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 On Collusion and Industry Size(CEMA, Central University of Finance and Economics, 2011) Escrihuela-Villar, Marc; Guillén, JorgeIn this paper we investigate the connection between the number of competitors and the sustainability of collusion within the context of a infinitely repeated symmetric Cournot model where only a subset of firms cooperate. We show that, in our model, an increase in the number of cartel firms may increase collusion likelihood by diminishing the negative effects for collusion of the existence of a competitive fringe. Also, we show that an increase in the number of fringe firms makes collusion harder to sustain.Ítem Acceso Abierto Latin American private pension funds’ vulnerabilities(Centro de Investigación y Docencia Ecónomicas, 2011) Guillén, JorgeIn the last years, we have been witnesses of significant large rates of return in most Latin-American private pension fund institutions (PPF). This outstanding performance of funds can be explained by an economic boom in the region. However, these funds have lately been hampered in some countries, something that contrasts with the successful performance of private pension funds’ returns. We measure management performance with the Data Envelopment Analysis (DEA) technique, and test a sample of eight countries in Latin America to determine if there is any vulnerability in the private pension funds. The results are relevant for policy makers and regulators of pension funds.Ítem Acceso Abierto A model of medium term exchange rate forecast in an open economy: the case of the mexican peso(Universidad Nacional Autónoma de México, 2014) Mosqueda Almanza, Rubén; Guillén, JorgeKeynes (1930) and Samuelson (1965) proposals open the possibility of matching predictability and efficiency, as evidenced by the seminal study by Fisher (1930). Recent findings suggest that the foreign exchange market gradually incorporates relevant information allowing the formation of prices in a rational manner but not randomly. Models of exchange rate by term based on asset valuation suggest that the inclusion of risk in the spot rate increases the degree of predictability. The results show that after incorporating an accurate measure of risk, predictability of medium term foreign exchange rate increases.Ítem Acceso Abierto Relative power and efficiency as a main determinant of banks’ profitability in Latin America(Elsevier, 2014-02-22) Guillén, Jorge; Rengifo, Erick W., & Ozsoz, EmreDespite the financial sector liberalization and openness that started in the earlier 90's and significant macroeconomic development as well as increasing inflow of capital toward the region, there is not any evidence of the reduction of interest rates as well as banks' profits in Latin America. In this paper we develop a model to estimate the determinants of Latin American banks' profitability and, try to understand the reasons why banks are reluctant to decrease their interest rate spreads even when change in competitiveness in the financial system is improving. By using Data Envelopment Analysis to better exploit the information of several variables at the same time and, by employing a sample of 200 Banks located in Argentina, Bolivia, Brazil, Costa Rica, Ecuador, El Salvador, Mexico, Nicaragua, Paraguay, Peru, Uruguay and Venezuela; we find that banks' profits grew consistently above the normal levels of profits adjusted by risk. Our results show that banks in Latin America have been profiting from their oligopolistic position in detriment of their clients in particular and of their whole economy in general.Ítem Acceso Abierto Scientific capacity and industrial development as locomotors of international competitiveness in Latin America(Vilnius Gediminas Technical University, 2019-02-25) Peña-Vinces, Jesús; Sánchez-Ancochea, Diego; Guillén, Jorge; Aguado, Luis F.Different bodies of literature emphasise the separate impact of the manufacturing sector and scientific capacity for competitiveness in developing countries. Scientific knowledge can increase productivity and promote innovation, while the manufacturing sector creates spillovers and generates processes of learning-by-doing. Yet, do these two processes complement each other? Do they, together, contribute to even higher international competitiveness? This paper explores these questions, drawing on an eleven-years panel data set for ten South American economies. We develop a moderation hypothesis model based on the congruence between science, industry, and international competitiveness. Our results support our hypothesis that scientific capacity and manufacturing development have a joint impact on international competitiveness that goes beyond their marginal effects and thus calls for future efforts to implement industrial policy.