Institutional Compliance by Firms in Transition Economies

This research revisits the effects of a country’s institutional framework on individual firms’ behavior, in particular focusing on their propensity to comply with legal rules in transition economies. The authors purport to explain the variation in compliance with legal rules and employ a rich data set on thousands of firms from dozens of transition countries to this end. They find that most of the variation emanates from country-wide differences in institutional quality, although some firm characteristics play a role as well. They also find indications that differences across countries are smoothed with income.firms, institutions, law compliance, country differences, transition economies

Three essays on banks\u27 relative efficiency

Three separate studies are conducted regarding banks\u27 relative efficiency. Previous to start with the development of the studies, we review the situation before and after the enactment of the Riegle Neal\u27s. This act restricts banks from opening branches in another state. The Riegle Neal act ended up the era of state branching deregulation which started in 1970. A discussion between proponents and opponents of branching deregulation is presented. A debate between bank\u27s efficiency and concentration before Riegle Neal is introduced in the chapter.;The first essay found in chapter 2, develops a theoretical model of spatial competition between banks. Two different scenarios are considered. The first one assumes that banks cannot open a branch or a subsidiary in another region. The second scenario assumes that there are no branching restrictions. We derive the Nash Equilibria and determine winners and losers in each case. Moreover, we study whether the incentives to open a branch are affected when the cost of performing long-distance transactions decreases, as evidenced in the banking sector. The model is able to explain who benefited from the branching restrictions implemented in the U.S. in 1927 and why this law was then eliminated in 1994.;Chapter 3 contains the second essay. It addresses the effect of banking and branching state deregulation on banks\u27 efficiency. The Riegle Neal Act of 1994 concluded the process of state deregulation which started in 1970. In this paper we calculate an indicator of bank efficiency using Data Envelopment Analysis (DEA). The efficiency indicator is used as the primary input to analyze the effect state branch deregulation on bank\u27s efficiency. In addition, a failure prediction model is carried out using these efficiency indicators. Size and regional allocation effects for banks are considered in the paper.;Chapter 4 contains the last of the three studies. We test the validity of different hypotheses commonly employed to explain the proportion of non-performing loans held by banks. Particular attention is devoted to establish the link between efficiency and the share of non-performing loans. Based on the results of causality tests, our empirical analysis suggests that the Moral Hazard, Bad Management, and Skimping Hypotheses can still explain the proportion of nonperforming loans for each bank size during the last ten years. The result complements the study of Berger and DeYoung (1997)

Financial support failure and health results: the Peruvian case

The paper shed the light in analyzing the efficiency of Peruvian Government Financial Support in comparison with some countries in the Latin American Region and worldwide. The Covid 19 Pandemic enforced governments to apply the “Hammer Blow” which affected negatively the economy producing recession and unemployment. Governments offset the latter effect by applying subsidy policies to the Poor and then reduce the negative economic consequences of the general lockdown without getting COVID. Our study performs a Difference and Difference Model (DID) to evaluate the effectiveness of the latter policy

Institutional Quality and Fiscal Transparency

This paper uses new data on fiscal transparency for a cross-section of countries; these data possess several advantages. First, the data are based on in-depth reports using a standardized methodology and protocol. Second, this study covers 82 countries, more than previous comparable studies. Third, the fiscal measures used have been obtained with the collaboration of government authorities, which makes them particularly reliable. Finally, the data collection has been undertaken at a high level. These new data permit examination of a relevant but little-studied issue, the role of institutional quality in a country’s fiscal transparency. It is shown that there is in fact a causal relationship between institutions and transparency. The findings are robust to changes in specification and a host of transparency sub-measures.Fiscal management, Institutions, Public administration, Transparency

Percepciones de afiliados a fondos de pensiones privados

The following paper studies the determinants of choosing a private pension fund institution by processing a questionnaire of 514 affiliates. The questionnaire attempts to measure perceptions of the consumer with respect to their private pension fund institution. Using a structural equation model, we found that socioeconomic variables are irrelevant but some perceptions like the return of portfolio and leadership of the private pension fund were relevant in the choice of a private pension fund institution. We contrast the model in two different periods of time between 2009 and 2016. The periods before and after financial turmoil in the stock market.El siguiente artículo estudia los determinantes de la elección de un fondo de pensiones privado, mediante el procesamiento de un cuestionario de 514 afiliados. El cuestionario intenta medir las percepciones del consumidor con respecto a sus AFPs. Usando un modelo de ecuación estructural, encontramos que las variables socioeconómicas son irrelevantes, pero algunas percepciones como el retorno de la cartera y el liderazgo del fondo de pensiones privado fueron relevantes en la elección de una institución de fondos de pensiones privada. Contrastamos el modelo en dos diferentes períodos de tiempo : 2009 y 2016. Estos son los períodos antes y después de la turbulencia internacional en el mercado de valores

