Journal of Economics, Finance and Administrative Science最新文献

{"title":"Benford's law for integrity tests of high-volume databases: a case study of internal audit in a state-owned enterprise","authors":"H. R. Morales, Marcela Porporato, Nicolas Epelbaum","doi":"10.1108/jefas-07-2021-0113","DOIUrl":"https://doi.org/10.1108/jefas-07-2021-0113","url":null,"abstract":"PurposeThe technical feasibility of using Benford's law to assist internal auditors in reviewing the integrity of high-volume data sets is analysed. This study explores whether Benford's distribution applies to the set of numbers represented by the quantity of records (size) that comprise the different tables that make up a state-owned enterprise's (SOE) enterprise resource planning (ERP) relational database. The use of Benford's law streamlines the search for possible abnormalities within the ERP system's data set, increasing the ability of the internal audit functions (IAFs) to detect anomalies within the database. In the SOEs of emerging economies, where groups compete for power and resources, internal auditors are better off employing analytical tests to discharge their duties without getting involved in power struggles.Design/methodology/approachRecords of eight databases of an SOE in Argentina are used to analyse the number of records of each table in periods of three to 12 years. The case develops step-by-step Benford's law application to test each ERP module records using Chi-squared (χ²) and mean absolute deviation (MAD) goodness-of-fit tests.FindingsBenford's law is an adequate tool for performing integrity tests of high-volume databases. A minimum of 350 tables within each database are required for the MAD test to be effective; this threshold is higher than the 67 reported by earlier researches. Robust results are obtained for the complete ERP system and for large modules; modules with less than 350 tables show low conformity with Benford's law.Research limitations/implicationsThis study is not about detecting fraud; it aims to help internal auditors red flag databases that will need further attention, making the most out of available limited resources in SOEs. The contribution is a simple, cheap and useful quantitative tool that can be employed by internal auditors in emerging economies to perform the first scan of the data contained in relational databases.Practical implicationsThis paper provides a tool to test whether large amounts of data behave as expected, and if not, they can be pinpointed for future investigation. It offers tests and explanations on the tool's application so that internal auditors of SOEs in emerging economies can use it, particularly those that face divergent expectations from antagonist powerful interest groups.Originality/valueThis study demonstrates that even in the context of limited information technology tools available for internal auditors, there are simple and inexpensive tests to review the integrity of high-volume databases. It also extends the literature on high-volume database integrity tests and our knowledge of the IAF in Civil law countries, particularly emerging economies in Latin America.","PeriodicalId":53491,"journal":{"name":"Journal of Economics, Finance and Administrative Science","volume":"3 1","pages":""},"PeriodicalIF":2.4,"publicationDate":"2022-02-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78290878","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":"Pemex: oil price and financial management in the context of elevated fiscal burden","authors":"Angélica Tacuba","doi":"10.1108/jefas-06-2021-0094","DOIUrl":"https://doi.org/10.1108/jefas-06-2021-0094","url":null,"abstract":"PurposeThe article analyzes how oil price fluctuations are reflected in the management of Petróleos Mexicanos (Pemex) based on its balance sheet (BS) and particularly how oil price fluctuations affect Pemex's corporate income.Design/methodology/approachThe author uses a vector auto-regressive (VAR) model with seven variables for the period 1977–2019. The first variable is the oil price and the others belong to Pemex's BS: total income, sales revenue, operating costs, investment, payment of taxes, duties and contributions (TDC) and the payment of interest on debt.FindingsThe results show that in an environment of elevated fiscal burden that is of an excessive payment of tax by Pemex to the state, the price increases positively affected the income obtained from sales, but that surplus is used primarily to finance the fiscal expenses coming from the TDC, which is associated with the production and commercialization of hydrocarbons; physical and financial investment is disconnected from the evolution of price. Under a fiscal scheme that extracts, on average, 98.46% of Pemex's income, investment is not a priority.Practical implicationsThe findings of the research have important