Revista Finanzas y Política Económica最新文献

{"title":"Culture of Individualism and Uncertainty Avoidance in the G20 Countries’ Industries: An Analysis of Capital Structure and Performance","authors":"Oderson Panosso, Gleice C. L. Moreno, Tarcísio Pedro da Silva, Luciano Carvalho","doi":"10.14718/revfinanzpolitecon.v14.n2.2022.8","DOIUrl":"https://doi.org/10.14718/revfinanzpolitecon.v14.n2.2022.8","url":null,"abstract":"The objective was to analyze the influence of the dimensions of national culture (individualism and uncertainty avoidance) in the relationship between the choice of capital structure formation and the performance of companies in the G20 countries from 2013 to 2018, all in the industrial segment. The companies and countries that make up the sample, which totaled 3,431 companies with all countries and 14,743 observations. The analyzes were performed by econometric structural equations. The results showed a significant and positive relationship between the capital structure and the performance of companies. In evaluating the interaction between the capital structure variable and the cultural dimension of individualism and uncertainty avoidance, they were positively and statistically significant in the performance of companies, proving that culture has an influence on the relationship between structure and performance. Finally, emerging and developed markets were checked separately, demonstrating that in emerging markets the relationship of structure with performance to culture moderation was less affected by national culture (individualism and uncertainty avoidance) than in relation to developed countries.","PeriodicalId":377256,"journal":{"name":"Revista Finanzas y Política Económica","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-07-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116936696","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Households income in 2021: influence of Covid-19 pandemic","authors":"I. Pinkovetskaia, Diego Felipe Arbelaez Campillo, Magda Julissa Rojas Bahamon","doi":"10.14718/revfinanzpolitecon.v14.n2.2022.9","DOIUrl":"https://doi.org/10.14718/revfinanzpolitecon.v14.n2.2022.9","url":null,"abstract":"The aim of the study is to assess the influence of the consequences of the Covid-19 pandemic on the incomes of households located in various national economies in 2021. The survey of representatives of the economically active adult population (18-64 years old) was conducted in 47 countries geographically located in Europe, Asia, Africa, Latin America and North America during the development of the Global Entrepreneurship Monitoring Project. The development of mathematical models included the construction of normal distribution density functions in accordance with the author's methodology. It was proved that almost half of households (46.6%) had a certain decrease in household income due to the pandemic. Slightly less (45.6%) was the proportion of households in which income retention was noted. An absolute minority (7.8%) of households experienced income growth.","PeriodicalId":377256,"journal":{"name":"Revista Finanzas y Política Económica","volume":"46 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-07-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127209333","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Convergencia estocástica en el Índice de Complejidad Económica: el caso de América Latina y el Caribe, 1995-2019","authors":"Leobaldo Molero Oliva","doi":"10.14718/revfinanzpolitecon.v14.n2.2022.2","DOIUrl":"https://doi.org/10.14718/revfinanzpolitecon.v14.n2.2022.2","url":null,"abstract":"Este artículo plantea como objetivo examinar la hipótesis de la convergencia en el Índice de Complejidad Económica durante el lapso 1995-2019, para una muestra representativa de países de América Latina y el Caribe con respecto a dos referentes: la complejidad económica de Estados Unidos y la complejidad promedio entre diez países líderes de la distribución mundial del 2019. Se utilizó la metodología de convergencia estocástica, y se realizaron los contrastes de la hipótesis mediante pruebas de raíces unitarias estándar y con quiebre estructural. Los resultados muestran que la dispersión de la complejidad entre los países aumentó sostenidamente. Además, estos no revelan convergencia absoluta, excepto para Costa Rica y México, mientras que otros países comparten tendencias comunes o presentan divergencia frente a los países de referencia. Se concluye que algunos problemas sociales y económicos, como el lento crecimiento o los niveles de desarrollo, no podrían solventarse si no mejoran las interacciones sistémicas a nivel productivo, reveladas en los niveles de complejidad económica.","PeriodicalId":377256,"journal":{"name":"Revista Finanzas y Política Económica","volume":"71 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-06-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123535226","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Efectos de la comunicación del banco central sobre el desacuerdo en las expectativas de la tasa de política monetaria: evidencias para Colombia","authors":"Juan Camilo Galvis Ciro, Juan Camilo Anzoátegui Zapata","doi":"10.14718/revfinanzpolitecon.v14.n2.2022.4","DOIUrl":"https://doi.org/10.14718/revfinanzpolitecon.v14.n2.2022.4","url":null,"abstract":"El objetivo de este trabajo es investigar los efectos de la comunicación del banco central en la formación del pronóstico de la tasa de interés de política monetaria. Para ello, es utilizado como estudio de caso la economía colombiana para el período 2014-2020. La metodología empleada consiste en evaluar los efectos de la información suministrada en las minutas, el volumen