Buenas prácticas financieras en el proceso de fusiones por absorción en empresas peruanas que cotizan en la Bolsa de Valores de Lima

Algunas de las estrategias desarrolladas por las empresas están vinculadas a la concentración empresarial. Dentro de este tipo de estrategias destacan claramente dos: las fusiones y las adquisiciones. Los objetivos que buscan las corporaciones cuando optan por algunas de ellas son diversos, pero los más resaltantes son la búsqueda de sinergias, el ahorro en costos, las economías de alcance y escala, y la búsqueda de creación de valor para la empresa adquirente y para sus accionistas. No obstante, en el Perú aún no se han explotado estas estrategias, como ya se hace en otros países de la región con éxito, debido a que no existen prácticas financieras estandarizadas que sirvan como parangón en las industrias. Por tanto, surge la necesidad de realizar una investigación que identifique cuáles son las buenas prácticas financieras en el marco de los procesos de fusiones por absorción. Para dicho fin, se obtuvieron ratios de creación de valor de una muestra conformada por empresas que cotizaron en la Bolsa de Valores de Lima y que realizaron fusiones por absorción durante el periodo 2000-2012; luego, se compararon con un listado de prácticas financieras que fueron obtenidas a través de entrevistas realizadas a personal de las empresas pertenecientes a la muestra. Los resultados de la comparación de las prácticas financieras con los indicadores de creación de valor arrojaron que el proceso de due diligence, la determinación del costo de oportunidad real del inversionista, la consideración de indicadores de creación de valor, la realización de un seguimiento y control a través de indicadores financieros, y la identificación de la empresa target en el proceso de planeamiento financiero se constituyen como buenas prácticas financieras, toda vez que mediante estas hubo creación de valor.One of the strategies that are developed by companies is business concentration; and among these, two clearly show up: Mergers and Acquisitions. The objectives that are searched by corporations when they choose any of these strategies are diverse, being the ones that stand out: the search for synergies, cost savings, economies of scope and scale, and the search for value creation for the acquiring company and its shareholders. Nevertheless, in Peru this strategy has not been fully exploited, as it has been done with success in other countries of the region, due to the fact that there are no standardized financial practices that serve as a pattern in the industries. Consequently, there is a need to conduct an investigation that identifies which are the financial best practices within the framework of the merger by absorption processes. For that purpose, ratios related to value creation were obtained for a sample conformed by companies that were listed on the Lima Stock Exchange and that completed mergers by absorption during the period 2000 – 2012, and they were compared with a list of financial practices that were identified through interviews with personnel of the companies belonging to the sample. The results of the comparison between the financial practices and the value creation indicators showed that the due diligence process, the determination of the real opportunity cost of the investor, the consideration of value creation indicators, the monitoring and control through financial indicators, and the identification of the target company during the financial planning process, constitute good financial practices due to the fact that, through these, there was value creation.Tesi

Fetal deaths in Brazil: a systematic review

OBJECTIVE To review the frequency of and factors associated with fetal death in the Brazilian scientific literature. METHODS A systematic review of Brazilian studies on fetal deaths published between 2003 and 2013 was conducted. In total, 27 studies were analyzed; of these, 4 studies addressed the quality of data, 12 were descriptive studies, and 11 studies evaluated the factors associated with fetal death. The databases searched were PubMed and Lilacs, and data extraction and synthesis were independently performed by two or more examiners. RESULTS The level of completeness of fetal death certificates was deficient, both in the completion of variables, particularly sociodemographic variables, and in defining the underlying causes of death. Fetal deaths have decreased in Brazil; however, inequalities persist. Analysis of the causes of death indicated maternal morbidities that could be prevented and treated. The main factors associated with fetal deaths were absent or inadequate prenatal care, low education level, maternal morbidity, and adverse reproductive history. CONCLUSIONS Prenatal care should prioritize women that are most vulnerable (considering their social environment or their reproductive history and morbidities) with the aim of decreasing the fetal mortality rate in Brazil. Adequate completion of death certificates and investment in the committees that investigate fetal and infant deaths are necessary