implications for Mexico's energy policy because of affecting the long-term financial and productive sustainability of Pemex.Originality/valueFirst, the study contributes to the literature on oil prices in Mexico by analyzing Pemex's fiscal burden from a corporate finance perspective, an area in which there are few rigorous studies. Second, the study contributes by providing quantitative support for the relationship between oil prices and BS variables through the VAR model.","PeriodicalId":53491,"journal":{"name":"Journal of Economics, Finance and Administrative Science","volume":"11 1","pages":""},"PeriodicalIF":2.4,"publicationDate":"2022-02-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80059328","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":"Macroeconomic determinants of fiscal policy in East Africa: a panel causality analysis","authors":"Joseph Mawejje, N. Odhiambo","doi":"10.1108/jefas-07-2021-0124","DOIUrl":"https://doi.org/10.1108/jefas-07-2021-0124","url":null,"abstract":"PurposeThis study investigates the dynamic causality linkages between fiscal deficits and selected macroeconomic indicators in a panel of five East African Community countries.Design/methodology/approachThe research design is based on panel cointegration tests, panel cross-section dependence tests, panel error correction-based Granger causality tests and panel impulse response functions.FindingsResults show that there is long-run feedback causality among fiscal deficits and each of the variables include gross domestic product (GDP) growth, current account balance, interest rates, inflation, grants and debt service. Short-run Granger causality dynamics indicate that there is feedback causality between fiscal deficits and GDP growth; no causality between fiscal deficits and inflation; no causality between fiscal deficits and current account; no causality between fiscal deficits and interest rates; feedback causality between fiscal deficits and grants; and no causality between fiscal deficits and debt service. Impulse response functions show positive and significant impacts of current account balance, inflation and grants; negative and significant impacts of real GDP growth and lending rates; and insignificant effects of debt service.Research limitations/implicationsWhile the study examines the dynamic causality between fiscal deficits and selected macroeconomic indicators in the East African Community, the analysis excludes South Sudan due to significant data limitations.Practical implicationsIn light of the East African Community's aspirations to achieve convergence on key macroeconomic targets, including the fiscal deficit, this research provides novel insights on fiscal policy determinants and causality dynamics.Social implicationsThe dynamic relationships between fiscal policy and macroeconomic variables may have social implications for welfare, equitable growth and distribution of resources.Originality/valueWith a focus on the East African Community, this paper contributes to the literature on the macroeconomic determinants of fiscal deficits in regional economic communities.","PeriodicalId":53491,"journal":{"name":"Journal of Economics, Finance and Administrative Science","volume":"175 1","pages":""},"PeriodicalIF":2.4,"publicationDate":"2022-02-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77742441","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":"Multiplier elements of innovation: towards an innovation model in the Mexican micro and small business","authors":"A. López-Salazar, Gloria Leticia López-Salazar, Rubén Molina Sánchez","doi":"10.29057/jas.v3i6.7379","DOIUrl":"https://doi.org/10.29057/jas.v3i6.7379","url":null,"abstract":"Innovation is a fundamental strategy to generate and maintain a competitive position in the market, however, the companies’ ability to generate innovations is not an easy task, as there are different factors that influence it. Although several innovation models have been developed, no ad hoc models have been proposed to the conditions of micro and small enterprise, nor the structural conditions in developing countries. Therefore, the objective of this research is to identify and analyze the most relevant management factors that drive innovation in Mexican micro and small business. To this end, 594 micro and small businesses from the Laja-Bajío region belonging to the commercial sector, service and manufacture, were surveyed. Semi-structured interviews were conducted to identify their needs on innovation generation. The results show that technology management, marketing strategies and human resources management are the key elements to drive innovation in the MSEs (Micro and Small enterprises).","PeriodicalId":53491,"journal":{"name":"Journal of Economics, Finance and Administrative Science","volume":"5 