ABSTRACT Public procurement is crucial for the proper functioning of a country, but unfortunately, it can face problems that undermine its efficiency and transparency. For this reason, this research analyzes the top 23 companies that sold over $2.21 billion to the Ecuadorian government between 2015 and 2020. A descriptive methodology and a quantitative approach were used to classify the companies based on their origin, economic activity, and financial situation. The results reveal that 67% of these companies are of Ecuadorian origin. In terms of their financial situation, although they have a strong liquidity position, financing expenses completely dilute their profits, resulting in a negative net profit margin. This finding suggests the need to establish public policies that promote the diversification of economic sectors and the implementation of effective financial management strategies in contracting companies to improve their profitability and long-term financial sustainability.

RESUMEN La contratación pública es crucial para el buen funcionamiento de un país, pero desafortunadamente puede enfrentar problemas que perjudican su eficiencia y transparencia. Por este motivo, esta investigación analiza las 23 principales empresas que entre 2015 y 2020 vendieron más de 2.21 mil millones de dólares con el Estado ecuatoriano. Se utilizó una metodología descriptiva y un enfoque cuantitativo para clasificar a las empresas según su origen, actividad económica y situación financiera. Los resultados revelan que el 67% de estas empresas son de origen ecuatoriano. En cuanto a su situación financiera, aunque tienen una posición sólida en términos de liquidez, los gastos del financiamiento diluyen en su totalidad las utilidades, generando una rentabilidad neta de ventas negativa. Este hallazgo sugiere la necesidad de establecer políticas públicas que promuevan la diversificación de los sectores económicos y la implementación de estrategias de gestión financiera efectivas en las empresas contratistas para mejorar su rentabilidad y sostenibilidad financiera en el largo plazo.

BACKGROUND: With about 55% of operating costs in manufacturing organisations coming from costs of supply chains, coupled with a 6% increase in supply chain costs incurred by a manufacturing organisation during the financial year 2021-2022, supply chain managers need to ascertain factors contributing to high supply operating cost and ascertain suitable strategies to lower supply chain management cost. OBJECTIVES: The purpose of this study is to unveil the factors and the solutions to poor supply chain quality in a steel product manufacturing organisation. METHOD: A qualitative approach conducted via an interview guide was used in this study. Perceptions of key supply chain stakeholders within a steel product manufacturing organisation formed the basis of the exploring factors contributing to poor supply chain quality and the solutions thereof. The Pareto chart was created to ascertain the critical factors that contribute to poor supply chain quality. RESULTS: The study revealed that inventory stock-out, management decisions, process deviations, longer lead times, suppliers and unreliable enterprise resource planning (ERP) system issues contributed to poor supply chain quality CONCLUSION: Supply chain managers should make use of strategies such as safety and consignment stock policy, just-in-time (JIT) system, supplier evaluation exercise for supplier selection, localisation of the sourcing of raw materials, customised ERP systems, job rotation and dashboards, with a view to improve visibility and efficiency of supply chain processes. CONTRIBUTION: The study serves as a knowledge advisor to supply chain managers, on the critical factors contributing to poor supply chain quality, and the solutions thereof.

BACKGROUND: Gains in improving bank efficiency have widely been regarded as one of the most effective means of ensuring sustainability in a financial system. AIM: It is proposed in this article to measure monetary policy impulses and the dynamic panel data model to examine the linear relationship. SETTING: The nexus between financial structure and monetary policy impulses is analysed, considering 21 sub-Saharan African (SSA) nations during the time period from 2011 to 2022 METHOD: The Vector Autoregressive (VAR) analysis is employed to measure monetary policy impulses and the dynamic panel data model to examine the linear relationship. RESULTS: A significant positive association between competition in the banking system and monetary policy impulses was found. Monetary policy impulses are inversely and significantly related to financial development. Also, the size of the central bank has a significant positive influence on the effectiveness of monetary policy. CONCLUSION: The financial structure has a significant role to play in the monetary transmission mechanism and credit markets help propagate and amplify shocks to the macro-economy. CONTRIBUTION: The relationship between financial structure and monetary policy is not a one-way street as these variables tend to influence one another. Empirical literature on the subject is not very recent and come to differing conclusions, hence the rationale for conducting this article in SSA, employing both the structural VAR model and the dynamic panel data model.

