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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2018 - 201912020 - 20221

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Idioma: search.filters.itemlanguage.InglésTema: search.filters.subject.Oil price

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Mostrando 1 - 2 de 2
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    Pemex: oil price and financial management in the context of elevated fiscal burden
    (Universidad ESAN. ESAN Ediciones, 2022-07-08) Tacuba, Angélica
    Purpose: The article analyzes how oil price fluctuations are reflected in the management of Petróleos Mexicanos (Pemex) based on its balance sheet (BS) and particularly how oil price fluctuations affect Pemex's corporate income. Design/methodology/approach: The author uses a vector auto-regressive (VAR) model with seven variables for the period 1977–2019. The first variable is the oil price and the others belong to Pemex's BS: total income, sales revenue, operating costs, investment, payment of taxes, duties and contributions (TDC) and the payment of interest on debt. Findings: The results show that in an environment of elevated fiscal burden that is of an excessive payment of tax by Pemex to the state, the price increases positively affected the income obtained from sales, but that surplus is used primarily to finance the fiscal expenses coming from the TDC, which is associated with the production and commercialization of hydrocarbons; physical and financial investment is disconnected from the evolution of price. Under a fiscal scheme that extracts, on average, 98.46% of Pemex's income, investment is not a priority. Practical implications: The findings of the research have important implications for Mexico's energy policy because of affecting the long-term financial and productive sustainability of Pemex. Originality/value: First, the study contributes to the literature on oil prices in Mexico by analyzing Pemex's fiscal burden from a corporate finance perspective, an area in which there are few rigorous studies. Second, the study contributes by providing quantitative support for the relationship between oil prices and BS variables through the VAR model.
  • Miniatura
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    Is gold a hedge or a safe haven? An application of ARDL approach
    (Universidad ESAN. ESAN Ediciones, 2018-06-01) Shakil, Mohammad Hassan; Mustapha, Is'haq Muhammad; Tasnia, Mashiyat; Saiti, Buerhan
    Purpose – The argument whether gold is a hedge or haven is a debatable Issue. Mainly hedge is a class of asset that is negatively correlated with another asset or portfolio on average. On the other hand a safe haven is an asset or portfolio which is negatively correlated with another asset or portfolio at the time of market turmoil. Therefore the purpose of this research is to take Saudi Arabiaas an example to examine the relationship of gold price in Saudi Arabia with key determinants such as the stock market index oil prices exchange rate interest rate and consumer price index (CPI) by application of the autoregressive distributed lag model (ARDL). Design/methodology/approach – The ARDL analysis was employed by using six variables based on the application of monthly time series data that were collected from 2011 to 2015. Findings – From the present analysis it has been discovered that gold is useful as a portfolio hedge and as a hedge against inflation because it is not affected by the CPI. External factors for example financial crisis may be harmful to the CPI thus adding a certain percentage of gold in the investment portfolio may assist in decreasing the level of risk at the time of financial turmoil. Originality/value – Because gold seems to be a useful portfolio hedge as well as an inflation hedge government policies to curb the import of gold may be futile. The present research suggests that policies that directly address the causes of inflation and provide alternative investment opportunitiesfor retail investors may better serve the objective of decreasing gold imports.