant impacts of current account balance, inflation and grants; negative and significant impacts of real GDP growth and lending rates; and insignificant effects of debt service.Research limitations/implicationsWhile the study examines the dynamic causality between fiscal deficits and selected macroeconomic indicators in the East African Community, the analysis excludes South Sudan due to significant data limitations.Practical implicationsIn light of the East African Community's aspirations to achieve convergence on key macroeconomic targets, including the fiscal deficit, this research provides novel insights on fiscal policy determinants and causality dynamics.Social implicationsThe dynamic relationships between fiscal policy and macroeconomic variables may have social implications for welfare, equitable growth and distribution of resources.Originality/valueWith a focus on the East African Community, this paper contributes to the literature on the macroeconomic determinants of fiscal deficits in regional economic communities.","PeriodicalId":53491,"journal":{"name":"Journal of Economics, Finance and Administrative Science","volume":"175 1","pages":""},"PeriodicalIF":2.4,"publicationDate":"2022-02-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77742441","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}
A. López-Salazar, Gloria Leticia López-Salazar, Rubén Molina Sánchez
Innovation is a fundamental strategy to generate and maintain a competitive position in the market, however, the companies’ ability to generate innovations is not an easy task, as there are different factors that influence it. Although several innovation models have been developed, no ad hoc models have been proposed to the conditions of micro and small enterprise, nor the structural conditions in developing countries. Therefore, the objective of this research is to identify and analyze the most relevant management factors that drive innovation in Mexican micro and small business. To this end, 594 micro and small businesses from the Laja-Bajío region belonging to the commercial sector, service and manufacture, were surveyed. Semi-structured interviews were conducted to identify their needs on innovation generation. The results show that technology management, marketing strategies and human resources management are the key elements to drive innovation in the MSEs (Micro and Small enterprises).
{"title":"Multiplier elements of innovation: towards an innovation model in the Mexican micro and small business","authors":"A. López-Salazar, Gloria Leticia López-Salazar, Rubén Molina Sánchez","doi":"10.29057/jas.v3i6.7379","DOIUrl":"https://doi.org/10.29057/jas.v3i6.7379","url":null,"abstract":"Innovation is a fundamental strategy to generate and maintain a competitive position in the market, however, the companies’ ability to generate innovations is not an easy task, as there are different factors that influence it. Although several innovation models have been developed, no ad hoc models have been proposed to the conditions of micro and small enterprise, nor the structural conditions in developing countries. Therefore, the objective of this research is to identify and analyze the most relevant management factors that drive innovation in Mexican micro and small business. To this end, 594 micro and small businesses from the Laja-Bajío region belonging to the commercial sector, service and manufacture, were surveyed. Semi-structured interviews were conducted to identify their needs on innovation generation. The results show that technology management, marketing strategies and human resources management are the key elements to drive innovation in the MSEs (Micro and Small enterprises).","PeriodicalId":53491,"journal":{"name":"Journal of Economics, Finance and Administrative Science","volume":"5 1","pages":""},"PeriodicalIF":2.4,"publicationDate":"2022-01-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89934763","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}
María Dolores Martínez García, José María Moreno Meneses, Karina Valencia Sandoval
This article includes a theoretical review of Social Entrepreneurship (SE) due to the gradual increase in the need for new businesses, but also for solutions to social and environmental problems. First, a brief introduction is given explaining why it is important today to have a correct definition of ES. Additionally, the concept of entrepreneur and its different types are defined to create a context and thus be able to talk about the subject. Likewise, a literature review is carried out to achieve a better understanding of an avant-garde concept such as this type of entrepreneurship. Finally, the article concludes with the most important points covered throughout the writing, in addition to a definition of entrepreneur and social entrepreneurship made after analyzing the information found.