Resumen En Ecuador, las Cooperativas de Ahorro y Crédito (CAC) son importantes en el sistema financiero, ya que permiten el acceso al financiamiento para pequeños sectores de la economía. Este estudio midió la eficiencia de las cooperativas del segmento 3 entre 2016-2021 mediante la aplicación de un Análisis Envolvente de Datos DEA. Los niveles más altos de eficiencia se registraron en 2016 y 2019, así como en cooperativas que operan en sectores rurales sin mayor competencia. La eficiencia más baja fue del 49.08% con el modelo de Rendimiento Variable de Escala (RVE-E) y 53.30% con el modelo de Rendimiento Constante de Escala (RCE-E) en 2018 para el UTD10 (Unidad Tomadora de Decisiones No. 10). Los resultados pueden ser útiles para que las instituciones financieras identifiquen áreas clave en las que pueden tomar medidas para optimizar su rendimiento.

Abstract In Ecuador, Credit and Savings Unions (CAC) are important in the financial system, as they provide financing access for small sectors of the economy. This study measured the efficiency of Credit and Savings Unions (CAC) in segment 3 between 2016-2021 using DEA. The highest levels of efficiency were recorded in 2016 and 2019, as well as in Credit and Savings Unions (CAC) operating in rural sectors without major competition. The lowest efficiency was 49.06% (VRS-I) and 53.30% (CRS-I) in 2018 for DMU10 (Decision Making Unit No.10). The results can be useful for financial institutions to identify key areas where they can take measures to optimize their performance.

Abstract The purpose of this research is to examine the efficiency of cash flow metrics to forecast the probability of default of companies. Through a logistic regression model, the information of 58 companies with financial distress and 54 healthy companies had been analyzed for a period of 5 years. The results indicate that five of the ten metrics analyzed are efficient predictors of the probability of bankruptcy, with a correct prediction percentage of 87.73% of the cases. Similarly, it was determined that healthy companies and companies with financial difficulties have statistically different flow metrics from each other, so a greater use of cash flow metrics in financial analysis is recommended. The limitation of this study was to conform the sample of companies declared in default as of December 31, 2019. This research contributes to knowledge by demonstrating that cash flow metrics are a reliable tool in forecasting the probability serious financial problems in the context of Mexico.

Resumen El propósito de esta investigación es examinar la eficiencia de métricas de flujo de efectivo para pronosticar la probabilidad de quiebra de las compañías. A través de un modelo de regresión logística, se analizó la información de 58 empresas con problemas financieros graves y 54 empresas sanas por un período de 5 años. Los resultados indican que cinco de las diez métricas analizadas son predictores eficientes de la probabilidad de quiebra, con un porcentaje de predicción correcta del 87.73% de los casos. De igual forma, se determinó que las empresas sanas y con dificultades financieras presentan métricas de flujo estadísticamente diferentes entre sí, por lo que se recomienda un mayor uso de índices de flujo de efectivo en el análisis financiero. La limitante de este estudio fue el conformar la muestra de empresas que se hayan declarado formalmente en quiebra al 31 de diciembre del 2019. Esta investigación aporta al conocimiento al demostrar que las métricas de flujo de efectivo son una herramienta confiable en el pronóstico de la probabilidad de problemas financieros graves en el contexto de México.

Resumen Con el objetivo de hacer recomendaciones de política pública para regular eficientemente las Finanzas Descentralizadas (DeFi), realizamos un estudio exploratorio que examina el estado del arte, organiza el debate público y analiza las aplicaciones de esta nueva tecnología. Encontramos que DeFi tiene el potencial de aumentar la eficiencia en los mercados financieros, promover la competencia, mejorar el acceso al capital y contribuir al crecimiento económico. Sin embargo, también presenta desafíos sustanciales como la accesibilidad para el usuario, estabilidad del mercado, competencia justa y Estado de Derecho. El crecimiento del mercado de DeFi depende de abordar con éxito las preocupaciones de inversionistas, consumidores y autoridades, sin sobre regular la tecnología hasta el punto de la ineficiencia y el desuso. Teniendo en cuenta las implicaciones para las políticas de competencia y el crecimiento económico, exploramos la aplicabilidad de una regulación integrada y equilibrada, que promete cerrar la brecha entre innovación y regulación. La principal limitación de este estudio está relacionada con la constante evolución de esta tecnología, sin embargo, este documento puede allanar el camino para futuras investigaciones.

