Journal of CENTRUM Cathedra

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Open Access
Regulation, Monitoring, and Ownership Influence the Quality of Service of Latin American Electric Distribution Utilities: A Doctoral Research Proposal
(Pontificia Universidad Católica del Perú. CENTRUM, 2008) Revolo, Miguel J.
The decline in the quality of service of electric distribution utilities in Latin America is a topic requiring investigation because of its effect on the sustainability of privatization. The quality of service could be a hidden cost of privatization because the policies of regulation have neglected the quality-of-service issue. The aim of this study will be to determine the influence of regulation, monitoring, and ownership on the quality of service of Latin American electric distribution utilities. A panel data technique will be appropriate for the analysis because of the need to incorporate cross-sectional and time-series data. The outcomes of this research may help regulators and decision makers to implement policies to improve the quality of service.
Open Access
Is Efficiency the Equivalent to a High Rate of Return for Private Pension Funds? Evidence from Latin American Countries
(Pontificia Universidad Católica del Perú. CENTRUM, 2008) Guillen, Jorge B.
During the last few years, there has been a large increase in the rate of return for most Latin American private pension fund institutions (AFPs). This favorable performance of funds comes with an economic boom in the region. However, efficiency, which is the equivalent of good management, does not go along with this successful performance of AFPs. We measure efficiency with the Data Envelopment Analysis technique, and we test for a sample of 9 countries in Latin America to determine if there is any link between efficiency of AFPs and their rate of return. The results suggest that local market power is not necessarily sufficient for certain large AFPs.
Open Access
TQM Practices in Manufacturing and Service Companies in Peru
(Pontificia Universidad Católica del Perú. CENTRUM, 2008) Pino, Ricardo M.
The research study involved exploring how Peruvian companies use TQM practices and the differences in this use considering industrial sector and company size. Three hundred and sixty-three MBA students, middle managers of private companies operating in Arequipa, Cajamarca, Chiclayo, Cusco, Lima, Piura, or Trujillo, answered a questionnaire, developed by the author, about the use of TQM practices in their companies. The findings indicate significant differences between manufacturing and service companies in two practices, information and analysis and empowerment; and significant differences among small, medium, and large companies in two practices, information and analysis, and employee training.
Open Access
Marketing Information Systems and Strategy Levels: An Empirical Study
(Pontificia Universidad Católica del Perú. CENTRUM, 2008) Goñi, Niria M.
This research study develops a model that integrates marketing information systems and strategy levels and examines the application of these systems at each strategy level. To attain the first objective, the roles that the CEO or managers perform at each strategy level and the specific information systems required for each case constituted the starting point of the study. To reach the second objective, the qualitative method was applied, and the technique utilized was in-depth interviews. A sample of 30 medium- and big-size companies was utilized. This study showed, among other results, that companies do use the four marketing information systems, although with a different emphasis, depending on the strategy level.
Open Access
Influence of Ethics and Integrity in Peruvian Managers’ Leadership Styles: A Doctoral Research Proposal
(Pontificia Universidad Católica del Perú. CENTRUM, 2008) Cielo, Juan
Scientific interest in the leadership process has increasingly paid attention to the issues of ethics and integrity. Communities served by leaders are demanding a more ethical and inclusive leadership style. The purpose of this research proposal is to examine the relationship between ethics orientations and integrity types, as independent variables, and Peruvian managers’ leadership styles, as the dependent variable. The research method involves a literature review of leadership theories, leadership styles, ethical orientations, and integrity types. The research model includes transformational, transactional, and laissez-faire leadership styles; deontological and teleological ethical orientations; and intelligence and moral integrity types. The study will use a quantitative approach with hypotheses related to the relationships between variables. The empirical examination will be applied to Peruvian managers. The psychometric instruments will be the Multifactor Leadership Questionnaire 5x - MLQ 5x (Bass & Avolio, 2004), Ethics Perspective Case Survey (Ampofo, 2004), Perceived Leader Integrity Scale - PLIS (Craig & Gustafson, 1998 ), and Aronson’s Integrity Questionnaire (Aronson, 2003). Demographic information collected will be age, gender, educational level, and the number of years with the present company. Data analyses will include the use of statistical techniques such as the distribution of frequencies and descriptive statistics such as the median, mode, standard deviation, variance, Cronbach alpha, correlation, factorial analysis, scale of confidence, and multiple regressions. The software, namely, the Statistical Package for Social Sciences (SPSS v.15 ), and AMOS v.6 will be used. The research will test the relationships between deontological and teleological ethical orientations, intellectual and moral integrity types, and leadership styles.
