Journal of Economics, Finance and Administrative Science
URI permanente para esta comunidadhttps://hdl.handle.net/20.500.12640/4090
La Journal of Economics, Finance and Administrative Science (JEFAS), de la Universidad ESAN, es una publicación académica de acceso abierto que presenta investigaciones revisadas por pares en administración, economía y finanzas, con un enfoque en el contexto latinoamericano e iberoamericano. Fundada en 1992 como Cuadernos de Difusión, en 2009 cambió de nombre a su actual denominación como JEFAS. Ha evolucionado en colaboración con importantes editoriales, como Elsevier y actualmente Emerald Publishing. La revista publica investigaciones de alta calidad sin costo para los autores, con el respaldo de ESAN y su compromiso con la difusión del conocimiento científico y académico, y la práctica gerencial.
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Ítem Solo Metadatos Understanding determinants of outward foreign direct investment: the role of economic policy uncertainty, institutional quality, and globalization(Universidad ESAN. ESAN Ediciones, 2024-10-28) Ölmez, Fevzi; Bilgiç, Emre; Aydın, EsraPurpose: This research aims to investigate the role of the economic policy uncertainty (EPU) in the outward FDI (OFDI) of the United Kingdom (UK) by considering the institutional quality (IQ) and globalization level of the host country as contextual factors. Design/methodology/approach: The UK’s OFDI to its twenty partners is analyzed by using the factor augmented model for the 2005–2019 period. Findings: The results show that the EPU of the host country has a negative and significant effect on the UK's OFDI. Furthermore, the findings surprisingly illustrate that the globalization level of the host country has a negative and significant impact on the UK's OFDI. In terms of IQ, this study indicates that, while government effectiveness and regulatory quality have a negative and significant influence on the UK's OFDI, the rule of law has a positive and significant effect on the UK's OFDI. Originality/value: This will be one of a few studies considering OFDI in the scope of EPU. Also, the contradicting results of the study add unique perspectives to the literature about the relationship between OFDI, globalization, and IQ.Ítem Solo Metadatos ESG and financial performance via uncertain mining technology: do Multilatinas contribute to the sustainability of the region?(Universidad ESAN. ESAN Ediciones, 2024-10-28) Grajales, Carlos Alexander; Albanes Uribe, KatherinePurpose: This paper proposes a methodology based on an uncertain mining technology that identifies the linguistic relationships of ESG and its components with a financial performance metric to help the sustainability diagnosis of a region, specifically Latin America. Design/methodology/approach: First, based on a relevant dataset of companies in a region, a procedure is formulated whereby an uncertain mining technology extracts the mathematically significant linguistic relationships of ESG and its components with a financial performance metric. Second, a knowledge management process is designed based on the linguistic summaries obtained from the mining process. As a final step and drawing upon the two preceding processes, a diagrammatic system of signals is proposed for diagnosing the sustainability of the region as contributed by its companies. Findings: After this methodology is instantiated on a group of Multilatinas, it is observed that their sustainability contributions to the region are limited and that none of the identified linguistic relationships between ESG and the financial performance metric are favorable for the region. Originality/value: This is the first proposal of its kind and it can be applied to any region of the world to assess the financial performance of its companies regarding their ESG commitments. In addition, it enables the region to comprehensively monitor compliance with the 2030 SDG agenda.Ítem Solo Metadatos A comparative analysis of consumer credit risk models in Peer-to-Peer Lending(Universidad ESAN. ESAN Ediciones, 2024-10-28) Thi Trinh, LuaPurpose: The purpose of this paper is to compare nine different models to evaluate consumer credit risk, which are the following: Logistic Regression (LR), Naive Bayes (NB), Linear Discriminant Analysis (LDA), k-Nearest Neighbor (k-NN), Support Vector Machine (SVM), Classification and Regression Tree (CART), Artificial Neural Network (ANN), Random Forest (RF) and Gradient Boosting Decision Tree (GBDT) in Peer-to-Peer (P2P) Lending. Design/methodology/approach: The author uses data from P2P Lending Club (LC) to assess the efficiency of a variety of classification models across different economic scenarios and to compare the ranking results of credit risk models in P2P lending through three families of evaluation metrics. Findings: The results from this research indicate that the risk classification models in the 2013–2019 economic period show greater measurement efficiency than for the difficult 2007–2012 period. Besides, the results of ranking models for predicting default risk show that GBDT is the best model for most of the metrics or metric families included in the study. The findings of this study also support the results of Tsai et al. (2014) and Teplý and Polena (2019) that LR, ANN and LDA models classify loan applications quite stably and accurately, while CART, k-NN and NB show the worst performance when predicting borrower default risk on P2P loan data. Originality/value: The main contributions of the research to the empirical literature review include: comparing nine prediction models of consumer loan application risk through statistical and machine learning algorithms evaluated by the performance measures according to three separate families of metrics (threshold, ranking and probabilistic metrics) that are consistent with the existing data characteristics of the LC lending platform through two periods of reviewing the current economic situation and platform development.