Abstract In order to make public policy recommendations to efficiently regulate Decentralized Finance (DeFi), we conducted an exploratory study examining the state of the art, organizing the public debate and analyzing real-world applications of this cutting-edge technology. We found that DeFi has the potential to increase efficiency in financial markets, promote competition, improve access to capital and contribute to economic growth. For all its potential benefits, however, the technology also presents substantial challenges in the form of user accessibility, market stability, fair competition and law enforcement. Growth of the emerging DeFi market depends on successfully addressing the concerns of investors, consumers and authorities without simultaneously regulating the technology into inefficiency and disuse. Taking into account the implications of DeFi for antitrust policies and economic growth, we explore the applicability of a balanced embedded-regulation, which holds promise as a bridge between innovation and regulation. The main limitation of this study is related to the constantly-evolving nature of DeFi technology. Recommendations for its regulation may vary as new evidence becomes available, but this document may pave the way for further research.

ABSTRACT Introduction: Healthcare management requires tools to make decisions at the local and systemic level in healthcare providers, with quality and timely information, to optimise organisational processes. Objective: To identify, through analysis of the state of knowledge, the generation of errors in the creation of diagnosis-related groups that affect hospital financial management strategy. Development: 487 research papers were reviewed, 54 of them identified processes of generation of the studied construct, with errors and evidenced in their materialization. These errors were grouped according to the original 3M model. Among those found were omissions in medical record documentation; poor quality in the minimum set of basic data; inaccuracies in diagnostic and procedure coding; insufficient grouping of diagnosis-related groups, variation in the casuistic index; deficiencies in team formation and audit processes; and discrepancies in the assignment of diagnosis-related groups. Recognising and addressing these errors will optimise efficiency in healthcare management. Conclusions: Errors were identified in the implementation of diagnosis-related groups, focusing on capture sub-processes, coding of clinical output and coding errors by healthcare staff. These types of omissions can contribute to key forms of performance evaluation of clinical care management, especially when this is associated with the billing structure and cost per patient in the current Chilean health system.

RESUMEN Introducción: La gestión sanitaria requiere herramientas para tomar decisiones a nivel local y sistémico en prestadores de salud, con información de calidad y oportuna, para optimizar procesos organizacionales. Objetivo: Identificar, mediante análisis del estado del conocimiento, la generación de errores en creación de grupos relacionados por diagnóstico que afectan la estrategia de gestión financiera hospitalaria. Desarrollo: Se revisaron 487 trabajos de investigación, 54 de ellos identificaron procesos de generación del constructo estudiado, con errores y evidenciados en su materialización. Estos errores se conglomeraron de acuerdo al modelo original de 3M. Entre los encontrados se precisaron como omisiones en documentación de los registros médicos; mala calidad en conjunto mínimo de datos básicos; inexactitudes en codificación diagnóstica y de procedimientos; insuficiente agrupación de grupos relacionados al diagnóstico, variación del índice casuístico; deficiencias en formación de equipos de trabajo y procesos de auditorías, además discrepancias en asignación de grupos relacionados al diagnóstico. Reconocer y abordar estos errores permitirán optimizar la eficiencia en la gestión sanitaria. Conclusiones: Se identifican errores en implementación de los grupos relacionados al diagnóstico, los que se focalizan en subprocesos de captura; codificación de la producción clínica y en errores del personal sanitario en codificación. Estos tipos de omisiones pueden contribuir en formas claves de evaluación del desempeño de la gestión clínico-asistencial, más aún cuando esta se asocia a estructura de facturación y costo por paciente en el actual sistema de salud chileno.

