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Journal of Economics, Finance
and Administrative Science
Formerly Cuadernos de Difusión
Academic publication of Universidad ESAN
ISSN 2077-1886 (printed) ISSN 2218-0648 (on line)
VOLUME 21, I SSUE 40, JUNE 2016
The Journal of Economics, Finance and Administrative Science is the new name of our formerly
Cuadernos de Difusión. Hence, we are including articles written in both languages,
English and Spanish, broadening our scope to a larger audience. The Journal of Economics Finance
and Administrative Science aims to provide the most relevant research and current developments
in all the fields of the administrative sciences worldwide. In order to accomplish our purpose,
the articles go through a rigorous process of evaluation and selection, according to international
editorial conventions.
The Universidad ESAN, with more than 50 years of experience in the higher education field and
post graduate studies, desires to contribute to the academic community with the most outstanding
pieces of research. We gratefully welcome suggestions and contributions from our readers in order
to help us hit our goals.
Journal of Economics, Finance
and Administrative Science
Formerly Cuadernos de Difusión
Academic publication of Universidad ESAN
EDITOR IN CHIEF
EDITORIAL BOARD
Peter Yamakawa, Ph.D.
Alejandro Arrieta, Ph.D.
Virginia Lasio, Ph.D.
Universidad ESAN
(Peru)
Indiana University (USA)
Dr. Luis Fernando Aguado
Escuela Superior Politécnica
del Litoral (Ecuador)
Pontificia Universidad Javeriana (Colombia)
Sergio Matviuk, Ph.D.
Jean Pierre Auffret, Ph.D.
Regent University (USA)
George Mason University (USA)
Ari Melo Mariano
Michel Henry Bouchet, Ph.D.
Skema Business School (France)
Universidade Estadual de Santa Cruz
(Brazil)
Lourdes Casanova
Rubén Mosqueda, Ph.D.
Cornell University (USA)
Instituto Tecnológico y de Estudios
Superiores de Monterrey (Mexico)
MANAGING EDITOR
Jorge Guillén, Ph.D.
Universidad ESAN
(Peru)
ASSOCIATE EDITORS
Anabella Dávila, Ph.D.
Jerry Haar, Ph.D.
Instituto Tecnológico y de Estudios
Superiores de Monterrey (Mexico)
Florida International University
(USA)
Samuel Mongrut, Ph.D.
Blanca L. Delgado-Márquez, Ph.D.
Instituto Tecnológico y de Estudios
Superiores de Monterrey (Mexico)
Ajay Manrai, Ph.D.
Universidad de Granada (Spain)
David Muñoz, Ph.D.
University of Delaware
(USA)
Marc Escrihuela-Villar, Ph.D
Universidad de las Islas Baleares (Spain)
Instituto Tecnológico Autónomo
de México (Mexico)
Narasimhan Srinivasan, Ph.D.
Anne L. Fetter, Ph.D.
Tahir M. Nisar
University of Connecticut
(USA)
University of Phoenix (USA)
University of Southampton (UK)
Isabel Gallego, Ph.D.
Hugo Ñopo, Ph.D.
Universidad de Salamanca (Spain)
Inter-American Development Bank (USA)
Jason Harkins
Toshio Obi, Ph.D.
Maine Business School (USA)
Waseda University (Japan)
Joon Hyung Park
Patricio Ramírez Correa
Nottingham University Business
School (China)
Universidad Católica del Norte (Chile)
Yasushi Kikuchi, Ph.D.
ESADE, Universitat Ramon Llull (Spain)
Jonathan Wareham, Ph.D.
Waseda University (Japan)
David Urbano
ESADE, Universitat Ramon Llull
(Spain)
Sumit Kundu, Ph.D.
Universidad Autónoma de Barcelona
(Spain)
Jorge Talavera, Ph.D.
Universidad ESAN
(Peru)
Ajay Vinze, Ph.D.
Arizona State University
(USA)
Executive Editor
Zulema Aimar Caballero
Florida International University (USA)
Editorial Advisor
Ada Ampuero
Vicenta Sierra, Ph.D.