1","pages":""},"PeriodicalIF":2.4,"publicationDate":"2022-01-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89934763","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":"Theoretical Review of Entrepreneur and Social Entrepreneurship Concepts.","authors":"María Dolores Martínez García, José María Moreno Meneses, Karina Valencia Sandoval","doi":"10.29057/jas.v3i6.7687","DOIUrl":"https://doi.org/10.29057/jas.v3i6.7687","url":null,"abstract":"This article includes a theoretical review of Social Entrepreneurship (SE) due to the gradual increase in the need for new businesses, but also for solutions to social and environmental problems. First, a brief introduction is given explaining why it is important today to have a correct definition of ES. Additionally, the concept of entrepreneur and its different types are defined to create a context and thus be able to talk about the subject. Likewise, a literature review is carried out to achieve a better understanding of an avant-garde concept such as this type of entrepreneurship. Finally, the article concludes with the most important points covered throughout the writing, in addition to a definition of entrepreneur and social entrepreneurship made after analyzing the information found.","PeriodicalId":53491,"journal":{"name":"Journal of Economics, Finance and Administrative Science","volume":"40 1","pages":""},"PeriodicalIF":2.4,"publicationDate":"2022-01-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88376731","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":"Foreign Direct Investment and Its Impact on The Regional Level: A Prospective Analysis","authors":"Angel Giovanny Atanacio Pérez, Tirso Javier Hernández Gracia, Danae Duana Ávila","doi":"10.29057/jas.v3i6.8140","DOIUrl":"https://doi.org/10.29057/jas.v3i6.8140","url":null,"abstract":"Some countries in development like China, the Philippines, Nigeria, Pakistan, Bangladesh, Vietnam and Ukraine do an active promotion in order to raise foreign direct investment (FDI) under the proposal of a positive effect in economic growth while implementing this type of fundraising. Thus, it constitutes an important source of external financing, allowing increases in productivity through technologic transfer as well as rises in competitiveness, efficiency in the managerial models, and expand the countries’ exporting capabilities. After the economic crisis experienced in the 80’s, Latin America, specifically countries like Argentina, Brazil and Mexico, that have based their financing in loans, stopped to raise money by these means when the crisis appeared, arising as an alternative the FDI, also on account of the foreign creditors demanding the payment of their issued resources and the warning of not giving any more financing until these countries restructure their economies, it was established the capital stock of the recipient economy. In this context, it was necessary to implement structural reforms, which were contemplated in the “Washington Consensus”, such as price stabilization and fiscal deficit control with the purpose of recovering the trust to investors and reactivating the capital flow through loans or foreign direct investment aimed at Latin America. In 1990, foreign direct investment became the primary source of external financing to peripheral countries (Aitken y Harrison, 1999:1).","PeriodicalId":53491,"journal":{"name":"Journal of Economics, Finance and Administrative Science","volume":"35 1","pages":""},"PeriodicalIF":2.4,"publicationDate":"2022-01-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72764648","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":"Knowledge Economy Model for the State of Hidalgo","authors":"Juan Manuel Lira Aguilar, Sergio Ramses Pons Cabrera, Elías Gaona Rivera","doi":"10.29057/jas.v3i6.7874","DOIUrl":"https://doi.org/10.29057/jas.v3i6.7874","url":null,"abstract":"This article aims to create a knowledge economy model to be applied in the state of Hidalgo, conducting an exhaustive investigation on the formation of a knowledge economy, as well as a comparative analysis between the state of Hidalgo and nine states more than the Mexican Republic with a certain criterion, in relation to the factors that delimit said economy. These factors are a series of variables taken from 2015: literacy, upper secondary and higher education, researchers, Innovation Stimuli Program (PEI), Mixed Fund associated with the state government (FOMIX), telephony, internet, computers, television, patents, industrial designs and utility models. To later use a method created by the World Bank, which is called Knowledge Assessment Methodology (KAM). \u0000 ","PeriodicalId":53491,"journal":{"name":"Journal of Economics, Finance and Administrative Science","volume":"9 1","pages":""},"PeriodicalIF":2.4,"publicationDate":"2022-01-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91246530","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":"Editorial