Resumen Este artículo examina los efectos de la crisis financiera de la década de 1930 en la trayectoria del producto agregado durante ese periodo. La perspectiva es complementaria a la de Friedman y Schwartz, quienes enfatizaron el impacto monetario de las quiebras bancarias; nos enfocamos en los aspectos no monetarios (principalmente relacionados con el crédito) del vínculo entre el sector financiero y el producto, y consideramos los problemas de los deudores, así como los del sistema bancario. Argumentamos que las perturbaciones financieras de 1930-1933 redujeron la eficiencia del proceso de asignación de crédito, y que el mayor costo resultante y la menor disponibilidad de crédito actuaron para deprimir la demanda agregada. La evidencia sugiere que los efectos de este tipo pueden ayudar a explicar las inusuales duración y profundidad de la Gran Depresión.

Abstract This paper examines the effects of the financial crisis of the 1930s on the path of aggregate output during that period. Our approach is complementary to that of Friedman and Schwartz, who emphasized the monetary impact of the bank failures; we focus on non-monetary (primarily credit-related) aspects of the financial sector-output link and consider the problems of debtors as well as those of the banking system. We argue that the financial disruptions of 1930-1933 reduced the efficiency of the credit allocation process; and that the resulting higher cost and reduced availability of credit acted to depress aggregate demand. Evidence suggests that effects of this type can help explain the unusual length and depth of the Great Depression.

RESUMEN Los activos intangibles psicosociales han demostrado ser la clave angular en la eficiencia y la efectividad de las organizaciones laborales. La investigación realizada constató la carencia de estudios y modelos de gestión de activos intangibles psicosociales, debido a su naturaleza oculta, mayor dificultad de medición, gestión y cuyo efecto es indirecto y potencial en la generación de valor en el futuro. Se diseñó un modelo conceptual para la gestión de los activos intangibles psicosociales en la banca cubana. El modelo favorece la gestión y medición de los intangibles psicosociales en un contexto de alineación con la estrategia de recursos humanos, en función de determinar su impacto en el desempeño organizacional. La aplicación práctica del modelo en el contexto financiero cubano actual determinó los vínculos entre la gestión de las personas y los procesos de trabajo en los cuales se desarrolla. Colocó a las personas en el centro de la gestión con sus competencias laborales, liderazgo, satisfacción laboral, perspectiva de la organización y compromiso. A su vez, arrojó luces acerca de las correlaciones positivas entre las variables y la pertinencia de su aplicación a otros contextos financieros.

ABSTRACT Psychosocial intangible assets have proven to be important key to the efficiency and effectiveness of labor organizations. The research carried out confirmed the lack of studies and management models of psychosocial intangible assets, due to their hidden nature, greater difficulty of measurement, management and whose effect is indirect and potential in the generation of value in the future. A conceptual model was designed for the management of psychosocial intangible assets in Cuban banking. The model favors the management and measurement of psychosocial intangibles in a context of alignment with the human resources strategy, in order to determine their impact on organizational performance. The practical application of the model in the current Cuban financial context determined the links between the management of people and the work processes in which it is developed, as well as verified the people at the center of management with their work skills, their leadership, job satisfaction, perspective of the organization and commitment. At the same time, it shed light on the positive correlations between the variables and the relevance of their application to other financial contexts.

Abstract This work presents a model of credit rationing under the effects of judiciary in- efficiency and criminal extraction. Under low judiciary quality and high criminality, we argue that banks are more likely to lend to the government rather than private enterprises. We argue that credit rationing increased local public debt in Mexico before coming into effect the new law of Financial Discipline for States and Municipalities in 2016. Our scientific objective is explaining the supply of bank loans to the local public sector in Mexico under low institutional quality and credit rationing. We use Panel regression analysis and also applied an Autoregresive Distributed Lag model to obtain the long term growth rates. We also used Clustering analysis in order to classify states in Mexico in terms of their debt, defaults in the industry sector, crime and judicial inefficiency rates. Our empirical analysis shows that judiciary inefficiency and criminality induced higher amounts of bank loans to state governments during the period of 2004 to 2016. We also found that defaults in the industry sector also increased the amount of bank loans to local governments in Mexico, which may explain in part that the rationed credit is redirected to the public sector. We argue that keeping the quality of institutions low may induce higher bank lending to states, so there might be little incentive to improve the judiciary and public safety. The possible solution is to improve judicial efficiency and decrease criminality in order to reduce credit rationing and subsequently ensure local public debt stability in the long term.

