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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2020 - 20243

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Fecha de inicio: 2020Tema: search.filters.subject.Gobierno corporativo

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Mostrando 1 - 3 de 3
  • Miniatura
    ÍtemSolo Metadatos
    The specific factors of heterogeneity characterizing investors' beliefs
    (Universidad ESAN. ESAN Ediciones, 2024-03-30) Chenini, Hajer; Jarboui, Anis
    Purpose: A separate study of the different behavioral biases does not allow for a full understanding of the complexity and stability of the heterogeneity of beliefs. Therefore, through a more global view of these anomalies, the authors wish to show that they can converge on a single concept, which is the heterogeneity of beliefs. Design/methodology/approach: It is therefore essential to stress that the importance of this study is mainly reflected in the methodological approach used in the construction and analysis of the map and not only in the results achieved. This contribution states that structural analysis, as a means of building the cognitive map, can facilitate the task of investors and other decision-makers, in the identification and analysis of the heterogeneity of beliefs that can therefore guide investors' strategy in decision-making. Findings: The authors have studied the behavior of the investor and its way of interpreting the information and the authors have emphasized the value of studying the concept of heterogeneity of beliefs in its complexity. So that part of the work seems to be relevant and crucial to filling, if you will, that void. In this sense, the authors have shown that behavioral abnormalities are multidimensional concepts: “self-deception”, “cognitive bias”, “emotional bias” and “social bias”. Originality/value: In particular, this article will aim to achieve the objective of proposing a model for measuring the heterogeneity of beliefs. Thus, the authors want to show that the heterogeneity of beliefs can be measured directly through the different behavioral anomalies.
  • Miniatura
    ÍtemSolo Metadatos
    Institutional ownership, earnings management and earnings surprises: evidence from 39 years of U.S. data
    (Universidad ESAN. ESAN Ediciones, 2023-12-11) Davis, Justin G.; Garcıa-Cestona, Miguel
    Purpose: As the influence of institutional investors over managerial decision-making grows, so does the importance of understanding the effect of institutional investor ownership (IO) on firm outcomes. The authors take a comprehensive approach to studying the effect of IO on earnings management (EM). Design/methodology/approach: The authors study the relation between IO and EM using a sample of 59,503 listed U.S. firm-year observations from 1981–2019. The authors proxy EM with earnings surprises and with accrual-based and real activity measures. The authors test for nonlinear relations and analyze changes resulting from the passage of the Sarbanes–Oxley Act. Findings: The findings support a positive IO-EM relation overall, but show that the relation is dynamic and heavily context-dependent with evidence of nonlinearity. The authors also find evidence that IO positively affects accrual-based EM and real activities EM negatively. Originality/value: To the authors’ knowledge, this is the first study of the IO-EM relation to consider evidence of nonlinearity in the U.S. context, measuring changes to the relation over time, and with the use of several measures of EM.
  • Miniatura
    ÍtemSolo Metadatos
    Corporate governance and business innovation among listed Moroccan companies
    (Universidad ESAN. ESAN Ediciones, 2020-06-01) Samlal, Zoubida
    Purpose: This paper aims to clarify the relationship between corporate governance (GOV) and business innovation (INOV). Does it provide the empirical evidence of how different GOV mechanisms affect INOV within listed Moroccan companies? Design/methodology/approach: The paper opted for a confirmatory quantitative study using a closedended questionnaire using a fifth-degree Likert scale. The questionnaire was administered to 54 listed Moroccan firms represented by their senior management having mainly a finance and economics background. Findings: The paper provides empirical insights and evidence about how mechanisms of GOV impact INOV within listed Moroccan companies. It suggests that effective mechanisms of GOV foster and incubate INOV. Research limitations/implications: There have been very empirical studies that investigate the relationship between GOV and innovation. As such, the authors’ conceptual framework relies more on the theoretical aspect of this subject than empirical one. Therefore, researchers are encouraged to test the proposed propositions further. Originality/value: A review of the few existing empirical studies shows mitigated results regarding the relation between GOV and innovation. The findings of this study show a significant positive relation between GOV and its mechanisms and INOV.