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Editorial
Get PDF"Law consists of three basic rules or principles: live honestly, do no harm to others and give to each his own, not to harm others and to give to each his own. It is the art of the good and the equitable. In this wise phrase of Ulpianus, one of the most important Roman jurists, the idea of law is the idea of justice, a concept that remains to this day in all cultures. to this day in all cultures.«El Derecho consiste en tres reglas o principios básicos: vivir honestamente, no dañar a los demás y dar a cada uno lo suyo. Es el arte de lo bueno y lo equitativo». En esta sabia frase de Ulpiano, uno de los juristas romanos más importantes, se aprecia la idea de justicia, concepto que permanece hasta la actualidad en todas las culturas
Institutional quality and risk in the banking system
Get PDFPurpose. This paper aims to offer an empirical study of the impact of institutional quality on the banking system risk and credit risk.
Design/methodology/approach. Applying cross-sectional dependent tests and stationary tests to check the property of our sample, the panel corrected standard errors model is recruited as the main estimator, while feasible generalized least squares, pool ordinary least squares (OLS), robust pool OLS and other estimators are used as a robustness check for an unbalanced panel data for 56 economies divided into three subsamples between 2002 and 2015.
Findings. The empirical results show several significant contributions. First, an improvement in institutional quality is an important factor to reduce the banking system risk. This effect of the institutions is less important in well-capitalized, highly profitable and in high-economic growth countries. This effect is also stronger in highly liquid banking systems. Notably, a better institutional quality helps to reduce the banking system risk in the highly concentrated banking system. Second, institutional quality has a significant negative relationship with the banking credit risk, especially in highly concentrated banking systems and in high-growth countries. This influence is weaker in highly liquid and well-capitalized banking systems. Finally, better institutions reduce the positive effect of trade openness, but it induces a higher credit risk for the banking system from the trade openness. Notably, a better institutional quality enhances the negative effect of foreign direct investment (FDI) inflow on both banking system risk and credit risk. These findings are documented for a global sample and three subsamples: low and lower-middle-income economies, upper-middle-income economies and high-income economies.
Originality/value. This study provides some recommendations, for policymakers, on the roles of institutions in the banking system and financial stability.
DOI: https://doi.org/10.1108/JEFAS-01-2020-001
La magnitud de la mype en el Perú. Libertad para elegir la estructura empresarial
Get PDFThe purpose of this article is to describe the current situation of micro and small-sized enterprises (mype) considering national statistics and legal aspects. It highlights the importance of the mype sector as it represents the largest number of businesses in the country and it´s the largest provider of jobs to the national economy. This article also addresses the informality of the mype sector, the individual characteristics of mypes as business organizations, the legal limitations to access the different incorporation forms and the need to carry out reforms to promote the development of the sector.El presente artículo tiene por objetivo describir la situación de la micro- y pequeña empresa (mype) considerando estadísticas nacionales y aspectos legales. Resalta la importancia de la mype como el sector con mayor número de emprendimientos en el país y que provee la mayor cantidad de puestos de trabajo a la economía nacional, así como su informalidad. Igualmente, explica la característica individual de su organización empresarial, la limitación legal para acceder a los beneficios de las formas de organización societaria y la necesidad de realizar reformas para fomentar su desarrollo
Relationship between cash holdings and expected equity returns: evidence from Pacific alliance countries
Get PDFPurpose. 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.
Doi: https://doi.org/10.1108/JEFAS-03-2020-007
Editorial
Get PDF"More than civilization, justice is the need of the people". This phrase by Pietro Colletta, an Italian historian, who thus speaks about equity in societies, is the constant concern of men of law, who collaborate with justice from different spheres.
We, the professors, do it from the academy, through different means, one of which is Giuristi: Revista de Derecho Corporativo, which amalgamates research on this branch of law and classical aspects of this discipline. The objective is to build a space for reflection, analysis and intellectual production that contributes to the development of knowledge of our students and scholars of law.
The third issue, prepared with the usual care, brings together a series of current articles which, by dealing with various legal issues, stimulate research and debate.«Más que la civilización, la justicia es la necesidad del pueblo». Esta frase de Pietro Colletta, historiador italiano que diserta así sobre la equidad en las sociedades, es la preocupación constante de los hombres de derecho, que colaboran con la justicia desde distintos ámbitos.
Nosotros, los profesores, lo hacemos desde la academia, a través de distintos medios, uno de los cuales es Giuristi: Revista de Derecho Corporativo, que amalgama investigaciones de esta rama del derecho y de aspectos clásicos de esta disciplina. El objetivo es construir un espacio para la reflexión, el análisis y la producción intelectual que contribuya al desarrollo del conocimiento de nuestros estudiantes y los estudiosos del derecho.