de noticas y las publicaciones del banco central sobre los desacuerdos en las expectativas del mercado financiero con respecto a los movimientos futuros de la tasa de interés. Por medio de regresiones econométricas, se encuentra que las decisiones de política que se realizan en consenso, así como los mayores esfuerzos en la redacción de las minutas, tienen la capacidad de reducir la incertidumbre entre los agentes. En consecuencia, la principal recomendación de política apunta a que el Banco Central de Colombia debería realizar mayores esfuerzos en la redacción de las minutas y explicar de forma más detallada las discrepancias entre los directores.","PeriodicalId":377256,"journal":{"name":"Revista Finanzas y Política Económica","volume":"57 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-06-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123881603","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"capital intelectual en el rendimiento financiero del sector carrocero del Ecuador","authors":"María del Carmen Gómez Romo","doi":"10.14718/revfinanzpolitecon.v14.n2.2022.3","DOIUrl":"https://doi.org/10.14718/revfinanzpolitecon.v14.n2.2022.3","url":null,"abstract":"This article determines the influence of intellectual capital on the financial performance of companies in the bodybuilding sector in Ecuador. For this, the Value Added Intellectual Coefficient ( 𝑉𝐴𝐼𝐶 ™) model is applied with the information of 96 financial statements published by the Superintendence of Companies, Securities and Insurance, which after its purification was reduced to 43, corresponding to the 15 bodywork companies that they remained active in the 2014-2019 period. This is a descriptive - explanatory study whose results of the multiple linear regression analysis report that 31.0% of the return on assets, and 28.6% of the return on equity are explained by the 𝑉𝐴𝐼𝐶 ™ and the control variables, debt ratio and company size. This confirms the hypothesis that intellectual capital influences the financial performance of companies in the bodybuilding sector in Ecuador.","PeriodicalId":377256,"journal":{"name":"Revista Finanzas y Política Económica","volume":"16 1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-06-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130529137","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Why policy makers and social scientists should be adopting behavioral economics? An analysis for the period 2000-2020.","authors":"Iñaki Aliende, L. Escot","doi":"10.14718/revfinanzpolitecon.v14.n2.2022.6","DOIUrl":"https://doi.org/10.14718/revfinanzpolitecon.v14.n2.2022.6","url":null,"abstract":"This paper presents three analysis concerning the relevance of Behavioral Economics (BE). First, to evaluate its academic relevance, we analyze the impact of BE contributions in some of the main scientific databases. Second, to recognize the level of implementation, we analyze the reports published by international organizations and the so-called Behavioral Insight Units (nudge units). And third, to validate BE as a distinctive approach, we compare eight recognized scientific papers. As conclusion, although there is a remarkable consolidation of BE as academic discipline, the applied reach of BE is still limited since only seven countries show its comprehensive implementation.","PeriodicalId":377256,"journal":{"name":"Revista Finanzas y Política Económica","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-06-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126366750","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Analyzing The Covid-19 Pandemic of Volatility Spillover Influence the Collaboration of Foreign and Indian Stock Markets","authors":"Runumi Das, Arabinda Debnath","doi":"10.14718/revfinanzpolitecon.v14.n2.2022.5","DOIUrl":"https://doi.org/10.14718/revfinanzpolitecon.v14.n2.2022.5","url":null,"abstract":"One of the most crucial variables in investment selections is volatility. Unexpected information causes an investor to trade unusually in the market, which influences market volatility. Furthermore, various market sectors are affected differently by this type of trading behaviour. This research investigates the impact of COVID-19 on stock market volatility in India using a generalised autoregressive conditional model. The research was conducted using daily closing prices of stock indices include Nifty 50 and Nifty 500, from September 8, 2019, to July 9, 2021. In this article, the TGARCH model (1,1) was utilized to evaluate the volatility of NSE listed shares. The stock market's volatility has been calculated using the NSE's closing price. To reduce the skewness in the stock price data distribution, the natural logarithm of each price data is employed in the estimations. During the pre-COVID and COVID periods, the conditional volatility of the daily return series showed signs of volatility variations. Furthermore, the study aimed to compare stock price returns in pre-COVID19 and post-COVID19 scenarios to global indexes such as the NASDAQ, Nikkei 225, and FTSE. The stock market in India suffered volatility throughout the epidemic, according to the findings. Consequently, the study recommends NSE stock exchange bond indices to explore the volatility spillover influence between foreign exchange and the stock market in India. In this work, the positive definite covariance matrix is given, therefore a multivariate GARCH with BEKK model is used to estimate the covariance correlation and identify the consequences that stock market downturns can create. SPSS and Eviews software are used to analyze the data. The Augmented Dickey-Fuller (ADF) and KPSS unit root tests have been used to determine whether