Examinando por Autor "Lizarzaburu, Edmundo"

Mostrando 1 - 4 de 4

Acceso Abierto
Corporate structure and prevention: The three lines model applied to Latin American companies
(Virtus Interpress, 2024) Lizarzaburu, Edmundo; Burneo Farfan, Kurt; Camacho, Maria; García Gómez, Conrado Diego
The economic environment in which enterprises operate is increasingly harsh and complex, making business more complex, volatile and uncertain. This context requires a change in the management model based on the three fundamental pillars of governance, risk management and regulatory compliance. In this sense, the presentation of the three-line model is considered particularly useful, as it has become one of the most recognized management tools internationally due to its flexibility and adaptability. Therefore, the purpose of this study is to examine the current literature on this management model and then analyze its applicability in business practice through a case study. In particular, the analysis of four companies in the Ibero-American energy sector (Petrobras, Codelco, Ecopetrol, and Iberdrola) reveals that, although the adaptation of the model is generally comprehensive and universal in all aspects, its flexibility is very Large allows adaptation to any organization’s needs and structure. Finally, the study draws some conclusions weighing the theoretical development of the three-line model and its applicability and usefulness to managers as well as researchers and legislators who want to strengthen national business structures.
Solo Metadatos
Deviations from fundamental value and future closed-end country fund returns
(Universidad ESAN. ESAN Ediciones, 2021-12-19) Berggrun, Luis; Cardona, Emilio; Lizarzaburu, Edmundo
Purpose. This article examines whether deviations from fundamental value or closed-end country fund's discounts or premiums forecast future share price returns or net asset returns. Design/methodology/approach. The main empirical (econometric) tool is a vector autoregressive (VAR) model. The authors model share price returns and net asset returns as a function of their lagged values, the discounts or premiums, and a control variable for local market returns. The authors also conduct Dickey Fuller and Granger causality tests as well as impulse response functions. Findings. It was found that deviations from fundamental value do predict share price returns. This predictability is contrary to weak-form market efficiency. Premiums or discounts predict net asset returns but weakly. Originality/value. The findings point to the idea that the closed-end fund market is somewhat predictable and inefficient (in its weak form) since the market appears to be able to anticipate a fund's future returns using information contained in the premiums (or discounts). In particular, the market has the ability to anticipate future behaviour because growing premiums forecast declining share price returns for one or two periods ahead.
Acceso Abierto
Grupos de interés en mercado emergentes: sistema bancario
(Politécnico Grancolombiano, 2016-06-02) Lizarzaburu, Edmundo; Arbaiza, Lydia; Del Brío, Jesús
This article compares the management of diverse administration strategies of stakeholders in two lead-ing banks in Peru and Colombia. We took into account the hypotheses of several authors during 1985 and 2013 in order to have a big scope of the manage-ment of different interest groups and companies. In addition, we revised the literature regarding the influence interest groups have on the operations of the companies. Finally, we analyze the importance of stakeholders regarding corporate decision making within a financial context in developing countries.
Acceso Abierto
Institutional investors and corporate risk at the origin of the international financial crisis
(Virtus Interpress, 2023-11-23) Lizarzaburu, Edmundo; García-Gómez, Conrado Diego; Kostyuk, Alexander
The 2007 financial crisis served as a stark reminder of the vulnerability in the relationship between institutions and companies, as it revealed that many companies collapsed despite government interventions. Two crucial factors that influenced the crisis’s impact on firms were the level of creditor rights protection and corporate risk management. In this study, our aim was to investigate the impact of investment funds and banks on corporate risk prior to the 2007 financial crisis. We conducted an analysis across 21 countries to examine how institutional factors determined the influence of mutual funds and banks on corporate risk, ultimately leading to critical levels of collapse and the global spread of the financial crisis to the real economy. Additionally, we explored the role of mutual funds and banks as reference shareholders. The findings of our study reveal that the process of financial deregulation preceding the 2007 financial crisis contributed to an increase in corporate risk. In other words, financial deregulation facilitated greater involvement of institutional investors in companies, thereby encouraging the adoption of excessively risky and speculative strategies that were not necessarily aligned with the long-term sustainability of firms.