How do people cope with stress? An assessment using partial least squares

Work stress resulting from lack of coping strategies is a problem that affects several organizations. This study aimed to identify the level of perceived stress, and coping styles in a sample of 120 executives in Peru. Coping strategies for stress were also classified using three categories: problem centered, emotion centered, and other coping. The results showed that the executives experienced a moderate level of stress, and preferred a coping style centered on meaning or perception (i.e., emotion and other coping). This is based on: the individuals’ values and beliefs and strategies, such as positive reinterpretation, acceptance, denial, turning to religion, Emotional social support, focus on & venting emotions, and behavioral disengagement goal review, concentration on strengths gained from life experience, and reorganization of priorities. These results are relevant to human resources policies that support strategies for reducing stress and increasing employees’ productivity in the workplace. We also analyzed and tested whether cope comes from a collectivism influence

COVID 19 effect on Venezuelan migrants’ income: the Peruvian case research study

This paper shed light on analyzing the effect of the Pandemic on Venezuelan Migrants’ Income in Peru. The Covid 19 Pandemic (Coronavirus Pandemic) enforced governments to apply the “Hammer Blow” which produced recession and consequently unemployment. Governments offset the latter effect by applying some subsidies to the Poor. The subsidy was not delivered to Venezuelan Immigrants in Peru. Therefore, our study attempts to explore the effect of the Coronavirus Pandemic on the Income of Venezuelan Immigrants. The study controls for gender and discrimination. Since 2017, the economic and political situation in Venezuela triggered migration beyond their frontiers. Peru is the second country with the high migration of Venezuelans, the first is Colombia which is the neighborhood. The migration reduced the labor force in the country that receives the population but in some cases, the delinquency rates increased after the wave of Venezuelans relocated to a particular country. We consider the survey: “Encuesta Nacional de la Población Venezolana en Peru” (ENPOVE) to perform the study which was conducted during the peak of migration

Gender entrepreneurship in Latin America: does the institutional system matter?

This study attempts to uncover the institutional determinants of female entrepreneurship in a set of eight Latin American countries. Following the institutional system classification in the literature, we grouped the set of countries into three categories: State-Led, Emerging Liberal Market, and Family Led. We then split the data panel into two different groups: Argentina, Bolivia, Ecuador, and Venezuela, which are mostly State-Led; the other group includes Brazil, Chile, Colombia, Mexico, and Peru, which are either Family Led or Emerging Liberal Market Oriented where the degree of State intervention in the economy is lower. Our research investigated these institutional determinants of female entrepreneurship using a set of socioeconomic, cognitive, and macroeconomic variables. Our findings offer a new perspective on gender entrepreneurship in Latin America, considering internal and external factor. The first considers institutional varieties and the latter macroeconomic effects. This is relevant in order to find relevant incentives of entrepreneurship by gender

ODRŽIVOST KOLUZIJE PRI „STACKED REVERSION“

We consider a multi-period oligopoly model to analyze cartel sustainability where a subset of collusive firms is exogenously given. We assume that in case of cheating only the cheater is expelled from the cartel and collusion continues without the cheater. We show that, in our model, when firms compete in quantities and the cartel is sufficiently small, a Stackelberg leader cartel can always be sustained if firms are patient enough. Furthermore, in this case collusion is more easily sustained than when firms play grim trigger strategies. The opposite result is obtained in a price-setting supergame with differentiated products.Razmatramo multiperiodni model oligopola kako bismo analizirali održivost kartela u kojem je podskup koluzivnih tvrtki dan egzogeno. Pretpostavljamo da u slučaju prevare samo varalica biva izbačen iz kartela te se koluzija nastavlja bez prevaranta. Na našem modelu pokazujemo da kad tvrtke konkuriraju u količinama a kartel je dovoljno malen, Stackelberg leader kartel može uvijek biti održan ako su tvrtke dovoljno strpljive. Nadalje, u ovom slučaju, koluzija se jednostavnije održava nego kad tvrtke igraju „grim trigger“ strategije. Obrnuti se rezultat dobiva u cjenovnom nadigravanju s diferenciranim proizvodima