Análisis del Modelo Z de Altman en el mercado peruano

The research that gives rise to this article intends to provide in depth knowledge on the operation, precision, accuracy, and veracity of Altman Z-score and also to determine if it can be effective and adaptable to the conditions of a specific context such as the Peruvian market. In this vein, financial statements from 2008 and 2012 of those companies that are part of the Selective Index of the Lima Stock Exchange (isbvl) which, in the end are the most representative of the Peruvian Stock Market, are analyzed. Companies are analyzed in terms of Altman Z-score. The analysis is focused on the assessment of financial ratios which indicate the fundamental behavior of a company. It is noted that the interpretation of these ratios depends on the context and is not just numerical. It is also related to the behavior itself of the assessed companyLa investigación que da origen a este artículo se ha propuesto conocer a profundidad el funcionamiento, la precisión, exactitud y veracidad del Modelo Z de Altman, y determinar si el mismo puede ser igualmente efectivo y logra adaptarse a las condiciones propias de un contexto específico como el mercado peruano. Para ello se analizan los estados financieros, entre 2008 y 2012, de las empresas que conforman el Índice Selectivo de la Bolsa de Valores de Lima (ISBVL), que son, finalmente, las más representativas del mercado de valores peruano. Las empresas son analizadas bajo el Modelo Z de Altman. El análisis se ha concentrado en medidas de ratios financieros que indican el comportamiento fundamental de una empresa. Se identifica que la interpretación que de esos ratios se hace depende del contexto y no es solo numérica, ella se relaciona también con el comportamiento mismo de la empresa evaluada

An?lisis del Modelo Z de Altman en el mercado peruano

The research that gives rise to this article intends to provide in depth knowledge on the operation, precision, accuracy, and veracity of Altman Z-score and also to determine if it can be effective and adaptable to the conditions of a specific context such as the Peruvian market. In this vein, financial statements from 2008 and 2012 of those companies that are part of the Selective Index of the Lima Stock Exchange (isbvl) which, in the end are the most representative of the Peruvian Stock Market, are analyzed. Companies are analyzed in terms of Altman Z-score. The analysis is focused on the assessment of financial ratios which indicate the fundamental behavior of a company. It is noted that the interpretation of these ratios depends on the context and is not just numerical. It is also related to the behavior itself of the assessed companyLa investigaci?n que da origen a este art?culo se ha propuesto conocer a profundidad el funcionamiento, la precisi?n, exactitud y veracidad del Modelo Z de Altman, y determinar si el mismo puede ser igualmente efectivo y logra adaptarse a las condiciones propias de un contexto espec?fico como el mercado peruano. Para ello se analizan los estados financieros, entre 2008 y 2012, de las empresas que conforman el ?ndice Selectivo de la Bolsa de Valores de Lima (ISBVL), que son, finalmente, las m?s representativas del mercado de valores peruano. Las empresas son analizadas bajo el Modelo Z de Altman. El an?lisis se ha concentrado en medidas de ratios financieros que indican el comportamiento fundamental de una empresa. Se identifica que la interpretaci?n que de esos ratios se hace depende del contexto y no es solo num?rica, ella se relaciona tambi?n con el comportamiento mismo de la empresa evaluada

Corporate Social Responsibility and Stakeholder Strategies: An Impact in Risk Management

Nowdays, Corporate social responsibility has been studied by several authors, some of them focus in stakeholder theory, which has been proposed by many authors such as Freeman, 1984; Mitchell et al., 1997; Kaptein and Van Tulder, 2003 and Aguinis & Glavas, 2011. These studies have identified some relationships between financial results, management and development of business strategies. One of these strategies identify, is related to how the groups of interest impact in risk management and particularly in reputational risk in the organizations. This paper seeks to identify the theoretical framework related to these two variables (interest groups and reputational risks). Besides, the future study will focus in an emerging market country

CSR actions in companies and perception of their reputation by managers: Analysis in the rural area of an emerging country in the Banking Sector

This paper tests, from a managerial point of view, the influence of Corporate Social Responsibility (CSR) actions directed towards health and environmental matters over the perception of a company’s reputation. The literature review suggests an absence of this kind of study focused on the banking sector of developing countries. CSR activities oriented to health and subsistence in the rural areas of emerging countries are proved to hold a positive influence on the perception of managers of the banking sector of corporate reputation. On the other hand, it has not been possible to validate whether CSR activities oriented to environmental issues (or infrastructure) in rural areas will positively influence the perception of Peruvian banking sector managers of corporate reputation. The outcomes mentioned seem plausible due to health and subsistence being undoubtedly the most valued factors among people living in rural areas, where there are the most development deficiencies. This work contributes by empirically analyzing a relationship barely addressed in the field of business administration: the influence of CSR and corporate reputation. Furthermore, the authors take the analysis to a context unexplored by previous researchers, applying the concepts to the banking sector of an emerging country

