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 Feedback dynamic control for exiting a debt-induced spiral in a deterministic Keen model(Public Library of Science, 2024-02-09) Perez Avellaneda, Ivan; Rosales, Francisco; Duffaut Espinosa, Luis A.The Keen model is designed to represent an economy as a dynamic system governed by the interactions between private debt, wage share, and employment rate. When certain conditions are met, the model can lead to a debt spiral, which accurately mimics the impact of a financial crisis on an economy. This manuscript presents a recipe for breaking this spiral by expressing Keen’s model as an affine nonlinear system that can be modified through policy interventions. We begin by considering critical initial conditions that resemble a financial crisis to achieve this goal. We then locate a desired point within the system’s vector field that leads to a desirable equilibrium and design a path towards it. This path is later followed using one-step-ahead optimal control. We illustrate our approach by presenting simulated control scenarios.Ítem Acceso Abierto Determinants of Short- and Long-Term Commercial Lending Rates in Peru, 2010–2022(Vilnius University Press, 2023-12-27) Bravo Orellana, SergioShort- and long-term interest rates are crucial for investment and, thus, business dynamism. The injection of money depends on the ability to promote cash flows through credit which boosts productive sectors. In the last decade, among Latin American countries, Peru has stood out for its key financial system and macroeconomic stability characteristics. The Central Reserve Bank of Peru (BCRP) plays a key role in setting the reference rate given its autonomy and strong institutional trust. However, the mixed pension system injects liquidity into the financial system through its private contributions. For the purposes of this study, an autoregressive econometric model of distributed lags (ARDL) was employed. The findings reveal that the reference rate set by the BCRP establishes a long-term relationship for both short and long-term rates, empirically demonstrating the effectiveness of monetary policy. Additionally, the liquidity provided by the pension system triggers an immediate shock response in determining the short-term rate. It is also observed that the issuance of sovereign bonds is a robust tool in determining the long-term rate due to its facilitation of credit access. This research is relevant for identifying macroeconomic and financial variables and guiding the formulation of macroeconomic policies.Ítem Acceso Abierto Telemedicine in Peru: origin, implementation, pandemic escalation, and prospects in the new normal(Oxford University Press, 2024-01-12) Rees, Gareth H.For many countries telemedicine was speedily adopted as a result of the COVID-19 pandemic, though for some countries telemedicine may have been implemented in a context of limited regulations or few plans or strategies to scale quickly. This article recounts how telemedicine was developed in Peru as a measure to support the country's Universal Health Coverage and service access to rural and locations with low workforce numbers and its deployment. From a range of data, we find that Peru's development of telehealth began before the pandemic, which by 2020 was sufficient to be able to foster a rapid and wider deployment and while the telemedicine service volumes quickly grew from the pandemic onset, these numbers then begin to reduce suggesting that telemedicine was considered more as a pandemic emergency measure rather than a change to the mix of health provision. From these data we offer two lessons, (i) that Peru's preparedness in terms of telemedicine policy and regulation were helpful to rapidly expand telemedicine at a time of necessity and (ii) that due to this investment and with a better understanding, Peru now has a short-run window of opportunity for the Peruvian Government to continue its regulatory development and investment to further deploy telemedicine services as a UHC improvement measure and to better align the health system to the country’s health needs.Ítem Acceso Abierto Corporate structure and prevention: The three lines model applied to Latin American companies(Virtus Interpress, 2024) Lizarzaburu, Edmundo; Burneo Farfan, Kurt; Camacho, Maria; García Gómez, Conrado DiegoThe economic environment in which enterprises operate is increasingly harsh and complex, making business more complex, volatile and uncertain. This context requires a change in the management model based on the three fundamental pillars of governance, risk management and regulatory compliance. In this sense, the presentation of the three-line model is considered particularly useful, as it has become one of the most recognized management tools internationally due to its flexibility and adaptability. Therefore, the purpose of this study is to examine the current literature on this management model and then analyze its applicability in business practice through a case study. In particular, the analysis of four companies in the Ibero-American energy sector (Petrobras, Codelco, Ecopetrol, and Iberdrola) reveals that, although the adaptation of the model is generally comprehensive and universal in all aspects, its flexibility is very Large allows adaptation to any organization’s needs and structure. Finally, the study draws some conclusions weighing the theoretical development of the three-line model and its applicability and usefulness to managers as well as researchers and legislators who want to strengthen national business structures.