Ecos de Economía, Vol. 24, No. 50 (2020)

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https://hdl.handle.net/10784/25536

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    Are the effects of market concentration and income diversification on banking performance persistent?
    (Universidad EAFIT, 2020-09-08) Muñoz Mendoza, Jorge A.; Sepúlveda Yelpo, Sandra M.; Veloso Ramos, Carmen L.; Fuentealba, Carlos Delgado; Universidad de Concepción
    We analyze the effects of market concentration and income diversification on banking performance. We used a sample of 134 countries for the period 1994-2011 and used the GMM estimator proposed by Arellano and Bover (1995). Our results show that market concentration and income diversification have a positive and non-linear effect on bank performance. The non-linearity suggests that the positive effect is reversed if the banking industry has high levels of market concentration and income diversification. During an economic crisis, the banking industry reduces diversification to support its performance. These results are relevant for the design of financial policy and banking strategies.
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    Ítem
    Analysis of business closure in the manufacturing sector of Ecuador, period 1901 - 2018
    (Universidad EAFIT, 2020-09-08) Orellana Osorio, Iván; Pinos Luzuriaga , Luis; Tonon Ordóñez, Luis; Reyes Clavijo, Marco; Cevallos Rodríguez, Estefanía; Universidad del Azuay
    The business dynamic of the manufacturing sector in Ecuador was addressed through the study of business demographics of 118 years. For the calculation of survival probabilities, a mortality table was made. 37.74 % of the companies remain active, while 89.07 % of the closed ones are micro and small companies. The probability that a newly created company closes its activities in a period less than or equal to 3 years is 4 %, and the life expectancy of a newly created company is 14.27 years.
  • Miniatura
    Ítem
    Econometrical analysis of the purchasing power parity in Peru
    (Universidad EAFIT, 2020-09-08) Laurente Blanco, Luis Francisco; Machaca Hancco, Froylan; Universidad Nacional del Altiplano
    Peru is a small economy open to the world, highly dependent on transactions with its trading partners that expose it to external shocks such as the financial crisis of 2008 or the shock of interest rates in 2006 that directly affect the behavior of the rate exchange. Therefore, the objective of this research was to contrast the validity of purchasing power parity between Peru and the United States in the period 2000-2019 from the functional forms of the parity equation in its absolute and relative forms. For the contrast analysis of cointegration relationships, the Johansen methodology was used; for the calculation of long-term parameters, the modification of autoregressive vector models. The results reveal that the purchasing power parity hypothesis for the Peruvian sol and for the US dollar is not fulfilled in any of its functional forms. This is due to the parameters estimated for absolute and relative parity being different from unity, thus rejecting the hypothesis of market efficiency in the long term for both Peru and the United States.
  • Miniatura
    Ítem
    Firm Capabilities and Growth Strategies: The Moderating Role of Institutional Factors
    (Universidad EAFIT, 2020-09-08) Velasco-Gutiérrez, Gerardo; Montoya, Miguel A; Orozco, Margarita; Lluis Capelleras, Joan; Tecnológico de Monterrey; Universitat Autònoma de Barcelona
    Building on Resource-Based View (RBV) and Institutional Theory (IT), we decided to study the internal and external factors that affect the choice between different growth strategies in small and medium enterprises (SMEs) in an emerging economy. We started identifying that there is a direct relationship between technological resources and an organic growth strategy, financial resources and an acquisitive growth strategy, and networking capabilities and a hybrid growth strategy. We argue that the intensity of these relations is moderated by institutional factors, such as a country’s intellectual property protections (for organic strategies), credit access (for acquisitive strategies), and trust in the business environment (for hybrid strategies). We based our findings on 450 face-to-face surveys with CEOs from firms in the Electronic Technology, Information, and Communication Sector (ETICS) in Mexico. Managerial implications are also discussed in the paper, as well as future avenues of research.Building on Resource-Based View (RBV) and Institutional Theory (IT), we decided to study the internal and external factors that affect the choice between different growth strategies in small and medium enterprises (SMEs) in an emerging economy. We started identifying that there is a direct relationship between technological resources and an organic growth strategy, financial resources and an acquisitive growth strategy, and networking capabilities and a hybrid growth strategy. We argue that the intensity of these relations is moderated by institutional factors, such as a country’s intellectual property protections (for organic strategies), credit access (for acquisitive strategies), and trust in the business environment (for hybrid strategies). We based our findings on 450 face-to-face surveys with CEOs from firms in the Electronic Technology, Information, and Communication Sector (ETICS) in Mexico. Managerial implications are also discussed in the paper, as well as future avenues of research.