El tercer número, elaborado con el cuidado acostumbrado, reúne una serie de artículos de actualidad que al tratar diversas problemáticas jurídicas estimulan la investigación y el debate
Límites a la docencia en los servidores y funcionarios públicos
Get PDFThe Political Constitution of Peru establishes that public servants in general cannot receive double remuneration or income from the State; furthermore, with respect to certain officials, it points out the incompatibility of the exercise of other public or private activities, empowering only the exercise of the teaching function. The hiring of civil servants as teachers in Public Administration institutions is frequently carried out through the mechanisms that the State Contracting Law empowers; however, this norm indicates various incompatibilities to be a participant, bidder or contractor in the selection processes. Through a hermeneutical analysis methodology, we are going to analyze the norms that establish limitations and empower the teaching practice of public servants in general, as well as judges, prosecutors, congressmen, members of the National Board of Justice and the National Jury. of Elections.La Constitución Política del Perú establece que los servidores públicos en general no pueden percibir doble remuneración o ingresos del Estado; además, con respecto a ciertos altos funcionarios, señala la incompatibilidad con el ejercicio de otras actividades públicas o privadas, facultando únicamente la función docente. La contratación de funcionarios como docentes en las instituciones de la Administración Pública se efectúa frecuentemente mediante los mecanismos que establece la Ley de Contrataciones del Estado; esta norma, sin embargo, señala diversas incompatibilidades para ser participante, postor o contratista en los procesos de selección. Mediante una metodología de análisis hermenéutico, se analizan las normas que establecen limitaciones y facultan el ejercicio docente de los servidores públicos en general, así como de los jueces, los fiscales, los congresistas, los miembros de la Junta Nacional de Justicia y del Jurado Nacional de Elecciones
Vacunación contra la covid-19 y relaciones de trabajo
Get PDFIn several countries there is no obligation to be vaccinated against COVID-19. Vaccination is thus a voluntary and free act. In the present work we will try to explain if this solution of principle is maintained in the field of labor relations or changes at the request of the employer, and as a consequence of the management powers exercised by the employer, the worker's duty of obedience or even, attending to the obligation of security and prevention of occupational risks that the employer has. For this purpose, we will analyze the scope of the discussion in Uruguay regarding the impacts caused by vaccination against COVID-19 in the field of the employment relationship.En diversos países no existe la obligación de vacunarse contra la covid-19. La vacunación resulta, así, un acto de carácter voluntario y gratuito. En el presente trabajo intentaremos explicar si esta solución de principio se mantiene en el ámbito de las relaciones laborales o muta ante la solicitud del empleador, y como consecuencia de los poderes de dirección que este ejerce, el deber de obediencia del trabajador o, incluso, atendiendo a la obligación de seguridad y de prevención de riesgos laborales que detenta el empleador. Para tal efecto, analizaremos cuál ha sido el alcance de la discusión en Uruguay con respecto a los impactos que provoca la vacunación contra la covid-19 en el ámbito de la relación de trabajo
Abuso de poder económico, acaparamiento y especulación
Get PDFThis article addresses the recent legislative developments on the crimes of abuse of economic power, hoarding, and speculation in the Peruvian jurisdiction, as well as the inconvenience that its validity represents for the proper development of free competition policies. It is concluded that, contrary to what is recommended by international standards, the requirements of regulatory quality have not been met in the context of a pandemic.En este artículo se abordan las recientes novedades legislativas sobre los delitos de abuso de poder económico, acaparamiento y especulación en la jurisdicción peruana, así como la inconveniencia que su entrada en vigor representa para el adecuado desarrollo de las políticas de libre competencia. Se concluye que, contrariamente a lo recomendado por estándares internacionales, no se ha cumplido con las exigencias de calidad regulatoria en el contexto de una pandemia
Caso kuntur Wasi: sociedad aeroportuaria Kuntur Wasi SA y Corporación América SA con la República del Perú (caso CIADI ARB/18/27)
Get PDFThe present article examines in a preliminary perspective the Kuntur Wasi Case, which is actually been under an Arbitral Tribunal in ICSID. It is focused in the probable perspectives that the present case may take under an analysis that centres in the Peru-Argentina BIT and its Public International Law norms.El presente artículo busca abordar desde una perspectiva preliminar el caso Kuntur Wasi, que actualmente viene siendo conocido por un tribunal arbitral en el ámbito del CIADI. Se enfoca en las probables perspectivas que pueda tomar el caso en cuestión bajo un análisis que se centra en el BIT Perú-Argentina y, por tanto, en las normas de derecho internacional público en él contenidas
La informalidad: propuesta de modificación del impuesto general a las ventas y del impuesto a la renta para las mypes
Get PDFThe mandatory social isolation by COVID-19 has impacted the growth of the economy, revealing the high rate of informality, which has hindered the State from exercising efficient control to apply sanitary measures and grant benefits. Informality is more intense in the activities of the SMEs. One of the causes is the effect that taxes have on their decisions, such as the Business Income Tax and the General Sales Tax, therefore we propose to modify the General Sales Tax and Income Tax SMEs regarding its tax incidence in order to attract the informal and informal activities to formality.El aislamiento social obligatorio implantado a raíz de la pandemia de la COVID-19 ha impactado en el crecimiento de la economía. Entre otras cosas, ha revelado el alto índice de informalidad, que ha obstaculizado los esfuerzos del Estado por ejercer un control eficiente que permita aplicar medidas sanitarias y otorgar beneficios. La informalidad se presenta con mayor intensidad en las actividades de las mypes1 y pymes, causada, entre otras razones, por el efecto de los impuestos en las decisiones de estas empresas, como el impuesto a la renta empresarial y el impuesto general a las ventas. Por ello, en este artículo se propone modificar el impuesto general a las ventas y el impuesto a la renta para las mypes, respecto de su incidencia fiscal, a fin de atraer al informal y a las actividades informales a la formalidad