Examinando por Autor "Sarela Enriquez-Perales"
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Publicación Sólo datos Determinants of Inbound Tourism Revenues in Peru: Evidence from a Crisis Period(2022-04-21) Sarela Enriquez-Perales; Conrado Diego Garcia-Gomez; Edmundo R Lizarzaburu BolanosThe strand of the tourism literature focusing on emerging markets is relatively scarce. However, the increasing importance of tourism activity in emerging economies in the last years is moving the academic attention to countries like Peru, where tourism activity has become an essential part of its recent economic development. Accordingly, this paper analyzes the determinants of tourism demand in Peru, by estimating a single-equation model for the period 2007-2011. Specifically, it is proposed as a tool to analyze and understand the recent evolution of this industry as the basis for growth in the Andean country. The obtained results confirm the positive relationship between the real income of non-resident tourists and tourism demand, while tourism in Peru is not eligible as a luxury good. Additionally, it is shown that there is not a high sensitivity of real income from tourism to inflation differentials. The obtained results provide important implications for policymakers. Namely, it becomes relevant to better understand a country’s tourism demand determinants in order to consolidate its economic contribution in times of economic recession.Publicación Sólo datos Formal institutions, ICSID arbitration and firm performance: evidence from Latin America(2022-04-25) Sarela Enriquez-Perales; Conrado Diego García-Gómez; José María Díez-Esteban; Edmundo R. Lizarzaburu BolañosThis paper analyzes how a country’s formal institutional quality impacts the performance of listed companies across different Latin American countries (namely, Argentina, Brazil, Colombia, Mexico, Peru, and Chile) and industries. Latin America provides a unique setting to address this question due to the region’s high institutional instability. The sample consists of 571 large listed companies, with a total of 8576 observations, for the period 2004–2019. Results show that the quality of a country’s formal institutions is positively related to firm performance, measured through two alternative variables (ROA and Tobin’s Q). Additionally, countries that are signatories of the ICSID agreement provide companies with a more stable environment in which to do business, which ultimately has a positive impact on their performance. However, as the number of cases recorded before the ICSID increases, the relationship turns negative. The paper provides a more comprehensive understanding of formal institutions by considering six alternative governance dimensions. Moreover, international arbitration is found to be a substitute for formal institutions in Latin American countries.
