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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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The lead–lag relationship of US fiscal policy uncertainty: New evidence from 𝑅2 decomposed connectedness measures
(Elsevier, 2025-12-01) Gabauer, David; Nhat Dang, Tam Hoang; Phuc Nguyen, Canh
This study examines the dynamic interdependencies between US fiscal policy uncertainty, federal funds effective rate, industrial production, gross federal debt, VIX, and WTI crude oil using monthly data from February 1990 to May 2025. We employ the recently developed R 2 decomposed connectedness approach of Balli et al. (2023), which decomposes interdependencies into contemporaneous and lagged components. Our empirical findings show that dynamic total connectedness is heterogeneous over time and economic event-dependent. Notably, contemporaneous dynamics dominate lagged dynamics. Fiscal policy uncertainty, gross federal debt, federal funds effective rate, and WTI act as net transmitters of shocks, while industrial production and the VIX are net receivers of shocks. However, in the context of contemporaneous spillovers, we find that fiscal policy uncertainty primarily absorbs shocks rather than transmitting them, highlighting its reactive role and underscoring the need for well-designed policy responses to address fiscal uncertainty.
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Non-financial determinants influencing Sustainable Development Goals disclosure in traditional banking institutions in Latin America
(Universidad ESAN, 2025-12-01) Raffaelli, Pablo
Purpose: This paper examines the non-financial determinants influencing Sustainable Development Goals (SDGs) disclosure among Latin American banks. Design/methodology/approach: The study employs an explanatory methodological approach characterized by quantitative analysis and a longitudinal perspective. It applies a multiple linear regression model to examine the non-financial determinants influencing SDG compliance among banks listed on the national stock exchanges of the six Latin American countries with the highest nominal GDP in USD (World Bank, 2022). This group includes the four members of the Pacific Alliance (Chile, Colombia, Mexico, and Peru), along with Brazil—the only Latin American member of the BRICS—and Argentina, recognized for its significance in South America and its membership in the Group of Twenty (G-20). Findings: The findings reveal a direct and significant relationship between three variables of interest and financial institutions' disclosure of priority SDGs: board member independence, adherence to International Integrated Reporting Council guidelines in reporting, and the audit of sustainability reports by one of the Big Four firms. The variables of board size and the proportion of female employees exhibited a notable inverse relationship. Originality/value: This study provides empirical evidence from the Latin American context, advancing research on non-financial determinants in the sustainability reporting of financial services, and underscoring banks' commitment to sustainable development.
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Income smoothing through loan loss provisions in Asia–Pacific commercial banks: the role of managerial ability
(Universidad ESAN, 2025-12-01) Duy Le, Minh; Nhan Dinh, Thanh
Purpose: This research aims to answer the question of to what extent managerial ability (MA) impacts the level of employing income smoothing (IS) through loan loss provision (LLP) and how this influences the banks’ financial performance. Design/methodology/approach: The research confirms LLPs used to smooth income through the relationship between LLPs and pre-provisioning income in Asia–Pacific banks from 2012 to 2021. Then, it explores the role of managerial ability in IS behavior by using a two-stage procedure: estimating the profit efficiency by employing a four-error stochastic frontier analysis (SFA) and generating MA by calculating residuals from regressing profit efficiency on bank-specific factors. Next, it explores the relationship between IS, managerial ability and banks’ performance. Findings: There is IS through LLP among Asia–Pacific banks, and high-ability managers generally have no special taste in utilizing IS. However, these situations could be modified by contexts such as bank types, profitability levels, credit risk or economic conditions. Besides, talented managers are expected to propose a positive impact on performance in case they use discretionary LLP as a tool of IS. Originality/value: This study is among the first to discover IS behavior and its association with MA and performance in the banking industry and Asia–Pacific region. Furthermore, a four-error SFA can solve the problems of inability and improve the measurement framework of managerial ability measurement. The research also enhances the understanding of upper echelon theory.
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Impact of institutions on cross-border acquisitions and mergers by Latin American firms: a gravitational approach
(Universidad ESAN, 2025-12-01) Castro Gama, Camilo Alberto; Hartmann, Andreas M.; Flores, Miguel
Purpose: This study examines how institutions in both home and host countries affect firms’ cross-border mergers and acquisitions (CBM&As) activity in the six most significant Latin American (LATAM) economies (1995–2018). Design/methodology/approach: Data from 1,094 transactions by LATAM companies were used to develop two data panels to examine the impact of institutions on CBM&A activity. Additionally, the influence of the target industry on CBM&A activity is explored. And to operationalize the independent variables, concepts from economic institutionalism are applied. Findings: The research findings indicate that the primary motive of acquirers for investing abroad is not to find better formal institutional conditions, but rather to pursue new markets. In contrast, the home country’s formal institutions motivate LATAM firms to invest overseas. Contrary to previously published studies, there is evidence of an inverted U-shaped relationship between institutional informal distance and CBM&A activity conducted by LATAM firms. Originality/value: This study analyzes the impact of the formal institutional quality of home and host countries as well as formal and informal institutional distances, on the accumulated value of CBM&As from LATAM. These relationships are underexplored in the literature. This study uses a large and representative sample of complete CBM&As in the region.
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Gender diversity and cost of equity capital: evidence from an emerging market
(Universidad ESAN, 2025-12-01) Gaio, Luiz Eduardo; Oliveira Stefanelli, Nelson
Purpose: This study examines the relationship between board gender diversity and the cost of equity among publicly traded Brazilian companies. Design/methodology/approach: The sample includes Brazilian firms listed on B3 from 2010 to 2023. This study estimated linear and nonlinear regression models using the two-step generalized method of moments (GMM). It measured gender diversity through board composition metrics and diversity indices, while it calculated the cost of equity using the Fama–French five-factor model. Findings: The results obtained suggest that increased board gender diversity is associated with a lower cost of equity, with a nonlinear effect indicating that progressive diversity improvements yield more significant reductions in capital costs. Originality/value: This study better provides a comprehension of gender diversity and financial performance in a Latin American emerging market, addressing a gap in research predominantly focused on developed economies. It is the first to use the Fama–French five-factor model to explore this relationship in emerging markets.