Ítem Solo Metadatos Stock splits and reverse splits in the Brazilian capital market(Universidad ESAN. ESAN Ediciones, 2024-10-28) Werner Lima Souza de Almeida, Daniel; Pimenta Junior, Tabajara; Gaio, Luiz Eduardo; Guasti Lima, FabianoPurpose: This study aims to evaluate the presence of abnormal returns due to stock splits or reverse stock splits in the Brazilian capital market context. Design/methodology/approach: The event study technique was used on data from 518 events that occurred in a 30-year period (1987–2016), comprising 167 stock splits and 351 reverse stock splits. Findings: The results revealed the occurrence of abnormal returns around the time the shares began trading stock splits or reverse stock splits at a statistical significance level of 5%. The main conclusion is that stock split and reverse stock split operations represent opportunities for extraordinary gains and may serve as a reference for investment strategies in the Brazilian stock market. Originality/value: This study innovates by including reverse stock splits, as the existing literature focuses on stock splits, and by testing two distinct “zero” dates that of the ordinary general meeting that approved the share alteration and the “ex” date of the alteration, when the shares were effectively traded, reverse split or split.Ítem Solo Metadatos Islamic banks' contribution to Indonesia districts' economic growth and poverty alleviation(Universidad ESAN. ESAN Ediciones, 2024-10-28) Junaidi, JunaidiPurpose: This research investigates the Islamic banks’ intermediation role (e.g. branches and deposits) in financing. It also examines how financing contributes to the regions' economic growth and poverty alleviation as a predictor and mediator variable. Design/methodology/approach: A total of 297 observations were extracted from 33 Indonesian districts and 14 Islamic banks during the period 2012–2020. Fixed-effect regression analysis was used to examine variable’s interactions. Findings: The empirical results indicate that Islamic banks have adopted a channelling role towards redistributing capital from lender to borrower. Besides, there are crucial roles in developing economies and reducing poverty at the district level. This study also reinforces the critical role of financing in mediating the relationship between branches and deposits as predictor variables and GDP and poverty as outcome variables. Research limitations/implications: The current study was limited to Indonesian Islamic banks and the district’s perspective. Future research needs to cover sub-districts and other poverty measurements (e.g. human education and development perspectives), including conventional and Islamic banks. It can help practitioners, regulators and researchers observe the dynamic behaviour of the banking sector to understand its role in the economic and social fields. Practical implications: Bank managers and regulators should promote branches, deposits and financing. It also enlightens people about the essential role of Islamic banks and their fundamental operations in business and economics.Ítem Solo Metadatos Does capital efficiency influence economic growth in Bangladesh? Application of the Harrod-Domar model(Universidad ESAN. ESAN Ediciones, 2024-10-28) Bin Amin, Sakib; Iqbal Samia, Bismi; Khan, FarhanPurpose: The main purpose of this paper is to analyse the influence of capital efficiency on the economic growth of Bangladesh using the Harrod-Domar (H-D) model. Design/methodology/approach: We use annual data from 1980 to 2019 for this paper. Three steps are taken in the data analysis. First, to check the existence of a unit root, we use the augmented Dickey-Fuller (ADF) test and to determine co-integration among the variables, we use the Johansen-Juselius co-integration test. Next, for long-run estimation, we use the dynamic ordinary least square (DOLS) estimator. The sensitivity of the long-run estimations is further checked by the fully modified OLS (FMOLS) and autoregressive distributed lag (ARDL) estimators. Lastly, we use the Granger causality test to determine the long-run causality among the variables. Findings: The long-run co-integration test validates the co-integrating relationship among the variables. DOLS estimations reveal that the economic growth of Bangladesh is negatively associated with the incremental capital output ratio (ICOR), validating the notion that capital efficiency matters for achieving higher economic growth. On average, an increase in ICOR by a unit tends to reduce economic growth in the long term by 0.75 percent. Our results also reveal no significant relationship between savings and economic growth when the model is extended. Finally, causality results indicate unidirectional causality between ICOR and economic growth. Practical implications: Based on the results obtained, we argue that the enhancement of capital productivity could bring efficiency because ICOR is an inverse of capital productivity. Since Bangladesh’s capital productivity is considerably low compared with other neighbouring countries, it is suggested that firms should gradually move towards technological advancement and enhance economies of scale, etc. in the long run. Moreover, policies in favour of continuous skill development programmes could be highly effective in increasing capital productivity given that capital follows a vintage structure. Originality/value: This is the first paper to analyse the economic growth pattern of Bangladesh using the traditional H-D model by incorporating variables such as savings and ICOR and also by relaxing the assumption of time-invariant (i.e. fixed) data of the variables. Moreover, this paper extends the traditional H-D empirical model by introducing key indicators and time breaks for Bangladesh’s economy through a stepwise regression process.