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 The impact of relationship marketing practices on companies’ market and financial performance in emerging markets(Universidad ESAN. ESAN Ediciones, 2024-03-30) Rebiazina, Vera; Sharko, Elena; Berezka, SvetlanaPurpose: The paper aims to reveal the impact of relationship marketing (RM) practices adopted by companies in emerging markets on their market and financial performance (FP) over a long-term, 13-year perspective. Design/methodology/approach: The research design combines primary empirical data from 229 Russian companies, based on the Contemporary Marketing Practices (CMP) survey, and objective FP data from official statistical databases for 2008–2020 to verify the impact of RM practices on market and FP in the long term. Findings: The research underlines the significant impact of RM practices. It is important to notice that the effect of product development (PD) on marketing performance is mediated by competitor orientation. PD affects market and FP, whose roles vary with the return on assets (ROA). Research limitations/implications: Research design supplements the subjective survey data with the objective FP data on the ROA to avoid common method bias. Practical implications: Implementation of RM practices by Russian companies can increase their effectiveness of performance in the long term. Originality/value: This research shows the positive impact of RM practices on the FP of Russian firms over the past 13 years.Ítem Solo Metadatos Determinants of strategic risk management in emerging markets supply chains: the case of Mexico(Universidad ESAN. ESAN Ediciones, 2010-06-30) Lassar, Walfried; Haar, Jerry; Montalvo, Raúl; Hulser, LeslieRisk mitigation in global supply chains has grown in importance in recent years, in tandem with globalization and both the commercial and security threats faced by firms both large and small. This study hypothesizes that a firm’s ability to manage risk strategy— and therefore support its competitiveness—is determined by a symbiotic triad of factors: the resources it utilizes; network systems; and performance criteria it employs. The study, comprising 24 in-depth interviews with electronics and IT firms, examines resource utilization through the Resource-Based View (RBV), assesses firms’ proclivity to engage in networks for risk mitigation and competitiveness; and highlights the importance of performance evaluation as a critically important component in supply chain management. Findings reveal that both buyers and suppliers believe that the symbiotic triad can provide them with a competitive advantage in addition to improving operational efficiency, effectiveness and quality. Future research should also extend this pilot investigation to other countries and industries, and utilize a larger sample of firms for quantitative as well as qualitative assessment.Ítem Solo Metadatos Linkages Between Value Based Performance Measurements and Risk Return Trade Off: Theory and Evidence(Universidad ESAN. ESAN Ediciones, 2011-12-30) Celik, Saban; Aslanertik, Banu EsraIn this study we attempt to investigate the linkages between value-based performance measurements and risk-return trade off in a way to explain cross sectional asset returns. On the side of value based performance measurements three groups of variables are used as a sorting factor: traditional measures which consist of accounting based and market based; recently popularized measures such as Economic Value Added and Market Value Added and theoretically sound measures such as foreign investor allocation and firm systematic risk indicators. The goals of the study are (i) to show how value based measurements techniques relate to risk return trade off and (ii) how these measures affect the cross sectional asset returns in manufacturing industry. Empirical results indicate that foreign investor allocation as a sorting factor produces much more meaningful risk return positive linear relation for cross sectional asset returns than traditional and recently popularized measures.Ítem Solo Metadatos Estimation of discount rates in Latin America: empirical evidence and challenges(Universidad ESAN. ESAN Ediciones, 2010-06-30) Fuenzalida, Darcy; Mongrut, SamuelThis paper compares the main proposals that have been made in order to estimate discount rates in emerging markets. Seven methods are used to estimate the cost of equity capital in the case of global well-diversified investors; two methods are used to estimate it in the case of imperfectly diversified local institutional investors; and one method is used to estimate the required return in the case of non-diversified entrepreneurs. Using the first nine methods one estimates the costs of equity for all economic sectors in six Latin American emerging markets. Consistently with studies applied to other regions a great deal of disparity is observed between the discount rates obtained across the different models which implies that no model is better than the others. Likewise the paper shows that Latin American markets are in a process of becoming more integrated with the world market because discount rates have decreased consistently during the first five-year period of the XXI Century. Finally on identifies several challenges that have to be tackled to estimate discount rates and valuate investment opportunities in emerging markets.