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Relationship between cash holdings and expected equity returns: evidence from Pacific alliance countries
(Emerald, 2021-01-01)
This paper aims to examine the relationship between cash holdings (CH) and expected equity return in a sample of firms of Pacific alliance countries. Design/methodology/approach: This paper constructed a panel of Pacific alliance firms for the period ranging from 2010 to 2016. This paper estimated different specification models using multivariate regression, and the statistical technique used to validate the hypothesis was panel data. Findings: Results showed that there is a positive relationship between CH and expected equity return (r). The relationship between CH and systematic risk (ß) was estimated and this paper found a positive and statistically significant association. Findings suggest that corporate liquidity contains underlying information that contributes to explain the expected equity return, which, if ignored, can produce quite misleading results. Originality/value: The results of this study have both academic and practical implications. First, the findings of the research contribute to a better understanding of the asset pricing models in emerging countries. On the other hand, the results obtained in this study can serve shareholders to make better estimations of the expected equity return, so investors can improve the risk-return trade-off due to the model allow a better estimation of the risk-return relation.
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State and dynamics of the innovative performance of medium and large firms in the manufacturing sector in emerging economies: The cases of Peru and Ecuador
(Multidisciplinary Digital Publishing Institute (MDPI), 2022-12-30)
The purpose of this study was to analyze the current state and dynamics of the innovative behavior of medium and large manufacturing firms in Peru and Ecuador. It has been shown that the factors that enhance or enable the possibilities of innovation in organizations can be internal or external. This study took a quantitative approach, and regression models were applied to samples composed of firms. The relationships between external factors and business resources following the implementation of innovation were analyzed, as was the impact that these factors had on sales performance, considering the effect of the size and age of the firms. The innovations most implemented in firms in Ecuador were processes, and in Peru, organizational innovations were predominant. There were no external factors or business resources statistically related to these types of innovation for each country. For Peruvian firms, the age of the firm presented an inverse relationship to its performance. The study confirms the results of other studies conducted in Peru, and for Ecuador, these findings represent one of the first contributions on this topic. This study contributes to the discussion of the effects, in emerging Latin American countries, of a firm’s age on its ability to innovate.
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Does the 2030 Agenda generate happiness? A longitudinal approach to the SDGs vs. the wellbeing of the world
(Conscientia Beam, 2024-01-01)
This research aims to determine the relationship between the SDGs and the happiness of people in 40 developed and 114 developing countries since the 2030 Agenda initiative was implemented back in 2015. No literature measures such an impact and it is essential to start the debate on the matter. This study determined that the relationship between the SDGs and the world's happiness among the time horizons analyzed (2015-2021) is negligible through a set of panel data and multiple linear regressions. There is much greater structural happiness that comes from sources other than the 2030 agenda. However, although most of these relationships are negative, the classification of the statistically significant SDGs into Maslow's pyramid offers a novel view that allows prioritizing taking actions first on those SDGs associated with the most basic needs of people. This study offers opportunities for future research into why an initiative such as the 2030 Agenda which seeks to generate well-being has the opposite effect and proposes that the initiatives associated with the 2030 Agenda be first linked to the SDGs at the bottom of Maslow's pyramid and that they progressively ascend as positive correlations are achieved between the SDGs and people's well-being.
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Evaluating sustainable development goals through market capitalisation: where we are half way and future research ahead
(Inderscience Publishers, 2025-01-01)
The study shows the situation of the 2030 Agenda halfway between 2015 and 2030. The empirical study aims to determine which SDGs are positively correlated with market capitalisation of publicly listed companies. Through a multiple linear regression between the 17 SDGs and market capitalisation in 26 developed and 48 emerging countries, the study finds that, for the most part, SDGs are inversely correlated with the market capitalisation of the countries studied. Therefore, companies would tend to undertake initiatives only associated with those SDGs that are positively correlated (2, 3, 4, 6, 9, 12 and 17) with market capitalisation. This worrying inconsistency reflects a merely transactional implementation of initiatives, which becomes more acute depending on the type of country (developed or emerging). Seven potential factors are proposed as an explanation based on the rigorous literature review, and four relevant fields of future research are opened as a result of the study.
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