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El Repositorio Institucional de la Universidad ESAN tiene como objetivos preservar y difundir el conocimiento académico y científico producido en la universidad bajo los parámetros de acceso abierto

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Leveraging interest-growth differentials: hidden effects of government financial assets in the European Union
(Universidad ESAN, 2025-12-01) Wagner, Clarisse; Alves, José
Purpose: Given that government financial assets represent a large proportion of gross debt accumulation, this study examines their impact on debt leveraging and potential returns on the gap between interest rates and economic growth (r-g). Design/methodology/approach: This research focuses on the co-movements of r-g differentials, government financial assets and the primary deficit through a channel of gross debt, investment, external balance and ratings, using a sample of 27 European Union economies from 2000 to 2022. The following co-integration methods were estimated: (1) for the aggregate, panel quantile autoregressive distributed lags (QARDL), ARDL- pooled mean group (PMG) for panel data, implemented with a (PMG) and (2) ARDL-error correction (EC) for individual countries at a granular level. Findings: While government financial assets drive short- and long-run debt trajectories, granular country heterogeneities reveal differentiated results for financial assets leveraging potential returns on the differential between interest rates and output growth (r-g). Government financial assets may enhance r-g, but may risk even undermining gains from primary deficit consolidation efforts. By comparing aggregate estimations with country granular approaches, outliers from non-statistically significant estimations reveal the epistemological limits of aggregation, statistics and probability theory, warning against overconfidence in such mere guidance tools, which are not safeguarding guarantees. Research limitations/implications: Statistical asymptotics and instability of non-independent and identical distributions may underestimate variance. Furthermore, skewness and leptokurtosis may benefit from extreme value theory. In addition, technological changes, policy regimes, geopolitical events and economic crises can change in-built long-run relationships. Practical implications: Heterogeneity of government financial assets effects depend on socio and macrofinance conditions, advocating the principle of subsidiarity. Financial assets, such as sovereign wealth funds linked to natural resources, oil in Norway, copper in Chile, may benefit from financial assets assessments. The strengthening of democratic accountability calls for transparency about financial assets contribution to debt trajectories, r-g effects and risks of potential undermining primary deficit consolidations. Accounting reporting should appropriately disclose changes in assets value from exposition to market volatility, accumulation of holding costs due to constraints to asset liquidation, due to non-active secondary markets, or long investment horizons. Practical implications: Heterogeneity of government financial assets effects depend on socio and macrofinance conditions, advocating the principle of subsidiarity. Financial assets, such as sovereign wealth funds linked to natural resources, oil in Norway, copper in Chile, may benefit from financial assets assessments. The strengthening of democratic accountability calls for transparency about financial assets contribution to debt trajectories, r-g effects and risks of potential undermining primary deficit consolidations. Accounting reporting should appropriately disclose changes in assets value from exposition to market volatility, accumulation of holding costs due to constraints to asset liquidation, due to non-active secondary markets, or long investment horizons. Originality/value: Rather than the traditional emphasis on government debt, this study examines the leverage effect on the gap between interest rates and economic growth (r-g differential). While the literature primarily addresses stock-flow adjustments (SFAs), the focus is narrowed to financial assets underlying government interventions on the supply side of the economy. Evidence is provided on the risks of financial assets undermining primary deficit consolidation efforts. While the literature highlights the short and medium terms, estimates are divided into short-term dynamics and hypothetical in-built long-run cointegrations. Panel aggregation is compared with granular estimates, uncovering heterogeneities and supporting governance subsidiarity. Support for statistical pluralism is provided by comparing results and methodological limitations.
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Service quality and earnings management in Brazilian electricity distributors
(Universidad ESAN, 2025-12-01) Souza de Souza, Paulo Vitor; Paulo, Edilson
Purpose: This article examines the relationship between service quality and earnings management in Brazilian electricity distributors. Design/methodology/approach: Service quality was measured using the Global Continuity Performance Indicator, as released by the Brazilian Electricity Regulatory Agency (ANEEL). To measure earnings management, the models by Dechow et al. (1995), Kothari et al. (2005), and Pae (2005) were used. Findings: The results show that lower service quality is related to greater opportunism in management through earnings management. Furthermore, the study shows that managing earnings can distort the true economic and financial position of companies with low operational performance. Research limitations/implications: The research enhances comprehension regarding the correlation between service quality, measured by the Global Continuity Performance Indicator, and earnings management within a distinct industrial and regulatory framework. This could establish a foundation for prospective studies delving into analogous relationships across diverse sectors or regions. Practical implications: The findings offer insights for regulatory authorities to promote higher standards in the generation of informational quality, which can impact the quality of services. Social implications: Enhancing the quality of electrical service through more responsible management practices leads to increased consumer satisfaction, driven by improvements in the continuity of energy supply. Originality/value: A gap exists in the literature due to the lack of studies examining the relationship between the quality of electrical service, measured by the continuity index, and opportunistic management practices through earnings management.
