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El Repositorio Institucional de la Universidad ESAN tiene como objetivos preservar y difundir el conocimiento académico y científico producido en la universidad bajo los parámetros de acceso abierto

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Gender diversity and cost of equity capital: evidence from an emerging market
(Universidad ESAN, 2025-12-01) Gaio, Luiz Eduardo; Oliveira Stefanelli, Nelson
Purpose: This study examines the relationship between board gender diversity and the cost of equity among publicly traded Brazilian companies. Design/methodology/approach: The sample includes Brazilian firms listed on B3 from 2010 to 2023. This study estimated linear and nonlinear regression models using the two-step generalized method of moments (GMM). It measured gender diversity through board composition metrics and diversity indices, while it calculated the cost of equity using the Fama–French five-factor model. Findings: The results obtained suggest that increased board gender diversity is associated with a lower cost of equity, with a nonlinear effect indicating that progressive diversity improvements yield more significant reductions in capital costs. Originality/value: This study better provides a comprehension of gender diversity and financial performance in a Latin American emerging market, addressing a gap in research predominantly focused on developed economies. It is the first to use the Fama–French five-factor model to explore this relationship in emerging markets.
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Do intellectual capital efficiency and institutional quality influence a firm’s capital structure? Evidence from India
(Universidad ESAN, 2025-12-01) Mohamed Habib, Ahmed; Dalwai, Tamanna; Chugh, Gaitri; Shafiya Mohammadi, Syeeda
Purpose: This research explores the influence of intellectual capital (IC) efficiency (ICE) and institutional quality (IQ) on a firm’s capital structure (CS) in Indian firms. Design/methodology/approach: The analysis was conducted on a sample of Indian companies from 2015 to 2019. Data were collected from the S&P database, and regression and additional analyses were performed to achieve the objectives of this research. Findings: The findings show a significant positive effect of ICE on a firm’s CS from debt (CSD) and an insignificant positive effect of IQ on CSD and CS from equity (CSE). The findings also indicate that human-capital efficiency (HCE) and capital-employed efficiency (CEE) are the main IC sub-dimensions influencing a firm’s CS, compared to the structural-capital efficiency (SCE) dimension. Practical implications: The results of this study have several practical implications, as they examine the influence of ICE and IQ on CS as potential determinants, which could help business leaders adopt optimal CS strategies. Originality/value: The results of this study offer several novel contributions to the existing literature on CS by examining unexplored factors, such as ICE as a knowledge management strategy, ICE sub-dimensions, and IQ in the context of CS.
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Leveraging interest-growth differentials: hidden effects of government financial assets in the European Union
(Universidad ESAN, 2025-12-01) Wagner, Clarisse; Alves, José
Purpose: Given that government financial assets represent a large proportion of gross debt accumulation, this study examines their impact on debt leveraging and potential returns on the gap between interest rates and economic growth (r-g). Design/methodology/approach: This research focuses on the co-movements of r-g differentials, government financial assets and the primary deficit through a channel of gross debt, investment, external balance and ratings, using a sample of 27 European Union economies from 2000 to 2022. The following co-integration methods were estimated: (1) for the aggregate, panel quantile autoregressive distributed lags (QARDL), ARDL- pooled mean group (PMG) for panel data, implemented with a (PMG) and (2) ARDL-error correction (EC) for individual countries at a granular level. Findings: While government financial assets drive short- and long-run debt trajectories, granular country heterogeneities reveal differentiated results for financial assets leveraging potential returns on the differential between interest rates and output growth (r-g). Government financial assets may enhance r-g, but may risk even undermining gains from primary deficit consolidation efforts. By comparing aggregate estimations with country granular approaches, outliers from non-statistically significant estimations reveal the epistemological limits of aggregation, statistics and probability theory, warning against overconfidence in such mere guidance tools, which are not safeguarding guarantees. Research limitations/implications: Statistical asymptotics and instability of non-independent and identical distributions may underestimate variance. Furthermore, skewness and leptokurtosis may benefit from extreme value theory. In addition, technological changes, policy regimes, geopolitical events and economic crises can change in-built long-run relationships. Practical implications: Heterogeneity of government financial assets effects depend on socio and macrofinance conditions, advocating the principle of subsidiarity. Financial assets, such as sovereign wealth funds linked to natural resources, oil in Norway, copper in Chile, may benefit from financial assets assessments. The strengthening of democratic accountability