JEFAS Vol. 21 Nº 40 (2016)

URI permanente para esta colecciónhttps://hdl.handle.net/20.500.12640/4128

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  • Miniatura
    ÍtemSolo Metadatos
    La tasa interna de retorno promedio borrosa: desarrollos y aplicaciones
    (Universidad ESAN. ESAN Ediciones, 2016-06-01) Milanesi, Gastón S.
    The paper introduces the average internal rate of return (AIRR) into the mathematic fuzzy's frame, like alternative method for estimating returns in ambiguity situations. In the first part it is developed the AIRR and its fuzzy version like an alternative of return determination under ambiguity situations. Next, with a hypothetical case, the consistency with the present value (PV) in the projects ranking at conflictive situations is illustrated. In case of uncertainty, the equality between the AIRR estimated over the expected cash flows or as expected AIRR is showed. Finally, and like a measurement for estimating average returns in vague situations, it is set out the fuzzy AIRR, comparing results with the fuzzy PV and IRR methods.
  • Miniatura
    ÍtemSolo Metadatos
    Modelización de la autosuficiencia de las instituciones microfinancieras mediante regresión logística basada en análisis de componentes principales
    (Universidad ESAN. ESAN Ediciones, 2016-06-01) Irimia Diéguez, Ana; Blanco Oliver, Antonio; Oliver Alfonso, María Dolores
    The analysis of the factors that influence sustainability is the key to achieving it. Based on the Theory of Resources and Capabilities (Grant, 1991), a management model that determines the explanatory factors of the sustainability of microfinance institutions (MFI) is developed. The empirical model is constructed by applying a principal component and logistic regression analysis using a sample of 313 MFI, with 31 finance variables, grouped into 6 components/factors that are theoretically associated with self-sufficiency. The results obtained showed a significant and positive relationship between size and theefficiency-productivity of the MFI and their sustainability, with the credit risk factor having an inverse relationship as regards that sustainability. Thus, it may be suggested that the MFI that wish to conti-nue developing their activity using a self-sufficiency approach must promote a management strategy oriented towards: (1) an increase in efficiency-productivity, (2) the exhaustive control of credit risk and,(3) the increase in size in order to achieve economies of scale. The predictive capacity of the model is high, with an area under the ROC curve of 89.7%.