{"title":"Theoretical Review of Entrepreneur and Social Entrepreneurship Concepts.","authors":"María Dolores Martínez García, José María Moreno Meneses, Karina Valencia Sandoval","doi":"10.29057/jas.v3i6.7687","DOIUrl":"https://doi.org/10.29057/jas.v3i6.7687","url":null,"abstract":"This article includes a theoretical review of Social Entrepreneurship (SE) due to the gradual increase in the need for new businesses, but also for solutions to social and environmental problems. First, a brief introduction is given explaining why it is important today to have a correct definition of ES. Additionally, the concept of entrepreneur and its different types are defined to create a context and thus be able to talk about the subject. Likewise, a literature review is carried out to achieve a better understanding of an avant-garde concept such as this type of entrepreneurship. Finally, the article concludes with the most important points covered throughout the writing, in addition to a definition of entrepreneur and social entrepreneurship made after analyzing the information found.","PeriodicalId":53491,"journal":{"name":"Journal of Economics, Finance and Administrative Science","volume":"40 1","pages":""},"PeriodicalIF":2.4,"publicationDate":"2022-01-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88376731","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}
Some countries in development like China, the Philippines, Nigeria, Pakistan, Bangladesh, Vietnam and Ukraine do an active promotion in order to raise foreign direct investment (FDI) under the proposal of a positive effect in economic growth while implementing this type of fundraising. Thus, it constitutes an important source of external financing, allowing increases in productivity through technologic transfer as well as rises in competitiveness, efficiency in the managerial models, and expand the countries’ exporting capabilities. After the economic crisis experienced in the 80’s, Latin America, specifically countries like Argentina, Brazil and Mexico, that have based their financing in loans, stopped to raise money by these means when the crisis appeared, arising as an alternative the FDI, also on account of the foreign creditors demanding the payment of their issued resources and the warning of not giving any more financing until these countries restructure their economies, it was established the capital stock of the recipient economy. In this context, it was necessary to implement structural reforms, which were contemplated in the “Washington Consensus”, such as price stabilization and fiscal deficit control with the purpose of recovering the trust to investors and reactivating the capital flow through loans or foreign direct investment aimed at Latin America. In 1990, foreign direct investment became the primary source of external financing to peripheral countries (Aitken y Harrison, 1999:1).
一些发展中国家，如中国、菲律宾、尼日利亚、巴基斯坦、孟加拉国、越南和乌克兰，在实施这种筹资方式的同时，根据对经济增长的积极作用的建议，积极推动外国直接投资(FDI)。因此，它是外部资金的一个重要来源，可以通过技术转让提高生产率，提高竞争力和管理模式的效率，并扩大各国的出口能力。在经历了80年代的经济危机之后，拉丁美洲，特别是阿根廷、巴西和墨西哥等以贷款融资为基础的国家，在危机出现时停止通过这些手段筹集资金，作为外国直接投资的替代方案，也是因为外国债权人要求支付其已发行的资源，并警告说在这些国家调整其经济结构之前不会再提供任何融资。它被确立为接受国经济的资本存量。在这方面，必须执行“华盛顿共识”所设想的结构改革，例如稳定价格和控制财政赤字，目的是恢复对投资者的信任，并通过针对拉丁美洲的贷款或外国直接投资重新激活资本流动。1990年，外国直接投资成为外围国家外部融资的主要来源(Aitken y Harrison, 1999:1)。
{"title":"Foreign Direct Investment and Its Impact on The Regional Level: A Prospective Analysis","authors":"Angel Giovanny Atanacio Pérez, Tirso Javier Hernández Gracia, Danae Duana Ávila","doi":"10.29057/jas.v3i6.8140","DOIUrl":"https://doi.org/10.29057/jas.v3i6.8140","url":null,"abstract":"Some countries in development like China, the Philippines, Nigeria, Pakistan, Bangladesh, Vietnam and Ukraine do an active promotion in order to raise foreign direct investment (FDI) under the proposal of a positive effect in economic growth while implementing this type of fundraising. Thus, it constitutes an important source of external financing, allowing increases in productivity through technologic transfer as well as rises in competitiveness, efficiency in the managerial models, and expand the countries’ exporting capabilities. After the economic crisis experienced in the 80’s, Latin America, specifically countries like Argentina, Brazil and Mexico, that have based their financing in loans, stopped to raise money by these means when the crisis appeared, arising as an alternative the FDI, also on account of the foreign creditors demanding the payment of their issued resources and the warning of not giving any more financing until these countries restructure their economies, it was established the capital stock of the recipient economy. In this context, it was necessary to implement structural reforms, which were contemplated in the “Washington Consensus”, such as price stabilization and fiscal deficit control with the purpose of recovering the trust to investors and reactivating the capital flow through loans or foreign direct investment aimed at Latin America. In 1990, foreign direct investment became the primary source of external financing to peripheral countries (Aitken y Harrison, 1999:1).","PeriodicalId":53491,"journal":{"name":"Journal of Economics, Finance and Administrative Science","volume":"35 1","pages":""},"PeriodicalIF":2.4,"publicationDate":"2022-01-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72764648","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}
Juan Manuel Lira Aguilar, Sergio Ramses Pons Cabrera, Elías Gaona Rivera
This article aims to create a knowledge economy model to be applied in the state of Hidalgo, conducting an exhaustive investigation on the formation of a knowledge economy, as well as a comparative analysis between the state of Hidalgo and nine states more than the Mexican Republic with a certain criterion, in relation to the factors that delimit said economy. These factors are a series of variables taken from 2015: literacy, upper secondary and higher education, researchers, Innovation Stimuli Program (PEI), Mixed Fund associated with the state government (FOMIX), telephony, internet, computers, television, patents, industrial designs and utility models. To later use a method created by the World Bank, which is called Knowledge Assessment Methodology (KAM).