Credit information in emerging markets: the rating agencies and credit risk reports, Peruvian experience

This paper seeks to develop a literature review within the main aspects of credit information in emerging markets, important aspect considering that several companies, including the small enterprises, are looking forward to “go” to capital markets. Thus, we will analyze the role of rating agencies and credit bureaus (credit risk report) in the Peruvian market, considering the current state of economic growth that comes through and, the potential of capital market that comes with MILA (Integrated Latin American Market). Besides, this information will become relevant in the following months, because the actual financial crisis in several countries all over the world (focus in Europe, but it could move to some BRICS – Brazil, Russia, India, China and South Africa – or Latam Countries) has generated a new map in “rating scores” (Note 1) so the questions that we tried to answer is if this unique change is relevant? Or it should be complemented in order to have a significant impact in the market and for the investors

Emerging markets portfolio creating a Latin American portfolio peruvian case study

The case study seeks to identify the most important issues encountered in developing a new portfolio in a Latin America country, exploring several alternatives which include not only stock and sovereign bonds but also more sophisticate products such as American Depositary Receipt (ADR) or Exchange Traded Fund (ETF) from emerging countries, and determine what are the risks involved in the process following not only Basil III standards, but also the local best practice recommend by the local regulators. The study at the beginning used historical information (normal distribution formulas) of several equities and bonds (n = 142) and then selected five Peruvian instruments (one of this involved at least 25 equities, N = 5, n = 30) and then other 30 (one of this include an ETF, N = 30, n = 55) in order to determine the best return and risk combination for an emerging market portfolio. Besides, the additional objective is to examine and introduce the reader in some statistics formulas used in finance and risk management. Senior management must evaluate the issues associated with the new portfolio and strategy developed

Institutional investors and corporate risk at the origin of the international financial crisis

The 2007 financial crisis served as a stark reminder of the vulnerability in the relationship between institutions and companies, as it revealed that many companies collapsed despite government interventions. Two crucial factors that influenced the crisis’s impact on firms were the level of creditor rights protection and corporate risk management. In this study, our aim was to investigate the impact of investment funds and banks on corporate risk prior to the 2007 financial crisis. We conducted an analysis across 21 countries to examine how institutional factors determined the influence of mutual funds and banks on corporate risk, ultimately leading to critical levels of collapse and the global spread of the financial crisis to the real economy. Additionally, we explored the role of mutual funds and banks as reference shareholders. The findings of our study reveal that the process of financial deregulation preceding the 2007 financial crisis contributed to an increase in corporate risk. In other words, financial deregulation facilitated greater involvement of institutional investors in companies, thereby encouraging the adoption of excessively risky and speculative strategies that were not necessarily aligned with the long-term sustainability of firms

Percepción directiva de la responsabilidad social corporativa y sus efectos sobre la reputación corporativa y la confianza hacia la empresa: aplicación en el sistema financiero de una economía emergente

Programa Oficial de Doctorado en Dirección de Empresas (Dirección Estratégica y Recursos Humanos)Presidente: Beatriz Junquera Cimadevilla; Secretario: Virginia Barba Sánchez; Vocal: María Jesús Nieto Sánche

Fundamental analysis Peruvian non listed company - Real Pharma

The present case study seeks to guide the potential investor through the process of analyzing the financial situation of a company to be able to make an adequate deal for an acquisition or invest. The case intends to follow a top-down analysis structure as follows: a macroeconomic analysis, which covers the gross domestic product, inflation and others; followed by a sectorial study, which comprises the study of competitors, suppliers, clients, and others; and the company?s analysis both from a financial and non-financial perspective.El presente estudio de caso busca guiar al inversionista potencial a trav?s del proceso de an?lisis de la situaci?n financiera de una empresa para poder hacer un trato adecuado para una adquisici?n o inversi?n. El caso pretende seguir una estructura de an?lisis descendente de la siguiente manera: un an?lisis macroecon?mico, que cubre el producto interno bruto, la inflaci?n y otros; seguido de un estudio sectorial, que comprende el estudio de competidores, proveedores, clientes y otros; y el an?lisis de la compa??a tanto desde una perspectiva financiera como no financiera