2. Publicaciones

URI permanente para esta comunidadhttps://hdl.handle.net/20.500.12640/4068

Las publicaciones de ESAN reúnen una variedad de materiales académicos y prácticos que abarcan áreas fundamentales como la administración, economía, negocios, entre otros. Con enfoque en la formación y el desarrollo profesional, estas obras buscan contribuir al conocimiento y la innovación en diversas disciplinas; asimismo, proporciona información relevante y actualizada para la comunidad académica y empresarial en el ámbito local e internacional

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Mostrando 1 - 3 de 3
  • Miniatura
    ÍtemSolo Metadatos
    SMEs growth and profitability, productivity and debt relationships
    (Universidad ESAN. ESAN Ediciones, 2023-12-11) Serrasqueiro, Zelia; Pinto, Beatriz; Sardo, Filipe
    Purpose: This study aims to seek to analyse the relationships between profitability, productivity, external debt and growth in SMEs. The authors also analyse firm size and age as explicative variables of small and medium-sized enterprise (SME) growth. Design/methodology/approach: In this paper the data were collected for 3309 SMEs for the period 2010–2019. The authors estimate the model using the system generalised method of moments dynamic estimator. Findings: The results show that after a certain level of profitability, this determinant positively impacts SME growth. Productivity influences positively the firm growth. There is a positive effect of external debt on SME growth, which can be explained by the insufficiency of internally generated funds. The authors obtained a negative signal between size and firm growth, contradicting Gibrat's Law (1931). Moreover, the results suggest that SMEs grow less after a certain age, suggesting that small firms grow less after reaching the minimum scale of efficiency. Practical implications: For SME owner-managers, this study enhances the importance of profitability and labour productivity for firm growth. For policymakers, the results suggest the need for favourable conditions for SMEs in accessing external finance. Originality/value: Profitability negatively impacts on SME growth. However, the authors found that above a certain level of profitability, probably, as firms accumulate retained earnings, profitability has a positive effect on SME growth. Moreover, this study shows that labour productivity and debt positively impact on SME growth, evidencing the importance of the availability of financial resources to sustain the growth of these firms.
  • Miniatura
    ÍtemSolo Metadatos
    Capital structure, stock exchanges in Chile: 2007 to 2016
    (Universidad ESAN. ESAN Ediciones, 2021-12-19) Rabelo Henrique, Marcelo; Braz Silva, Sandro; Saporito, Antonio
    Purpose. The article consists of analyzing the behavior of the determinants of the capital structure of Chilean companies between 2007 and 2016. The objective of this study was achieved through a typology of research based on bibliographic, documentary, exploratory and explanatory, considering annual financial reports from Economática in the chosen period. Design/methodology/approach. As this is a research study with a quantitative approach, the statistical tools used were descriptive analysis, Pearson correlation, variance inflation factor (VIF) and panel regression. Findings. The results show that Chilean companies (240) have higher and costly long-term debt. These companies have high averages in current liquidity, return to shareholders, growth in sales and assets and market-to-book (MTB). Long-term debt was highlighted with an explanatory power of 85%. Current liquidity was highlighted as being significant in most of the indebtedness proposed in the survey, failing to register brands like this in expensive short-term and long-term indebtedness. It is noticed that flip flops companies are more prone to the pecking order theory (POT). The gap occupied by this study is linked to research involving South American countries, especially the Chilean market, and the determinants of the capital structure. Originality/value. As future research, it is suggested to include other types of variables related to indebtedness and the same action for its determinants, in addition to the speed technique of adjusting corporate debts.
  • Miniatura
    ÍtemSolo Metadatos
    Modelo binomial para la valoración de empresas y los efectos de la deuda: escudo fiscal y liquidación de la firma
    (Universidad ESAN. ESAN Ediciones, 2014-06-30) Milanesi, Gastón Silverio
    This paper proposes a binomial model for company valuation, projecting scenarios of continuity or insolvency of the company, and comparing it with the discounted cash flow model. The Real Option Theory is used for estimating the value of the company, which results in an explicit trade-off between the advantages and the risk of taking on debts. The work is organized as follows: the model is introduced and developed, and then it is illustrated with the application of a case, comparing the results obtained with the discounted cash flow model. Variables like: leverage, tax rate and volatility are sensitive when analyzing the impact on the value of the company. Finally, the document describes the advantages of the proposed model.