3. Investigación
URI permanente para esta comunidadhttps://hdl.handle.net/20.500.12640/4065
Esta colección reúne las contribuciones de acceso abierto realizadas por los docentes e investigadores de la Universidad ESAN, publicadas en fuentes académicas externas. Los trabajos aquí incluidos abarcan una amplia gama de temas de relevancia académica y profesional, y están orientados a fortalecer el conocimiento y el impacto de la investigación en diversas disciplinas. Estos estudios están disponibles para el público en general, promoviendo la difusión y el intercambio de conocimientos en beneficio de la comunidad académica y de la sociedad.
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Ítem Acceso Abierto Economic-financial evaluation of a cement company: Cementos Pacasmayo(Universidad de Concepción, 2023-01-16) Lizarzaburu Bolaños, Edmundo; Burneo Farfán, Kurt; García-Gómez, Conrado DiegoPurpose: The aim of this paper is to address a company valuation procedure by explaining the steps that must be followed from an economic-financial perspective. Design/methodology: We employ the study case methodology to fulfill all the procedure stages. Specifically, we analyze the Peruvian cement company “Cementos Pacasmayo”. A 10-year discounted cash flow (DCF) is presented and brought to present value using a discount rate (WACC) composed by the cost of debt and the cost of capital of the company. Findings: We can conclude that the evaluation process should always include the country, industry and company. Practical implications: Our study provides useful implications for management. On the one hand, it is important to highlight the subjectivity to predict some parameters or doing assumptions. On the other hand, it is important to understand and know a good procedure to valuate a company as an insider or a potential investor. Originality/value: The proposed model consists of the economic studies of the country, sector and company, which allow the appraiser to specify certain parameters or assumptions for the elaboration of a model that approximates the value of the company.Ítem Acceso Abierto Institutional investors and corporate risk at the origin of the international financial crisis(Virtus Interpress, 2023-11-23) Lizarzaburu, Edmundo; García-Gómez, Conrado Diego; Kostyuk, AlexanderThe 2007 financial crisis served as a stark reminder of the vulnerability in the relationship between institutions and companies, as it revealed that many companies collapsed despite government interventions. Two crucial factors that influenced the crisis’s impact on firms were the level of creditor rights protection and corporate risk management. In this study, our aim was to investigate the impact of investment funds and banks on corporate risk prior to the 2007 financial crisis. We conducted an analysis across 21 countries to examine how institutional factors determined the influence of mutual funds and banks on corporate risk, ultimately leading to critical levels of collapse and the global spread of the financial crisis to the real economy. Additionally, we explored the role of mutual funds and banks as reference shareholders. The findings of our study reveal that the process of financial deregulation preceding the 2007 financial crisis contributed to an increase in corporate risk. In other words, financial deregulation facilitated greater involvement of institutional investors in companies, thereby encouraging the adoption of excessively risky and speculative strategies that were not necessarily aligned with the long-term sustainability of firms.Ítem Acceso Abierto CSR in education on business confidence: mediation effect of corporate reputation in the Peruvian banking sector(MDPI, 2022-01-12) Lizarzaburu Bolaños, Edmundo R.; Del Brío, Jesús; García-Gómez, Conrado DiegoThis paper analyzes the direct influence of CSR educational actions on business confidence in the context of the banking sector in an emerging country (Peru). A mediating effect through corporate reputation is also analyzed. To test the hypotheses presented in this paper, we have sent a survey to 1745 executive officers of the branches of the banks. These key individuals were selected as the target population of the study because the authors sought to study the management’s perception of CSR and business confidence. From the data obtained from the survey, it has been tested that educational CSR actions in Peruvian banks directly influences the perception of business confidence. Secondly, this relationship is partially mediated by the effect of CSR educational actions on corporate reputation.Ítem Acceso Abierto Evaluación de una entidad financiera usando Camel: el caso de BBVA Perú(Universidad del Rosario, 2022-04-29) Lizarzaburu Bolaños, Edmundo; García-Gómez, Conrado Diego; Berggrum, Luis; Cardona, EmilioThe present case study was aimed at analyzing the financial situation of BBVA Peru using the CAMEL methodology. Additionally, a proper valuation was carried out using Comparable Multiples and Discounted Cash Flow methods. The first was to describe the economic environment through a Top-Down methodology: region, country, financial sector, and company. The period of analysis was 2015-2019. The data analyzed belonged to production, industry, and technology. Moreover, the bank operations are presented detailing the income structure, financial products and services, politics, and corporate governance.
