Financial Decisions and their Impact on Value Creation in the CMAC Peru System

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Luis Alberto II García Rodríguez, Reynaldo Campos Saravia, Lourdes Lucila Céspedes Aguirre, Guillermo Augusto Bocangel Weydert, Guillermo Augusto Bocangel Marín, Guadalupe Ramírez Reyes, Nicéforo Bustamante Paulino


The general objective of the research is to analyze and determine to what extent financial decisions have contributed to the creation of value in the System of Municipal Savings and Credit Banks (CMAC) in Peru. To achieve this, the scientific method was used, a non-experimental design study was carried out with an explanatory level, longitudinal or evolutionary type of study, through documentary analysis of secondary sources concerning the 11 CMACs operating in Peru. Econometrics was used to determine the influence between the variables under study so that an econometric model of panel data was estimated. The estimation model used was Ordinary Least Squares-Pool Sample and Fixed Effects. The results of the research showed that not all the financial decisions taken by the CMACs contributed to the generation of value in the study period, having a decreasing behavior of EVA. In addition, the explanatory variables for ROA and ROE explained 89%. The study concluded that the financial decisions contributed to the generation of value in the CMAC system, but it was decreasing. In 2006, the EVA was S/64,627.78 and in 2019 it had an EVA of - S/363,720.92, having a loss of value of 662.79%. The decreasing trend of the ROA and ROE were symptoms of loss of value in the CMAC system. The EVA model was successfully developed. The EVA model was successfully developed, and the EVA of the CMAC system was decreasing.                     

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