Resumen Este trabajo presenta un modelo de racionamiento del crédito bajo los efectos de la ineficiencia judicial y la extracción criminal. En condiciones de baja calidad judicial y alta criminalidad, argumentamos que es más probable que los bancos presten al gobierno en lugar de a las empresas privadas. Argumentamos que el racionamiento crediticio incrementó la deuda pública local en México antes de la entrada en vigencia de la nueva ley de Disciplina Financiera para Estados y Municipios en 2016. Nuestro objetivo científico es explicar la oferta de crédito bancario al sector público local en México bajo condiciones de baja calidad institucional y racionamiento de crédito. Utilizamos análisis de regresión de panel y también aplicamos un modelo Autorregresivo de Rezagos Distribuidos para obtener las tasas de crecimiento a largo plazo. También utilizamos el análisis de Clusters para clasificar los estados de México en términos de su deuda, morosidad en el sector industrial, índices de delincuencia e ineficiencia judicial. Nuestro análisis empírico muestra que la ineficiencia judicial y la criminalidad indujeron mayores montos de préstamos bancarios a los gobiernos estatales durante el período de 2004 a 2016. También encontramos que los incumplimientos financieros en el sector industrial también aumentaron el monto de los préstamos bancarios a los gobiernos locales en México, lo que puede explicar en parte que el crédito racionado se redirecciona al sector público. Argumentamos que mantener baja la calidad de las instituciones puede inducir mayores préstamos bancarios a los estados, por lo que podría haber pocos incentivos para mejorar el poder judicial y la seguridad pública. La recomendación es mejorar la eficiencia judicial y disminuir la criminalidad para reducir el racionamiento del crédito y asegurar la estabilidad de la deuda pública local en el largo plazo.

ABSTRACT This article proposes two models to analyze profitability banking. Using panel data methodology, it examined the relationship between operational efficiency indicators and banking access channels alternative to the branch with ROA and ROE. The main findings are that Net Operating Margin (MNO) has a direct relationship. Net noninterest Margin (MNNI) and Asset Utilization (RA) have a negative impact on ROA. Regarding access channels, Automatic Teller Machines (ATMs) have a positive, albeit weak, impact. Point of Sale Terminals (POS) are significant but in reverse. As for ROE, MNO and MNNI are related in the same sense as ROA. The Capital Multiplier (MC) presents a negative relationship. Mobile Banking (NBM) and POS show a significant inverse relationship, while ATM is direct.

RESUMEN Este artículo propone dos modelos para analizar la rentabilidad bancaria. Mediante metodología de datos de panel se analiza la relación entre los indicadores de eficiencia operativa y los canales de acceso bancario alternativos a la sucursal con ROA y ROE. Los principales hallazgos son que el Margen Operativo Neto (MNO) tiene una relación directa. El margen neto sin intereses (MNNI) y la utilización de activos (RA) tienen un impacto negativo en el ROA. En cuanto a los canales de acceso, los Cajeros Automáticos (ATM) tienen un impacto positivo, aunque débil. Los Terminales de Punto de Venta (POS) son significativos, pero a la inversa. En cuanto a ROE, MNO y MNNI están relacionados en el mismo sentido que ROA. El Multiplicador de Capital (CM) presenta una relación negativa. La Banca Móvil (NBM) y POS muestran una relación inversa significativa, mientras que ATM es directa.

Resumen A pesar de que la violencia de pareja íntima (VPI) presenta en la mujer una variedad de síntomas evidenciables, varios de los actores involucrados en el sistema de salud no cuentan con mecanismos de evaluación temprana, ni de reconocimiento de los tipos de secuelas psicológicas, entre los que se incluye una diversa sintomatología psicofisiológica. Con el objetivo de conocer las características de somatización, ansiedad y depresión en mujeres víctimas de VPI, como parte de una investigación macro de corte transversal no experimental de campo, se realizó el presente estudio cuantitativo correlacional a través de las variables del Inventario de Evaluación de la Personalidad (PAI). Los datos obtenidos se sometieron a análisis estadístico con métodos descriptivos e inferenciales. La muestra consta de 50 mujeres de la población de víctimas de VPI de la sierra ecuatoriana. Los resultados obtenidos son bastante contradictorios en cuanto al bajo porcentaje de mujeres con afectación típica relacionada con este tipo de violencia, en comparación con los datos presentados por otros autores sobre los niveles de somatización, ansiedad y depresión en ellas. A pesar de esto, se obtuvieron tres factores independientes presentes en esta muestra: trastorno ansioso-depresivo, con elementos de estrés postraumático; trastorno obsesivo compulsivo, con elementos de ansiedad, y quejas somáticas. Al momento de finalizar este estudio, se puede concluir que el PAI, sin su validación previa en esta población, no muestra una idoneidad suficiente para evaluar mujeres víctimas de VPI en el Ecuador. Se recomiendan nuevas investigaciones en otras muestras, en las que se utilicen diversos esquemas empíricos que incluyan varios instrumentos y medios cualitativos.

