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 Gestión de riesgos empresariales: marco de revisión ISO 31000(Grupo Editorial Espacios GEES 2021 C.A., 2017) Lizarzaburu, Edmundo R.; Barriga Ampuero, Gabriela; Noriega, Luis; Lopez, Luciano; Mejía, Patricia Y.This research paper seeks to highlight the importance of risk management in organizations and how these should incorporate a risk management guide, following the guidelines of the ISO 31000 Guide, in order to define concepts Important such as risk culture, risk-appetite and risk-management indicators, which will enable them to better manage their organizations.Ítem Acceso Abierto Fundamental analysis Peruvian non listed company - Real Pharma(Grupo Editorial Espacios GEES 2021 C.A., 2019-03-31) Lizarzaburu, Edmundo R.; Noriega, Eduardo; Ostos, Jhony; Berggrum, LuisThe present case study seeks to guide the potential investor through the process of analyzing the financial situation of a company to be able to make an adequate deal for an acquisition or invest. The case intends to follow a top-down analysis structure as follows: a macroeconomic analysis, which covers the gross domestic product, inflation and others; followed by a sectorial study, which comprises the study of competitors, suppliers, clients, and others; and the company’s analysis both from a financial and non-financial perspective.Ítem Acceso Abierto Gestión del riesgo cambiario: aplicación a una empresa exportadora peruana(Universidad ICESI, 2013-08-14) Lizarzaburu, Edmundo R.; Berggrun, LuisThis paper aimks to assess and quantify the exchange risk in an exporting firm. It begins by explaining currency risk, followed by a qualitative analysis of the dollar exchange rate volatility against the Nuevo Sol. This analysis is relevant, because each country has different exchange characteristics, which in the end impacts on the currency flow and exchange rate, among others. It also explores other financial instruments such as factoring with recourse and Non-Deliverable Forward as coverage alternatives. The range for the analysis is from January 2010 to December 2012.Ítem Acceso Abierto Corporate social responsibility and stakeholder strategies: an impact in risk management(Techmind Research Society, 2014-02-28) Lizarzaburu, Edmundo R.Nowdays, Corporate social responsibility has been studied by several authors, some of them focus in stakeholder theory, which has been proposed by many authors such as Freeman, 1984; Mitchell et al., 1997; Kaptein and Van Tulder, 2003 and Aguinis & Glavas, 2011. These studies have identified some relationships between financial results, management and development of business strategies. One of these strategies identify, is related to how the groups of interest impact in risk management and particularly in reputational risk in the organizations. This paper seeks to identify the theoretical framework related to these two variables (interest groups and reputational risks). Besides, the future study will focus in an emerging market country.Ítem Acceso Abierto Z-Altman review: the case of beverage company in Latam(Macrothink Institute, 2014-08-01) Lizarzaburu, Edmundo R.; Berggrun, Luis; Ostos, JhonySince 2000, the growth in beverage industry has been important. Overall, statistics show that Latam companies have presented a good financial performance. However, this performance could be highly questionable and, questions like what is going to happen in the next years in the industry or how likely a failure or bankruptcy could be experimented and needs to be answered. So, in order to answer such questions, an analysis is carried out by Ivan Vonne, a senior analyst. The method applied to this assessment is the Z-Score method developed by Altman in 1968. The literature review helped us to identify three types of Z-score, one developed by Edward Altman in 1968 called “Z-Score Model”, the other improved by Edward Altman in 1984 called “Company and Country Risk Models” for private companies and the last one improved by Altman, Hartzell y Peck in 1995 called “Emerging Market Scoring Model” (EMS Model) for non-manufactured companies and emerging market credits. The paper, focus in a Beverage Industry. One company, which has been chosen indiscriminately to evaluate the model, has been identified with operations in Peru and this company listed its equity in the Bolsa de valores de Lima (BVL, for its acronym in Spanish). In the first section you are going to find a brief introduction about the Company “Peruvian Beverage Inc.”. Second section develops the theory, its origins and the different ways it can be applied. Then, third section explains the way that the company performs in the industry, as well as the steps they follow to produce the final product. Fourth Section details how the operations have been carried out so far. Fifth section shows a brief analysis about the financial statements of the company. Sixth section assesses the Z-score model. Seventh and eighth sections establish why the model is not completely viable in Peru and an explanation about the results of sixth section. Finally, you can find references and the rest of the annexes in the last two sections.