Open Access
The Impact of Trade Barriers on Exports: The Case of Peru, 1992-2002
(Pontificia Universidad Católica del Perú. CENTRUM, 2008) Tello, Mario D.
This paper proposes a straightforward methodology to assess and estimate the impact of trade barriers on exports from the Peruvian economy. The results of the application of this methodology indicate that most favored nation (MFN) and/or generalized system of preferences (GSP) tariff rates imposed by developed countries on Peruvian exports are relatively low and, conversely, the number of non-tariff barriers (NTBs) and the average number of NTBs per export tariff line are relatively high. This difference produces a higher estimation of the export impact of the NTBs. An implication of these results is that the new wave of regional preferential trade agreements among developed and developing countries (which face a similar trade barrier structure to the Peruvian one) may not have meaningful effects on trade flows unless it is accompanied by substantial reductions in the number of NTBs per export tariff line.
Open Access
Remittances and Income Distribution in Peru
(Pontificia Universidad Católica del Perú. CENTRUM, 2008) Torres-Zorrilla, Jorge
Objectives of research were to study the magnitude, dynamics, and impacts associated with remittances to Peru. The remittances grew exponentially in the last decade. The study examines the emigration of Peruvians, compares remittances received by families in Peru with those in countries in Latin America, and presents the income from remittances for families classified by socioeconomic strata. Conclusions are: Peru and Guatemala demonstrate greater growth in remittances during 2000-2005, and Peru shows a high concentration of remittances in the higher quintiles of the socioeconomic strata. This result is unexpected and different from that found in other countries such as Mexico.
Open Access
Net Foreign Assets and Imperfect Financial Integration: An Empirical Approach
(Pontificia Universidad Católica del Perú. CENTRUM, 2008) Selaive, Jorge; Tuesta, Vicente
Researchers have documented extensive empirical evidence on both risk sharing across countries and the uncovered interest rate parity (UIP) condition. This paper involves investigating the empirical implications of imperfectly integrated financial markets resulting from the two phenomena. Under this asset market structure, the net foreign assets (NFA) position of a country affects both the risk-sharing condition and the UIP. Strong evidence exists for Organization for Economic Cooperation and Development (OECD) countries that the NFA contribute to the lack of risk sharing across countries. Similarly, in terms of the UIP, the NFA can capture a time-varying risk premium for a small group of countries over short-term horizons.
Open Access
The Influence of Personality Domains and Working Experience in Peruvian Managers’ Leadership Styles: An Initial Study
(Pontificia Universidad Católica del Perú. CENTRUM, 2008) D'Alessio, Fernando
The purpose of this quantitative investigation is to examine the relationships that may exist among the five personality domains, working experience, and the three leadership styles in a sample of 500 managerial Master of Business Administration (MBA) students of a leading business school in Peru. Similar studies have previously been performed in developed countries; well-known examples come from the United States of America, Norway, Germany, Australia, Canada, and Singapore, but no such studies are found in a developing country. The Neuroticism Extraversion Openness to Experience Personality Inventory Revised (NEO-PI-R) and Multifactor Leadership Questionnaire (MLQ) were the instruments used for personality and leadership, respectively. In this sample, conscientiousness demonstrates the strongest and most consistent correlation with transformational (.426 ), transactional (.43 0), and passive-avoidant (-.354 ) leadership styles. Extraversion has the next highest correlation with transformational (.400) leadership styles and a weak correlation with transactional (.152) and passive-avoidant (-.166) leadership styles. Agreeableness has no significant correlation with any of the leadership styles, and openness to experience shows a significant correlation only to transformational (.201) leadership styles. Neuroticism shows weak correlations with transformational (-.214 ) and passive-avoidant (.26 7) leadership styles. Conscientiousness and extraversion may encourage individuals to emerge as leaders. Transformational and transactional leadership behaviors are demonstrated more frequently with increasing working experience.