An upcoming 30th anniversary encouraging the papers' publication","authors":"Nestor U. Salcedo","doi":"10.1108/jefas-11-2021-329","DOIUrl":"https://doi.org/10.1108/jefas-11-2021-329","url":null,"abstract":"","PeriodicalId":53491,"journal":{"name":"Journal of Economics, Finance and Administrative Science","volume":"24 1","pages":""},"PeriodicalIF":2.4,"publicationDate":"2021-12-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75519840","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 structure, stock exchanges in Chile: 2007 to 2016","authors":"M. R. Henrique, Sandro Braz Silva, Antonio Saporito","doi":"10.1108/jefas-10-2020-0328","DOIUrl":"https://doi.org/10.1108/jefas-10-2020-0328","url":null,"abstract":"PurposeThe article consists of analyzing the behavior of the determinants of the capital structure of Chilean companies between 2007 and 2016. The objective of this study was achieved through a typology of research based on bibliographic, documentary, exploratory and explanatory, considering annual financial reports from Economática in the chosen period.Design/methodology/approachAs this is a research study with a quantitative approach, the statistical tools used were descriptive analysis, Pearson correlation, variance inflation factor (VIF) and panel regression.FindingsThe results show that Chilean companies (240) have higher and costly long-term debt. These companies have high averages in current liquidity, return to shareholders, growth in sales and assets and market-to-book (MTB). Long-term debt was highlighted with an explanatory power of 85%. Current liquidity was highlighted as being significant in most of the indebtedness proposed in the survey, failing to register brands like this in expensive short-term and long-term indebtedness. It is noticed that flip flops companies are more prone to the pecking order theory (POT). The gap occupied by this study is linked to research involving South American countries, especially the Chilean market, and the determinants of the capital structure.Originality/valueAs future research, it is suggested to include other types of variables related to indebtedness and the same action for its determinants, in addition to the speed technique of adjusting corporate debts.","PeriodicalId":53491,"journal":{"name":"Journal of Economics, Finance and Administrative Science","volume":"246 1","pages":""},"PeriodicalIF":2.4,"publicationDate":"2021-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90815075","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":"Value-at-risk predictive performance: a comparison between the CaViaR and GARCH models for the MILA and ASEAN-5 stock markets","authors":"Ramona Serrano Bautista, José Antonio Núñez Mora","doi":"10.1108/jefas-03-2021-0009","DOIUrl":"https://doi.org/10.1108/jefas-03-2021-0009","url":null,"abstract":"PurposeThis paper tests the accuracies of the models that predict the Value-at-Risk (VaR) for the Market Integrated Latin America (MILA) and Association of Southeast Asian Nations (ASEAN) emerging stock markets during crisis periods.Design/methodology/approachMany VaR estimation models have been presented in the literature. In this paper, the VaR is estimated using the Generalized Autoregressive Conditional Heteroskedasticity, EGARCH and GJR-GARCH models under normal, skewed-normal, Student-t and skewed-Student-t distributional assumptions and compared with the predictive performance of the Conditional Autoregressive Value-at-Risk (CaViaR) considering the four alternative specifications proposed by Engle and Manganelli (2004).FindingsThe results support the robustness of the CaViaR model in out-sample VaR forecasting for the MILA and ASEAN-5 emerging stock markets in crisis periods. This evidence is based on the results of the backtesting approach that analyzed the predictive performance of the models according to their accuracy.Originality/valueAn important issue in market risk is the inaccurate estimation of risk since different VaR models lead to different risk measures, which means that there is not yet an accepted method for all situations and markets. In particular, quantifying and forecasting the risk for the MILA and ASEAN-5 stock markets is crucial for evaluating global market risk since the MILA is the biggest stock exchange in Latin America and the ASEAN region accounted for 11% of the total global foreign direct investment inflows in 2014. Furthermore, according to the Asian Development Bank, this region is projected to average 7% annual growth by 2025.","PeriodicalId":53491,"journal":{"name":"Journal of Economics, Finance and Administrative Science","volume":"11 1","pages":""},"PeriodicalIF":2.4,"publicationDate":"2021-11-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80810158","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}