Abstract Various studies have noticed that women victims of intimate partner violence (IPV) also report having various types of health-related problems. However, health systems do not appear to have established procedures to recognize these problems (i. e., psychophysiological) in women. This study assessed somatic symptoms, anxiety, and depressive characteristics in women who have been victims of IPV. These symptoms were assessed using the scales of the Personality Assessment Inventory (PAI). The sample consisted of 50 women victims of IPV from the Ecuadorian sierra. Group participants came from two different cities: the first group included 28 women victims of IPV from Riobamba. Their ages ranged from 15 to 58. These women were receiving psychological services from a not-for-profit organization in the city. The second group included 22 women with similar characteristics between the ages of 27-63. This group of women came from the southern regions of Quito, the capital city of Ecuador. Women in this group were receiving services from two different places offering help to women experiencing IPV. Sixteen percent of women reported having a medium level of “anxiety” (some level of stress), and 14 % reported having a high level of tension and stress. Thirty-four percent of women reported medium levels of “anxiety-related disorders”. These women reported having specific fears, little confidence in themselves and negative perspectives of their future. Sixteen percent of the women reported high levels of anxiety. They reported imitations in daily life (i. e., specific fears and feelings of insecurity in social situations). Thirty percent of women reported having medium levels of “depression” (sensitivity, pessimism, and feeling unhappy part of the time). Eighteen percent of women reported having high levels of “depression” (notable unhappiness and dysphoria). Forty-four percent of women in this study reported having some type of physical problem. These findings suggest that women who are victims of IPV could benefit from receiving mental health services aimed at managing their tension, stress, specific fears, and symptoms of depression. They also suggest that women victims of IPV could benefit from receiving training to increase their social competency and medical assistance to address their somatic complaints. Findings in this study are somewhat divergent from the results observed in previous investigations. Previous studies identified that most women who experienced IPV report symptoms of depression and anxiety. However, in this study, only a relatively low percentage of women reported having these symptoms. The sole utilization of the PAI as a method of evaluation may not have been sufficient to identify these symptoms. These results suggest the importance of using qualitative methods (i. e., clinical interview) or more holistic methodologies (i. e., clinical interview and tests) to better assess mental health symptoms in this group of women. It is also possible that the PAI might not be the most adequate tool to assess these symptoms in this population. The results of this investigation do reveal the importance of evaluating other mental health symptoms in women victims of IPV: post-traumatic stress, and obsessive-compulsive disorder. Future studies should focus on assessing these symptoms using other assessment methodologies (e. g. instruments designed to assess post-traumatic stress and obsessive-compulsive disorder). The efficiency of health systems evaluations and interventions depends on the methodologies used to assess problems. The sole use of one instrument such as the PAI may not provide sufficient information about symptoms experienced by women experiencing IPV. Health systems should use batteries of instruments in conjunction with the clinical interviewing processes to readily assess symptoms. However, such an alternative may not be entirely feasible taking into account that such methodology requires more time and likely financial support to acquire tests.