Open Access
Competitiveness and Entrepreneurship in Latin America
(Pontificia Universidad Católica del Perú. CENTRUM, 2008) Hnyilicza, Esteban
This paper reviews the empirical evidence on the critical factors impinging on the success or failure of enterprise development policies in Latin America. Guidelines are proposed to integrate novel initiatives into a coherent strategy for entrepreneurship development. The proposed approach encompasses four building-blocks: incubators, entrepreneur development, business development services, and incentive mechanisms to promote cooperative behavior. The notion that entrepreneurial development is one of the key links in the transmission mechanisms between the conception stage and the implementation phase of competitiveness policies is stressed.
Open Access
The Godfathers: Characteristics and Roles of Central Individuals in the Transformation of Techno-Regions
(Pontificia Universidad Católica del Perú. CENTRUM, 2008) Phillips, Fred Y.
Many successful techno-regions have benefited from a single individual who sustained the regional vision, was the primary source of creative strategies, and is personally identified with the transformation and success of the region. This paper discovers common and distinctive factors in the biographies of these godfathers and in the roles they have played in their respective regions. We investigated eight godfathers of well-established techno-regions (including Frederick Terman of Silicon Valley, George Kozmetsky of Austin, and Morihiko Hiramatsu of Oita), comparing them with each other and with three godfathers and one godmother of smaller regions that have begun their transformative efforts more recently. Using theories of networking and diffusion of innovation, we advance tentative conclusions about the factors that enable a godfather’s effective action, and about the newer godfathers’ or godmothers’ likelihood of success. These small-sample results suggest an extension of social network theory to encompass the unique characteristics of a tiny but highly influential minority: The godfathers who drive technological and economic change in regions.
Open Access
The Asymmetric Effects of Monetary Policy in General Equilibrium
(Pontificia Universidad Católica del Perú. CENTRUM, 2008) Castillo, Paul; Montoro, Carlos
The study involved extending a dynamic general equilibrium neoKeynesian model by considering preferences that exhibit intertemporal nonhomotheticity. Introducing this feature generates a state-dependent intertemporal elasticity of substitution, which induces asymmetric shifts in aggregate demand in response to monetary policy shocks. The effect, in combination with a convex Phillips curve, generates in equilibrium asymmetric responses in output and inflation to monetary policy shocks similar to those observed in the data. In particular, a higher response of both output and inflation to policy shocks exists when economy growth is temporarily high than temporarily low.
Open Access
On the Normality of Stock Return Distributions: Latin American Markets, 2000-2007
(Pontificia Universidad Católica del Perú. CENTRUM, 2008) Chion, Sergio J.; Veliz C., Carlos N.
An increasing amount of empirical research conducted at different times and in different geographical settings challenges the traditional assumption of the normal distribution of stock returns evident in the main body of financial theory. This article involved testing the normality assumption for the behavior of market returns in the main Latin American stock markets. Normality tests were applied to daily market returns for the period 2000 to 2007 for the main security markets of Peru, Argentina, Brazil, Chile, Colombia, Mexico, and Venezuela. The normality hypothesis is rejected for all these markets. The article also involved testing the normality assumption for market returns over longer periods, considering specifically blocks of 5, 20, 60, and 120 consecutive market days between 2000 and 2007. In general, the behavior of the returns approaches a normal distribution as the length of time increases.
Open Access
Assessing Theory and Practice in Competitive Strategy: Challenges and Future Directions
(Pontificia Universidad Católica del Perú. CENTRUM, 2008) Parnell, John A.
Competitive strategy scholars seek to answer three important questions: (a) what constitutes an effective strategy and how is it crafted, (b) how are strategies implemented in an organization, and (c) how can a strategy’s effectiveness be evaluated? Three corresponding themes, namely, strategy formulation, execution or implementation, and evaluation or control, permeate the competitive strategy literature. In this paper, nine issues of scholarly and practical relevance in the competitive strategy domain are reviewed and assessed. Collectively, the nine issues reflect the significant progress made in competitive strategy research in recent years and opportunities for further development in the field. Directions for future research are discussed.