{"title":"Knowledge Economy Model for the State of Hidalgo","authors":"Juan Manuel Lira Aguilar, Sergio Ramses Pons Cabrera, Elías Gaona Rivera","doi":"10.29057/jas.v3i6.7874","DOIUrl":"https://doi.org/10.29057/jas.v3i6.7874","url":null,"abstract":"This article aims to create a knowledge economy model to be applied in the state of Hidalgo, conducting an exhaustive investigation on the formation of a knowledge economy, as well as a comparative analysis between the state of Hidalgo and nine states more than the Mexican Republic with a certain criterion, in relation to the factors that delimit said economy. These factors are a series of variables taken from 2015: literacy, upper secondary and higher education, researchers, Innovation Stimuli Program (PEI), Mixed Fund associated with the state government (FOMIX), telephony, internet, computers, television, patents, industrial designs and utility models. To later use a method created by the World Bank, which is called Knowledge Assessment Methodology (KAM). \u0000 ","PeriodicalId":53491,"journal":{"name":"Journal of Economics, Finance and Administrative Science","volume":"9 1","pages":""},"PeriodicalIF":2.4,"publicationDate":"2022-01-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91246530","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 : 2021-12-07DOI: 10.1108/jefas-11-2021-329
Nestor U. Salcedo
{"title":"Editorial An upcoming 30th anniversary encouraging the papers' publication","authors":"Nestor U. Salcedo","doi":"10.1108/jefas-11-2021-329","DOIUrl":"https://doi.org/10.1108/jefas-11-2021-329","url":null,"abstract":"","PeriodicalId":53491,"journal":{"name":"Journal of Economics, Finance and Administrative Science","volume":"24 1","pages":""},"PeriodicalIF":2.4,"publicationDate":"2021-12-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75519840","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 : 2021-11-30DOI: 10.1108/jefas-10-2020-0328
M. R. Henrique, Sandro Braz Silva, Antonio Saporito
PurposeThe article consists of analyzing the behavior of the determinants of the capital structure of Chilean companies between 2007 and 2016. The objective of this study was achieved through a typology of research based on bibliographic, documentary, exploratory and explanatory, considering annual financial reports from Economática in the chosen period.Design/methodology/approachAs this is a research study with a quantitative approach, the statistical tools used were descriptive analysis, Pearson correlation, variance inflation factor (VIF) and panel regression.FindingsThe results show that Chilean companies (240) have higher and costly long-term debt. These companies have high averages in current liquidity, return to shareholders, growth in sales and assets and market-to-book (MTB). Long-term debt was highlighted with an explanatory power of 85%. Current liquidity was highlighted as being significant in most of the indebtedness proposed in the survey, failing to register brands like this in expensive short-term and long-term indebtedness. It is noticed that flip flops companies are more prone to the pecking order theory (POT). The gap occupied by this study is linked to research involving South American countries, especially the Chilean market, and the determinants of the capital structure.Originality/valueAs future research, it is suggested to include other types of variables related to indebtedness and the same action for its determinants, in addition to the speed technique of adjusting corporate debts.