Ítem Solo Metadatos The mediating role of marketing management in the relationship between online presence and product innovation among SMEs(Universidad ESAN. ESAN Ediciones, 2024-10-28) Perez-Orozco, Allan; Leiva, Juan Carlos; Mora-Esquivel, RonaldPurpose: This study explores the mediating role of marketing management in the relationship between online presence and product innovation among Small and Medium Enterprises (SMEs). Design/methodology/approach: The sample comprises 205 Costa Rican SMEs collected by the Global Competitiveness Project during the first half of 2019. The data were analyzed using a two-stage modeling strategy for ordinary regression models to analyze mediation effects. Findings: Marketing management as a strategic resource or capability accounts for the relationship between online presence and product innovation performance in SMEs, meaning that online presence resources require complementary organizational capabilities in marketing management to enhance product innovation. Originality/value: This study, grounded in the resource-based view theory, contributes to the innovation field by identifying marketing management capabilities as an intermediate strategic interaction between online presence and product innovation performance in SMEs. Thus, managers should recognize the advantages of integrating marketing management principles and tactics into online presence tools to realize the value of their products by tailoring them to their client’s needs.Ítem Solo Metadatos Financial technology and economic growth nexus in the East African community states(Universidad ESAN. ESAN Ediciones, 2024-10-28) Aloysius Ngong, Chi; Jude Thaddeus, Kesuh; Uchechukwu Joe Onwumere, JosaphatPurpose: This paper aims to examine the causation linking financial technology to economic growth in the East African Community states from 1997 to 2019. Design/methodology/approach: Autoregressive distributed lag is used. Gross domestic product per capita proxies economic growth, automated teller machines, point of sale, debit card ownership and mobile banking measure financial technology. Findings: The results unveil a significant relationship between financial technology and economic growth. The findings show bidirectional causality between automated teller machine and economic growth, with unidirectional causation from economic growth to point of sales and internet banking, mobile banking and government effectiveness to economic growth. The error correction term is negatively significant, demonstrating a long-term convergence between Fintech measures and economic growth. Research limitations/implications: The governments should effectively enact and implement policies that protect investments in financial technologies to boost economic growth in the East African Community countries. The government should reduce taxes on financial technology equipment and related services. The use of automated teller machine, debit card ownership and internet banking should be encouraged through cashless transactions. Financial institutions should adopt cashless operation policies to encourage the use of financial technologies. Originality/value: Research results on the bond between financial technology and economic growth are not conclusive. These studies demonstrate that technological innovations are double edged-swords, with both positive and negative sides. The results are conflicting; some reveal positive relationships, while others show negative links. Hence, research is required to fill the lacuna.Ítem Solo Metadatos Short-term effects of productive credit, savings and money demand on Ecuador’s economic growth, 2006–2020(Universidad ESAN. ESAN Ediciones, 2024-10-28) Urdaneta Montiel, Armando; Borgucci Garcia, Emmanuel Vitorio; Camino-Mogro, SegundoPurpose: This paper aims to determine causal relationships between the level of productive credit, real deposits and money demand – all of them in real terms – and Gross National Product between 2006 and 2020. Design/methodology/approach: The vector autoregressive technique (VAR) was used, where data from real macroeconomic aggregates published by the Central Bank of Ecuador (BCE) are correlated, such as productive credit, gross domestic product (GDP) per capita, deposits and money demand. Findings: The results indicate that there is no causal relationship, in the Granger sense, between GDP and financial activity, but there is between the growth rate of real money demand per capita and the growth rate of total real deposits per capita. Originality/value: The study shows that bank credit mainly finances the operations of current assets and/or liabilities. In addition, economic agents use the banking system mainly to carry out transactional and precautionary activities.Ítem Solo Metadatos Evolution of trade and productive integration in Latin America, 1995–2015: an input-output analysis(Universidad ESAN. ESAN Ediciones, 2024-10-28) Vazquez-Lopez, RaulPurpose: The main goal of this paper is to examine the evolution of Latin American productive integration in terms of the regional value added incorporated in intra-regional exports of Argentina, Brazil, Chile, Colombia, Mexico and Peru. In addition, the study traces the trade and productive integration trajectories for each of these countries from 1995 to 2015. Design/methodology/approach: Based on the use of OECD’s global ICIO input-output tables, this paper applies the methodological framework by Wang et al. (2018) for the analysis of trade flows at the bilateral level, which allows breaking down the value of gross exports of each sector-country, depending on the origin of the value added contained in exports, as well as their use. Findings: The estimates show very low shares of value added from regional partners in the intra-regional exports of the countries studied. Conversely, the weight of the value added incorporated in these exports by countries outside the region has increased in tandem with China’s expanding involvement in Latin America. This development, along with the downward trend in domestic value added incorporated in exports, indicates a lack of a regional integration process of any depth. Originality/value: This article addresses an economic problem of conventional importance from a global value chain perspective using a novel methodology based on the use of global input–output tables.