Ítem Acceso Abierto Is Income Discrimination a Factor in the Recent Venezuelan Migration?(REFPress, 2023) Guillen, JorgeThe following paper analyzes income discrimination during the recent Venezuelan migration in Peru. We use the survey “Encuesta Dirigida a la Población Venezolana (ENPOVE)” in order to proceed with our assessment. The ENPOVE surveys were conducted in 2018 with 9,487respondents (3,611 houses).The survey enabled the collection of socioeconomic variables and discrimination perceptions of Venezuelan residents in Tumbes, La Libertad, Arequipa, Cusco, Lima, and Callao. The results allow us to investigate the Peruvian labor market for low-skilled immigrant workers.Ítem Acceso Abierto Segmentation by motivations in religious tourism: A study of the Christ of Miracles Pilgrimage, Peru(Public Library of Science, 2024-05-16) Carvache-Franco, Mauricio; Regalado-Pezúa, Otto; Carvache-Franco, Orly; Carvache-Franco, WilmerThe present study, focused on pilgrimages as part of religious tourism, aimed to achieve the following objectives: Identify the motivations of the demand for religious tourism focused on pilgrimages; analyze the segmentation of the demand; identify the relationship between demand segments with satisfaction and loyalty; and establish the sociodemographic aspects that characterize demand segments. The study was conducted during the Pilgrimage of the Christ of Miracles in Lima, Peru. The sample was taken on-site from 384 tourists. The statistical techniques used were factor analysis and the k-means clustering method. The results reveal five motivational dimensions: Religious Experience, Belief Experience, Escape, Touristic Experience, and Shopping. Three attendee segments were also identified: Believers, related to belief experience; Religious, related to religious experience; and Passive, tourists with low motivations. The Religious segment had the highest satisfaction and loyalty levels among these groups. Sociodemographic differences were also found in the demand segments. The findings will contribute to management guidelines for destination administrators with religious events and provide insights into academic literature.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 Effect of negative emotions in consumption during the COVID-19 pandemic: A study from Peru(PLOS, 2023-11-03) Regalado-Pezúa, Otto; Carvache-Franco, Orly; Carvache-Franco, Mauricio; Carvache-Franco, Wilmer; Ortiz-Soto, Maribel; Larregui-Candelaria, GuisellThe research examines the negative consumer emotions generated by the perception of social networks or traditional media with consumer behavior during the covid_19 pandemic. The study was developed in Peru with a sample of 220 consumers; the design is quantitative and structural equations were used for data processing. The results indicate that social networks and traditional media are not related to negative emotions, but are related to the change in consumer behavior in the purchase of more products and new products. The research has theoretical implications since it provides evidence to the literature that the negative emotions generated during the covid_19 pandemic are related to changes in consumer behavior, which affect the purchase of more products and new products. The practical implications of the research is for businessmen on the causes of changes in consumer behavior generated during crises. like the COVID-19 pandemic.Ítem Acceso Abierto COVID 19 effect on Venezuelan migrants’ income: the Peruvian case research study(Kubilay özyer, 2023) Guillen, Jorge; Arbaiza, LydiaThis paper shed light on analyzing the effect of the Pandemic on Venezuelan Migrants’ Income in Peru. The Covid 19 Pandemic (Coronavirus Pandemic) enforced governments to apply the “Hammer Blow” which produced recession and consequently unemployment. Governments offset the latter effect by applying some subsidies to the Poor. The subsidy was not delivered to Venezuelan Immigrants in Peru. Therefore, our study attempts to explore the effect of the Coronavirus Pandemic on the Income of Venezuelan Immigrants. The study controls for gender and discrimination. Since 2017, the economic and political situation in Venezuela triggered migration beyond their frontiers. Peru is the second country with the high migration of Venezuelans, the first is Colombia which is the neighborhood. The migration reduced the labor force in the country that receives the population but in some cases, the delinquency rates increased after the wave of Venezuelans relocated to a particular country. We consider the survey: “Encuesta Nacional de la Población Venezolana en Peru” (ENPOVE) to perform the study which was conducted during the peak of migration.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.