calls for transparency about financial assets contribution to debt trajectories, r-g effects and risks of potential undermining primary deficit consolidations. Accounting reporting should appropriately disclose changes in assets value from exposition to market volatility, accumulation of holding costs due to constraints to asset liquidation, due to non-active secondary markets, or long investment horizons. Practical implications: Heterogeneity of government financial assets effects depend on socio and macrofinance conditions, advocating the principle of subsidiarity. Financial assets, such as sovereign wealth funds linked to natural resources, oil in Norway, copper in Chile, may benefit from financial assets assessments. The strengthening of democratic accountability calls for transparency about financial assets contribution to debt trajectories, r-g effects and risks of potential undermining primary deficit consolidations. Accounting reporting should appropriately disclose changes in assets value from exposition to market volatility, accumulation of holding costs due to constraints to asset liquidation, due to non-active secondary markets, or long investment horizons. Originality/value: Rather than the traditional emphasis on government debt, this study examines the leverage effect on the gap between interest rates and economic growth (r-g differential). While the literature primarily addresses stock-flow adjustments (SFAs), the focus is narrowed to financial assets underlying government interventions on the supply side of the economy. Evidence is provided on the risks of financial assets undermining primary deficit consolidation efforts. While the literature highlights the short and medium terms, estimates are divided into short-term dynamics and hypothetical in-built long-run cointegrations. Panel aggregation is compared with granular estimates, uncovering heterogeneities and supporting governance subsidiarity. Support for statistical pluralism is provided by comparing results and methodological limitations.
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Factors that influence value creation and value capture in companies – evidence in an emerging market
(Universidad ESAN, 2025-12-01) Ostos, Jhony ; Montoya-Ramírez, Manuel-Fernando
Purpose: The objective of this study is to analyze the influence of the following variables – technological innovation, creativity and innovation management and business model innovation – on two variables: value creation in companies and value capture in companies. Design/methodology/approach: The sample consisted of 222 informants employed by companies listed in the Top 1,000 in the city of Lima. A questionnaire was designed to examine the five variables under study (three independent variables and two dependent variables). Confirmatory and structural factor analyses were performed using structural equations with the SPSS AMOS software. Findings: The study shows that value capture is influenced by technological innovation, creativity and innovation management, as well as business model innovation, while value creation is influenced only by technological innovation and business model innovation. Research limitations/implications: One limitation of this study is that its results are generalized for companies from different business sectors, so its conclusions cannot be associated with specific business sectors. Another limitation of the study is that the data from this research are cross-sectional, so the relationships found between the study variables are not sufficient to establish a definitive causal relationship. Practical implications: For executives, this study offers valuable insights into the significance of their management roles in driving innovation, particularly concerning the dual objectives of value creation and capture within their organizations. Originality/value: A research model is proposed to identify the factors that influence value creation and value capture in companies in a developing country, where consumers have different purchasing power and purchasing preferences compared to consumers in developed countries. Executives focus their efforts on creating and implementing innovative ideas only if they perceive that doing so will achieve monetary results, and it is necessary to emphasize the innovation of internal processes to create value in a way customers will perceive.
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Optimal selling time in livestock production
(Universidad ESAN, 2025-12-01) Torres Carbonell, Carlos; Silverio Milanesi, Gastón; Tohmé, Fernando; Chimeno, Patricia; García Fronti, Javier Ignacio
Purpose: This paper analyzes the application of real options to livestock production. It evaluates the strategic flexibility in determining the optimal selling time for livestock, considering the technological and market risks involved in its production. Design/methodology/approach: Based on a data sample of 300 records collected over the past 15 years, a biophysical-economic model was developed and simulated using an iterative stochastic procedure. Findings: The alternatives that provide the highest profit growth are identified by quantifying their risk parameters and yielding strategies for enhancing the value of livestock companies. Originality/value: This research aims to understand how to improve decision-making in companies managing biological assets under conditions of risk and uncertainty, using the case of livestock systems in Argentina as a basis. This case can be easily adapted to similar cases in other countries.