Abstract Purpose We propose a new SCORE model, inspired by Piotroski's (2000) well-known F-SCORE. But here we examine past, present, and future earnings forecasts in this binary model, which is also made up of nine signals. Theoretical framework This research investigates whether a basic accounting-based fundamental analysis method can affect the distribution of returns earned by an investor when applied to a board portfolio of higher growth stocks with high fundamentals (book value). Design/methodology/approach At the end of the fiscal year, we determine the market value of the equity and the BM of the Euronext 100 companies. After forming the BM, we keep the organizations with the highest BM and enough financial statement data to calculate the various performance indicators. The analysis covers the years from 2000 to 2020, a period of 21 years. Findings We demonstrate that by selecting businesses with strong fundamentals, a high SCORE investor's yearly mean return can be boosted by at least 30%. Practical & social implications of research Concerning the study's weaknesses, one of them is the high SCORE of the model providing limited data, which may skew the conclusions. Originality/value This study illustrates how, when applied to a board portfolio of high book-to-market firms with growth potential, a simple accounting-based fundamental strategy can alter the distribution of returns earned by an investor.

ABSTRACT Introduction: Hemodialysis catheter dysfunction compromises dialysis adequacy and may limit catheter survival. Strategies to prevent hemodialysis catheter dysfunction include catheter locks, generally either with heparin or citrate. Methods: Our hemodialysis unit converted to locking all central venous hemodialysis catheters with sodium citrate 4% instead of heparina 5000 U/mL. A retrospective analysis compared the outcomes of the 6 months prior and after the conversion. The compared outcomes were incidence of catheter thrombosis, catheter-related infection, flow-related catheter exchange rate, dialysis efficiency measured by Kt/V and catheter dysfunction. Results: Twenty-three patients were included. Between the two audit periods, the rate of catheter thrombosis was 0 (0 per 1000 catheter days) and 7 (2.78 per 1000 catheter days) during the heparin and citrate period respectively (p=0.109). The number of catheter exchanges due to catheter dysfunction was 0 (0 per 1000 catheter days) during the heparin period and just 1 (0.39 per 1000 catheter days) during the citrate period (p=0.317). Dialysis adequacy measured by KT/V was 1.54 (0.39) in the heparin group and 1.54 (0.35) in the citrate group (p=0.465). Catheter dysfunction was recorded in 146 sessions (12.3%) in the heparin period and in 159 sessions (14,7%) in the citrate period (p=0.234). There were no catheter related infections in either group. Conclusion: There was a 58% cost reduction associated with catheter-locking therapy between the heparin period and the citrate period. This cost reduction included the costs associated with alteplase use. Besides the financial advantages in switching to citrate locking, there are other potential advantages, namely the minimization of heparin related side effects or limitations.

Abstract This work uses the decision table technique with input variables Delinquency, ROE, Altman's Z2, and the degree of relationship Delinquency-Z2 and ROE-Z2 to measure the efficiency of the financial performance of the Municipal Savings and Credit Banks (CMAC). ) in a sample of six entities with assets greater than S/2 billion (2 billion Soles). Empirical findings show that CMAC Huancayo, Arequipa, Cusco and Piura manage to stand out in their financial performance in 2015-2021, while CMAC Trujillo manages to exceed 50% efficiency, but CMAC Sullana is alarmingly inefficient. The proposed model provides a comprehensive and pragmatic approach to measure the efficiency of the financial performance of these microfinance institutions, which has been a limitation overcome by this research. Among the conclusions, it is highlighted that it is important to know the level of efficiency of the financial performance of the CMACs to identify those with the best practices in a highly competitive environment.

Resumen Este trabajo utiliza la técnica de tabla de decisiones con variables de entrada Morosidad, ROE, Z2 de Altman, y el grado de relación Morosidad-Z2 y ROE-Z2 para medir la eficiencia del desempeño financiero de las Cajas Municipales de Ahorro y Crédito (CMAC) en una muestra de seis entidades con activos superiores a S/2 billones (2 billones de Soles). Los hallazgos empíricos muestran que CMAC Huancayo, Arequipa, Cusco y Piura logran destacar en su desempeño financiero en 2015-2021, mientras que CMAC Trujillo logra superar el 50% de eficiencia, pero CMAC Sullana es alarmantemente ineficiente. El modelo propuesto proporciona un enfoque integral y pragmático para medir la eficiencia del desempeño financiero de estas microfinancieras, lo cual ha sido una limitante superada por la presente investigación. Entre las conclusiones se destaca que es importante conocer el nivel de eficiencia del desempeño financiero de las CMAC para identificar aquellas con las mejores prácticas en un entorno altamente competitivo.