Open Access
Assessing Rural Community Empowerment: What it takes to Think Innovatively A Doctoral Research Proposal
(Pontificia Universidad Católica del Perú. CENTRUM, 2008) Lopez, Lucy H.
Rural communities’ capacity to absorb policy intervention towards sustained development could be improved if individuals thought innovatively as a result of increased empowerment and strengthened community organization involving individual and collective effort. The aim of the proposed study is to analyze the relationship between community members’ empowerment and their innovative thinking, influenced by the social capital of their community organization and using health promotion as the intervening factor. Health, an essential element for development, implies individual’s action through healthy lifestyles and behaviors as well as collective action. The study will take place in rural communities in the Amazon jungle of Peru and will test differences between communities with different intensities of health promotion activities.
Open Access
The Work Adjustment Process of Expatriate Managers: An Exploratory Study in Latin America
(Pontificia Universidad Católica del Perú. CENTRUM, 2008) Rivera, Ramon
The issue of work adjustment of expatriate managers is examined in this paper. The results confirm the existence of dimensions and factors widely discussed in international human resources management literature but also emphasize others related to the characteristics of the expatriation’s environment. The paper also includes a discussion of the key role of personal relationships in achieving a successful adjustment in Latin American subsidiaries.
Open Access
The Impact of Diversity in the Perception of Performance: A Case Study in Lima and Barcelona
(Pontificia Universidad Católica del Perú. CENTRUM, 2008) Feldman, Percy Marquina; Morales, Carlos E.
An exploratory and comparative study was developed in both Peru and in Spain with the intention of measuring the impact diversity has in the perception of performance. The variables used were tenure, gender, age, and diversity awareness. The study shows a relationship between the real degree of diversity within the company and the awareness of diversity. It seems that the greater the diversity, the greater the awareness of diversity. Moreover the research provides statistical evidence that the awareness of diversity can be better associated with the perception of performance in companies with high levels of diversity. However the chosen diverse variables, gender, age and tenure do not have a greater relationship with this perception of group performance. The research also suggests that the perception of the degree of diversity acts as a moderator in the performance of the group.
Open Access
Retirement Forced Saving in Peru using Hyperbolic Discounting Functions: A Doctoral Research Proposal
(Pontificia Universidad Católica del Perú. CENTRUM, 2008) Sanchez-Chavez, Dr Elio J.
Empirical and survey data related to voluntary pensions in the United States indicated that households have not been saving enough to cover later consumption requirements. This evidence has been analyzed using a conceptual framework named the hyperbolic consumption model that integrates a classical utility theory with behavioral concepts in order to explain some anomalies in consumption-saving decisions.
Open Access
Leveraging Champions to Build a Knowledge Management System for the Research and Development and Marketing Interface
(Pontificia Universidad Católica del Perú. CENTRUM, 2009) Caraballo, Ervin
The research and development (R&D)-marketing interface is one of the most critical elements in the development of commercially successful products. When these two departments can effectively link their processes and information sharing, companies can improve their product development efforts. Champions contribute to the success of this relationship by facilitating the information flow in five critical success factors (CSFs): customer requirements, customer feedback, competition, product development, and goal setting. Management can help the efforts of champions by establishing a knowledge management system (KMS) based on the CSFs. Integrating principles and methodologies from customer relationship management (CRM), an organization can develop a framework to establish a KMS for the R&D-marketing interface.
Open Access
Equity Market Risk Premium and Global Integration
(Pontificia Universidad Católica del Perú. CENTRUM, 2009) Johnson, Robert; Soenen, Luc
The equity market risk premium remains one of the most debated issues in corporate finance. Monthly returns for 19 developed equity markets and 16 emerging equity markets between 1970 and 2006 aided in examining the extent of integration of these markets with the U.S. stock market and the Morgan Stanley Capital International (MSCI) World Index. Geweke measures of feedback indicate that although both developed and emerging markets show a slight and gradual increase in integration, emerging markets reflect significant segmentation from the U.S. stock market and the world market index. Greater stock market integration is associated with a more favorable economic and political climate toward business. Additional risk premiums relative to the intertemporal capital asset pricing model (ICAPM) arise because of segmentation of emerging markets from the world. Valuing business investments in countries with at least partially segmented equity markets requires an adjusted capital asset pricing model (CAPM).