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Propuesta de implementación de un modelo de Economía Circular para la transformación de la cáscara de arroz en un insumo para alimentos balanceados para una empresa agroindustrial peruana de la zona de Tocache, San Martín
(Universidad ESAN, 2025) Correa Reyes, David Paul; Castro Gamarra, Giannina María
El presente trabajo de investigación propone un modelo de economía circular para la transformación de la cáscara de arroz en un insumo para alimentos balanceados en una empresa agroindustrial peruana de la zona de Tocache, San Martín. Tiene como objetivo desarrollar un modelo que optimice el uso de este residuo agroindustrial, promoviendo su valorización y reduciendo el impacto ambiental generado por su disposición inadecuada. Con relación al aspecto metodológico, se emplea un enfoque descriptivo y analítico que incluye el análisis de la situación actual del sector agroindustrial en Tocache, la evaluación de las propiedades nutricionales de la cáscara de arroz tratada y el diseño de un modelo de producción basado en principios de economía circular. Como resultado de esta investigación, se evidencia la viabilidad técnica del uso de la cáscara de arroz como sustituto parcial de insumos convencionales en la alimentación animal, identifica beneficios económicos para la empresa y resalta ventajas ambientales y sociales como la reducción de residuos y el fortalecimiento de cadenas productivas sostenibles. Se concluye que el modelo propuesto contribuye a la sostenibilidad del sector agroindustrial, impulsa la innovación en la producción de alimentos balanceados y plantea una alternativa replicable en contextos similares, generando beneficios económicos, sociales y ambientales.
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Consultando las declaratorias de Patrimonio Cultural de la Nación a los pueblos indígenas
(Universidad ESAN, 2025-12-31) Aliaga Aliaga, Jenny Jazmín
Este artículo examina la implementación del derecho a la consulta previa en las medidas relacionadas con el patrimonio cultural, revisando el marco normativo peruano en dicho ámbito para contrastarlo con los estándares del derecho internacional, con el fin de proponer mejoras que fortalezcan la garantía de los derechos colectivos de los pueblos indígenas u originarios y contribuyan a una gestión social sostenible del Patrimonio Cultural de la Nación.
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La pérdida de productividad en contratos de obra pública: análisis de su recepción jurídica en el Perú desde una figura del Common Law
(Universidad ESAN, 2026) Tejeda Flores, Abel Raul; León Vásquez, Luis Alberto
En este trabajo se analiza la problemática de la denominada pérdida de productividad en la contratación de obras públicas en el Perú, entendida como la disminución en la eficiencia prevista de los recursos asignados a la ejecución de un proyecto de infraestructura, tales como mano de obra, materiales, equipos y tiempo, debido a factores que alteran el rendimiento originalmente proyectado por el contratista. Este fenómeno adquiere especial relevancia en un contexto de significativa brecha de infraestructura y de creciente conflictividad arbitral. Si bien la Ley General de Contrataciones Públicas (Ley N.° 32069) regula supuestos en los que se activa la tutela resarcitoria, la pérdida de productividad carece de un tratamiento expreso que habilite su resarcimiento, lo que genera un vacío normativo que abre espacio a interpretaciones dispares, produciendo una tensión de principios como el de legalidad, equidad y equilibrio económico-financiero. El estudio, con enfoque dogmático y método exegético-sistemático, se apoya en normativa nacional, sentencias judiciales y laudos arbitrales, así como en doctrina y experiencias comparadas, concluyendo que la indemnización de dichas deficiencias en el rendimiento es amparable en el marco de la contratación pública siempre que se acrediten los elementos de la responsabilidad civil.