a time series is stationary or nonstationary. Whereas it corrects for heteroscedasticity and autocorrelation consistency in ADF test statistics, the study employed the KPSS unit root test to estimate the right result. In addition, to investigate the impact of COVID19 on stock market volatility in terms of negative and positive shocks in financial decisions, the TGARCH model captures asymmetry. The finding that the variable has a negative and statistically significant coefficient suggests that the COVID-19 outbreak lowered stock market volatility in India. In terms of historical errors, the coefficients represent the persistence of volatility for each nation. NIFTY and NASDAQ have the largest and longest-term spillover effect. According to the findings, India is the least sensitive to external shocks.","PeriodicalId":377256,"journal":{"name":"Revista Finanzas y Política Económica","volume":"102 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-06-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117288013","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Independencia de los Consejos de Administración, concentración de la propiedad y rentabilidad de las empresas listadas en México y Chile","authors":"Karen Watkins Fassler, G. Briano-Turrent, Diana Laura Franco-Ramírez, José Luis Román-Sánchez","doi":"10.14718/revfinanzpolitecon.v14.n1.2022.10","DOIUrl":"https://doi.org/10.14718/revfinanzpolitecon.v14.n1.2022.10","url":null,"abstract":"Este artículo indaga sobre el efecto de la independenciade los Consejos de Administración (juntas directivas) en la rentabilidad de las empresas no financieras listadas en México y Chile durante 2009-2016. Se estudia el impacto sobre el desempeño financiero tanto del porcentaje de miembros independientes como de la antigüedad de estos en el cargo. Lo anterior se evalúa tomando en cuenta la concentración de la propiedad accionaria. Se concluye, mediante un análisis de panel dinámico, que el grado de independencia no favorece los resultados empresariales, independientemente de la concentración de la propiedad. No obstante, la antigüedad de los directores independientes sí repercute negativamente sobre la rentabilidad de estas firmas. Lo anterior pone bajo debate los requerimientos legales en materia de gobierno corporativo para las empresas listadas en América Latina y sugiere líneas de investigación empíricas que favorezcan la identificación de pesos y contrapesos efectivos para estas firmas.","PeriodicalId":377256,"journal":{"name":"Revista Finanzas y Política Económica","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-04-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130716875","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Desigualdad económica en el Siglo XXI","authors":"Joan Miguel Tejedor Estupiñán","doi":"10.14718/revfinanzpolitecon.v14.n1.2022.1","DOIUrl":"https://doi.org/10.14718/revfinanzpolitecon.v14.n1.2022.1","url":null,"abstract":"La reciente crisis mundial provocada por la pandemia de Covid-19 ha evidenciado una vez más, por un lado, que el mercado no es eficiente en la asignación de los recursos, y por el otro, que los estados no estaban preparados para enfrentar los efectos colaterales de la pandemia en la sociedad y en la economía. La pandemia no sólo acabó con la vida de más de cinco millones de personas en dos años, sino que además profundizó el desequilibrio económico global acrecentado por la crisis financiera de 2008. A pesar de las medidas promovidas por la Organización Mundial de la Salud (OMS) y los gobiernos mundiales con el fin de controlar la dispersión del Sars Cov-2 y desarrollar esfuerzos fiscales para contrarrestar los impactos negativos del virus, las brechas de crecimiento y de desarrollo entre países desarrollados y en vía de desarrollo, son cada vez más grandes. ","PeriodicalId":377256,"journal":{"name":"Revista Finanzas y Política Económica","volume":"45 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-03-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121422525","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"El impacto de las crisis en el desempeño del sector agropecuario del Ecuador.","authors":"Diego Marcelo Lara Haro, Luis Anderson Argothy Almeida, Juan Pablo Martínez Mesías, Marcelo Agustín Mejía Chávez","doi":"10.14718/revfinanzpolitecon.v14.n1.2022.7","DOIUrl":"https://doi.org/10.14718/revfinanzpolitecon.v14.n1.2022.7","url":null,"abstract":"El presente estudio analiza el impacto de las crisis macroeconómicas en el sector agropecuario del Ecuador. La metodología emplea una regresión econométrica vectorial que permite identificar los canales de trasmisión de las crisis financieras y económicas hacia el desempeño del sector, en el periodo 2008-2020. En este contexto, se plantea dos posibles escenarios para entender la evolución del sector en los próximos años. Los principales resultados indican que el PIB nacional, las exportaciones y el financiamiento en el largo plazo impactan directamente en el crecimiento del sector agropecuario, mientras que, en el corto plazo tan solo el PIB y el comercio internacional influyen negativamente en el sector. Por otra parte, solo el financiamiento presenta una relación directa. Finalmente, los escenarios planteados no arrojan un pronóstico muy alentador dado las constantes variaciones abruptas que impiden su continua recuperación, determinando la sensibilidad del sector ante fallos en el sistema económico.","PeriodicalId":377256,"journal":{"name":"Revista Finanzas y Política Económica","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-02-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116168471","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}