Ítem Solo Metadatos Seasonal anomalies in the market for American depository receipts(Universidad ESAN. ESAN Ediciones, 2019-12-01) Lobão, JúlioPurpose – The literature provides extensive evidence for seasonality in stock market returns but is almost non-existent concerning the potential seasonality in American depository receipts (ADRs). To fill this gap this paper aims to examine a number of seasonal effects in the market for ADRs. Design/methodology/approach – The paper examines four ADRs for the period from April 1999 to March 2017 to look for signs of eight important seasonal anomalies. The authors follow the standard methodology of using dummy variables for the time period of interest to capture excess returns. For comparison the same analysis on two US stock market indices is conducted. Findings – The results show the presence of a highly significant pre-holiday effect in all return series which does not seem to be justified by risk. Moreover turn-of-the-month effects monthly effects and day-of-the-week effects were detected in some of the ADRs. The seasonality patterns under analysis tended to be stronger in emerging market-based ADRs. Research limitations/implications – Overall the results show that significant seasonal patterns were present in the price dynamics of ADRs. Moreover the findings lend support to the idea that emerging markets are less efficient than developed stock markets. Originality/value – This is the most comprehensive study to date for indication of seasonal anomalies in the market for ADRs. The authors use an extensive sample that includes recent significant financial events such as the 2007/2008 financial crisis and consider ADRs with different characteristics which allows to draw comparisons between the differential price dynamics arising in developed market-based ADRs and in the ADRs whose underlying securities are traded in emerging markets.Ítem Solo Metadatos Emerging Markets Integration in Latin America (MILA) stock market indicators: Chile, Colombia, and Perú(Universidad ESAN. ESAN Ediciones, 2015-12-01) Lizarzaburu Bolaños, Edmundo R.; Burneo, Kurt; Galindo, Hamilton; Berggrun, LuisThis study aims to determine the impact of the Latin American Integrated Market (MILA) start-up in the main indicators of the stock markets of the countries that conform it (Chile Colombia and Peru). At the end several indicators were reviewed to measure the impact on profitability risk correlation and trading vol. between markets using indicators such as: annual profitability standard deviation correlation coefficient and trading vol.. The sample period runs from November 2008 to August 2013; and involves the three stock markets associated with MILA: Bolsa de Comercio de Santiago (BCS) Bolsa de Valores de Colombia (BVC) y Bolsa de Valores de Lima (BVL). An additional evaluation for further research would consist of the calculation of relevant indicators to corroborate the validity of the effects found in this investigation corresponding to the integration of the stock exchanges of Lima Santiago and Bogota after the integration of the Mexican stock exchange that occurred in 2014.Ítem Solo Metadatos The valuation performance of mathematically-optimised equity-based composite multiples(Universidad ESAN. ESAN Ediciones, 2017-12-01) Nel, Soon; Le Roux, NiëlPurpose – This paper aims to examine the valuation precision of composite models in each of six key industries in South Africa. The objective is to ascertain whether equity-based composite multiples models produce more accurate equity valuations than optimal equity-based single-factor multiples models. Design/methodology/approach – This study applied principal component regression and various mathematical optimisation methods to test the valuation precision of equity-based composite multiplesmodels vis-à-vis equity-based single-factor multiples models. Findings – The findings confirmed that equity-based composite multiples models consistently produced valuations that were substantially more accurate than those of single-factor multiples models for the periodbetween 2001 and 2010. The research results indicated that composite models produced up to 67 per cent more accurate valuations than single-factor multiples models for the period between 2001 and 2010 which represents a substantial gain in valuation precision. Research implications – The evidence therefore suggests that equity-based composite modelling may offer substantial gains in valuation precision over single-factor multiples modelling. Practical implications – In light of the fact that analysts’ reports typically contain various different multiples it seems prudent to consider the inclusion of composite models as a more accurate alternative. Originality/value – This study adds to the existing body of knowledge on the multiples-based approach to equity valuations by presenting composite modelling as a more accurate alternative to the conventionalsingle-factor multiples-based modelling approach.