{"title":"Capital structure, stock exchanges in Chile: 2007 to 2016","authors":"M. R. Henrique, Sandro Braz Silva, Antonio Saporito","doi":"10.1108/jefas-10-2020-0328","DOIUrl":"https://doi.org/10.1108/jefas-10-2020-0328","url":null,"abstract":"PurposeThe article consists of analyzing the behavior of the determinants of the capital structure of Chilean companies between 2007 and 2016. The objective of this study was achieved through a typology of research based on bibliographic, documentary, exploratory and explanatory, considering annual financial reports from Economática in the chosen period.Design/methodology/approachAs this is a research study with a quantitative approach, the statistical tools used were descriptive analysis, Pearson correlation, variance inflation factor (VIF) and panel regression.FindingsThe results show that Chilean companies (240) have higher and costly long-term debt. These companies have high averages in current liquidity, return to shareholders, growth in sales and assets and market-to-book (MTB). Long-term debt was highlighted with an explanatory power of 85%. Current liquidity was highlighted as being significant in most of the indebtedness proposed in the survey, failing to register brands like this in expensive short-term and long-term indebtedness. It is noticed that flip flops companies are more prone to the pecking order theory (POT). The gap occupied by this study is linked to research involving South American countries, especially the Chilean market, and the determinants of the capital structure.Originality/valueAs future research, it is suggested to include other types of variables related to indebtedness and the same action for its determinants, in addition to the speed technique of adjusting corporate debts.","PeriodicalId":53491,"journal":{"name":"Journal of Economics, Finance and Administrative Science","volume":"246 1","pages":""},"PeriodicalIF":2.4,"publicationDate":"2021-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90815075","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 : 2021-11-24DOI: 10.1108/jefas-03-2021-0009
Ramona Serrano Bautista, José Antonio Núñez Mora
PurposeThis paper tests the accuracies of the models that predict the Value-at-Risk (VaR) for the Market Integrated Latin America (MILA) and Association of Southeast Asian Nations (ASEAN) emerging stock markets during crisis periods.Design/methodology/approachMany VaR estimation models have been presented in the literature. In this paper, the VaR is estimated using the Generalized Autoregressive Conditional Heteroskedasticity, EGARCH and GJR-GARCH models under normal, skewed-normal, Student-t and skewed-Student-t distributional assumptions and compared with the predictive performance of the Conditional Autoregressive Value-at-Risk (CaViaR) considering the four alternative specifications proposed by Engle and Manganelli (2004).FindingsThe results support the robustness of the CaViaR model in out-sample VaR forecasting for the MILA and ASEAN-5 emerging stock markets in crisis periods. This evidence is based on the results of the backtesting approach that analyzed the predictive performance of the models according to their accuracy.Originality/valueAn important issue in market risk is the inaccurate estimation of risk since different VaR models lead to different risk measures, which means that there is not yet an accepted method for all situations and markets. In particular, quantifying and forecasting the risk for the MILA and ASEAN-5 stock markets is crucial for evaluating global market risk since the MILA is the biggest stock exchange in Latin America and the ASEAN region accounted for 11% of the total global foreign direct investment inflows in 2014. Furthermore, according to the Asian Development Bank, this region is projected to average 7% annual growth by 2025.
目的本文检验了市场一体化拉丁美洲(MILA)和东南亚国家联盟(ASEAN)新兴股票市场在危机时期的风险价值(VaR)预测模型的准确性。设计/方法/方法文献中提出了许多VaR估计模型。本文使用广义自回归条件异方差、EGARCH和GJR-GARCH模型在正态、偏态-正态、学生-t和偏态-学生-t分布假设下估计VaR，并与考虑Engle和Manganelli(2004)提出的四种替代规范的条件自回归风险值(CaViaR)的预测性能进行比较。研究结果支持了CaViaR模型在预测MILA和东盟五国新兴股市危机时期的样本外VaR时的稳健性。这一证据是基于回溯测试方法的结果，该方法根据模型的准确性分析了模型的预测性能。市场风险中的一个重要问题是对风险的不准确估计，因为不同的VaR模型导致不同的风险度量，这意味着还没有一种适用于所有情况和市场的公认方法。特别是，量化和预测MILA和东盟五国股票市场的风险对于评估全球市场风险至关重要，因为MILA是拉丁美洲最大的证券交易所，东盟地区占2014年全球外国直接投资流入总额的11%。此外，根据亚洲开发银行(Asian Development Bank)的数据，预计到2025年，该地区的年均增长率将达到7%。
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