Ítem Acceso Abierto On collusion sustainability with stacked reversion(Juraj Dobrila University of Pula, 2015-11-09) Escrihuela-Villar, Marc; Guillén, JorgeWe consider a multi-period oligopoly model to analyze cartel sustainability where a subset of collusive firms is exogenously given. We assume that in case of cheating only the cheater is expelled from the cartel and collusion continues without the cheater. We show that, in our model, when firms compete in quantities and the cartel is sufficiently small, a Stackelberg leader cartel can always be sustained if firms are patient enough. Furthermore, in this case collusion is more easily sustained than when firms play grim trigger strategies. The opposite result is obtained in a price-setting supergame with differentiated products.Ítem Acceso Abierto How to improve firm performance through employee diversity and organisational culture(Fundação Escola de Comércio Álvares Penteado, 2018-07-17) Triguero-Sánchez, Rafael; Peña-Vinces, Jesús; Guillén, JorgePurpose – Our study examines the influence that employee diversity has on human resource management (HRM) practices and organisational performance, considering the moderating role of organisational culture, in particular, cultural dimensions such as individualism–collectivism and hierarchical distance. Design/methodology/approach – Through an empirical investigation of 102 Spanish firms using partial least squares-structural equation modelling (PLS-SEM), we evaluated our hypotheses. Findings – Our results show a positive correlation between employee diversity and HRM practices where such practices encourage employee commitment rather than control. Thus, we identified a non-linear relationship between HRM practices and organisational performance.Originality/value – The study considers the role played by environmental and contextual factors, such as organisational culture. The configuring of HR practices may help to reduce the possible costs derived from a diverse staff and improve their skills in favour of better organisational performance.Ítem Acceso Abierto The mediator role of hierarchical distance on social processes-HRM practices: An empirical analysis of Spanish firms(Canadian Institute For Knowledge Development, 2016) Triguero-Sánchez, Rafael; Peña-Vinces, Jesús C.; Guillén, JorgeThe literature pays little attention to non-linear models, especially regarding dimensions such as organizational culture. Therefore, the purpose of this paper is to test the role of hierarchical distance in the relationship between HRM practices and social processes. With a sample of 102 Spanish firms and using partial least squares structural equation modeling assessed this relationship. Results suggested mediation of hierarchical distance between HRM practices and social processes. Such results recommend that HR managers should consider hierarchical distance more carefully especially when creating HRM practices to improve relationships among employees. Thus, the politics of commitment function better when organizations are more horizontal and when tasks are commonly delegated, managers question employees frequently prior to making decisions, discussions are encouraged, and social relationships – both in and out of work – are valued, appear to provide the most benefit regarding competitive advantages generated through HRM practices.Ítem Acceso Abierto Subordinate responses to leadership: evidence from an emerging market firm(Canadian Institute for Knowledge Development, 2016) Arbaiza, Lydia; Guillén, JorgeThis paper was conducted to examine the effect of paternalistic and Western leadership style using a sample of 326 subordinates. Due to insufficient number of studies about the type of relationship between subordinates’ responses and leadership type, this study aimed to determine whether paternalistic and Western leadership has a positive impact on managing subordinates. The respondents are employed at a wide variety of firms around Peru, such as Banking, Informational Technology, Commerce, Supply Chain, Construction and Law. A quantile regression was conducted to determine the effects of different types of paternalistic leadership such as benevolent leadership, moral leadership, and authoritarian on subordinate responses. The findings revealed that paternalistic leadership had a positive influence on compliance and gratitude while transformational leadership had a positive influence on gratitude. The survey was limited to Lima due to the current researcher did not have access to subordinate interviews throughout the Latin American Region. The results of this study were relevant to leadership theory and practices that can be implemented in Peruvian firms.Ítem Acceso Abierto Financial distress and access to capital in emerging markets(Prague University of Economics and Business, 2010-01-01) Guillén, JorgeIn this paper I study the main determinants of successful reaccess to international capital markets on a set of emerging market countries after a financial crisis. I focus on three components of the reaccess strategy: commitment to pay, ability to pay, and global liquidity. I employ a panel of 49 countries over a nearly 30-year period and apply a simple probit approach to show that, indeed, a sound external position and a sustainable debt profile, accompanied by a favorable global liquidity environment, are the key considerations for creditors considering whether to resume lending.