Ítem Solo Metadatos Unión Andina de Cementos S.A.A. (UNACEM): Capital Structure Case(Grupo Editorial Espacios GEES 2021 C.A., 2015) Lizarzaburu, Edmundo R.; Burneo, Kurt; Berggun, LuisThis present research paper, introduces one of the most important companies in the local market (Peru), Union Andina de Cementos S.A.A. (UNACEM). The company is engaged in the development and manufacture of clinker, cement and other building materials in the country and abroad, including marketing and sales as well as the operation of the dock facilities and complementary Conchan oil refinery. In the last years, their capital structure and their WACC changed because of the merger between Cementos Andino and Cementos Lima. Also, we considered the macroeconomic environment and the national cement industry, in 2012; the company had a market share of 54% and was the leader of the local market. Additionally, according to the forecast of the national economic institutions, the local construction market will have an increase of 14% in the next years. This research paper is ideal for the analysis of the capital structure of the company with the market value, and could be used within the current context of the construction sector, in view of the new projects and the growth of the local market.Ítem Acceso Abierto Gobierno corporativo en mercados emergentes: impacto en la Bolsa de Valores de Lima - BVL(Georgetown University, 2016-11-09) Burneo Farfan, Kurt; Lizarzaburu, Edmundo R.Nowadays, the international financial landscape has undergone several developments with systemic implications, such as the financial crisis of 2007 and 2008, the slowdown in China (2014 to date), the contraction of the BRICS (2013 to date ), among others, as fundamental to the future of the economies is the performance of firms, it happens that behind these events happen several factors, one of them, poor implementation of good practices and corporate governance and this has led to that the international community put emphasis on ways of conducting business transactions. NGuyen & Xiangkang (2015) state that the main evidence of the effects of not implementing good corporate governance practices are tangibly evident in those countries which have now been multiplied their productivity, already affected by the Subprime Crisis. This work aims to try to answer the question of whether indeed the application of the principles of good corporate governance would have the effect, differentially favorable results with respect to those entities that did not apply these.Ítem Acceso Abierto Determinantes de la rentabilidad no esperada de las empresas bancarias que cotizan en la Bolsa de Valores de Lima(Grupo Editorial Espacios GEES 2021 C.A., 2017) Lizarzaburu, Edmundo R.; Burneo Farfan, Kurt; Guevara Medina, José A.This research proposes a theoretical framework focused on explaining the unexpected or "abnormal" return of the most representative banks of the Peruvian financial system, which also have shares listed on the Lima Stock Exchange. Likewise, this paper propose a number of explanatory variables such as the ratio of allowance for loan losses (PPP), size of the bank (TAM), asset liquidity (LIQ), leverage ratio (APL), efficiency in the management (EG), fee income (ICM) and general cost ratio (RCG). Thus, an independent linear regression is performed for each bank. Finally, we found that the level of assets is the significant variable in this analysis because it serves as a barrier for new and existing competitors.Ítem Acceso Abierto Credit risk in emerging markets Peruvian listed company(Virtus Interpress, 2017) Burneo Farfan, Kurt; Barriga Ampuero, Gabriela; Lizarzaburu, Edmundo R.; Cisneros, JulioThe aim of this paper is to introduce the importance of the banking credit risk, the main elements that conform it and the main alternatives that are offered to access to a loan as well as a description of its measurement and management in the sector. There will be a general explanation of credit risk and the main parties involved in it. As the topic is developed it is going to be analyzed the lending process carried out by the banks as well as the quantitative and qualitative elements taken into account when taking a credit decision (The 5C’s of credit, credit scoring and models for quantification of losses for instance). Another thing to considerate is that Credit risk arises whenever a borrower is expecting to use future cash flows to pay a current debt. Also, the investors have the access for the information of a client and they are compensated for assuming credit risk by way of interest payments from the borrower or issuer of a debt obligation and the credit risk is a useful tool for the finance management. The Enterprise risk management in Peru changed in 2015 because the local regulator is in process to review the norm, including some aspects of corporate governance; these changes are not included in this research.Ítem Acceso Abierto Gobierno corporativo en el sector bancario de una economía emergente(Georgetown University, 2019-03-29) Lizarzaburu, Edmundo R.; Burneo, Kurt; Barriga, Gabriela; Noriega, LuisThe purpose of this research is to measure the relationship between the application of good corporate governance practices in relation to the economic value of listed banks in an emerging market such as the Lima Stock Exchange, given the growing importance of corporate governance, and in the absence of empirical evidence on banks in emerging markets. The methodology used employs a model that evaluates the Tobin's Q, leverage ratios, portfolio quality, efficiency and return on assets (ROA) and the dichotomous variable with respect to the incorporation into the Good Corporate Governance Index of the stock exchange. Lima, considering a temporality from 2011 to 2016.