Two issues per year
June and December
This journal subscribes to the principles and guidelines
of the Committee on Publication Ethics (COPE)
www.publicationethics.org
Indexed in:
Scopus
Redalyc
SciELO
EBSCO HOST Economía y Negocios
Informe Académico (Gale Cengage Learning)
Academic OneFile (Gale Cengage Learning)
Latindex
EconLit
RePec
IDEAS
Cabell’s Directory of Publishing
Social Science Research Network
© Copyright 2016, UNIVERSIDAD ESAN
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Published by Elsevier
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use or partial use of the pages of Journal of Economics, Finance and Administrative Science
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Any form of reproduction, distribution, public presentation or transformation of this journal
can only be done with the approval of its owners, unless there is an exception envisaged in
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The papers published in this Journal are exclusive responsibility of the authors and do not
necessarily express the opinion of the Universidad ESAN. No responsibility is accepted for
the accuracy of the information contained in the text. Citation is authorized with reference
to the source.
Journal of Economics, Finance
and Administrative Science
www.elsevier.es/jefas
Journal of Economics, Finance and Administrative Science
Volume 21. Issue 40. June 2016
Contents
Editorial
In this issue
P. Yamakawa T. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1
Articles
Determining equivalent charges on flow and balance in individual account pension systems
L. Chávez-Bedoya . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2
Determinants of financial information disclosure: A visualization test by cognitive mapping technique
G. Nassreddine . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8
Does innovation strategy affect financial, social and environmental performance?
F. Ezzi & A. Jarboui . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
14
Role of tourist destination development in building its brand image: A conceptual model
P. S. Manhas, L. A. Manrai & A. K. Manrai . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
25
Modelling self-sufficiency of microfinance institutions using logistic regression based on principal component
analysis
A. Irimia-Diéguez, A. Blanco-Oliver & M. D. Oliver-Alfonso . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
30
The fuzzy average internal rate of return: Development and applications
G. S. Milanesi . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
39
Journal of Economics, Finance
and Administrative Science
www.elsevier.es/jefas
Journal of Economics, Finance and Administrative Science
Volumen 21. Número 40. Junio 2016
Sumario
Editorial
En esta edición
P. Yamakawa T. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1
Artículos
Determinación de exacciones de efecto equivalente en el flujo y el balance de los sistemas de pensiones
de cuentas individuales
L. Chávez-Bedoya . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2
Determinantes de la divulgación de la información financiera: un test de visualización mediante la técnica
de mapas cognitivos
G. Nassreddine . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8
¿Afecta la estrategia de innovación al rendimiento financiero, social y ambiental?
F. Ezzi y A. Jarboui . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
14
El papel del desarrollo del destino turístico en la construcción de su imagen de marca: un modelo conceptual
P. S. Manhas, L. A. Manrai y A. K. Manrai . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
25
Modelización de la autosuficiencia de las instituciones microfinancieras mediante regresión logística basada
en análisis de componentes principales
A. Irimia-Diéguez, A. Blanco-Oliver y M. D. Oliver-Alfonso . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
30
La tasa interna de retorno promedio borrosa: desarrollos y aplicaciones
G. S. Milanesi . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
39
Journal of Economics, Finance and Administrative Science 21 (2016) 1
Journal of Economics, Finance
and Administrative Science
www.elsevier.es/jefas
Editorial
In this issue
We are proud to present the 40th issue of the Journal of Economics, Finance and Administrative Science (JEFAS). Our journal is
indexed in prestigious databases, like Scopus, Redalyc, Gale, Econ
Lit and Scielo. The goal is keep maintaining the profile to be indexed
in the most prestigious databases worldwide.
After being indexed to Scopus, we have received several papers
to be evaluated by our journal, which is edited by Elsevier. The ratio
of rejection is approximately 40% and the time to process the articles has been delayed due to the high amount of submissions. We
always attempt to maintain the high standards in edition according to the databases parameters. This issue presents six empirical
articles that were approved by our process of blinded referee report.
The first article is “Modelling self-sufficiency of microfinance
institutions using logistic regression based on principal component analysis”. The empirical model is constructed by applying
a principal component and logistic regression analysis using a
sample of 313 micro finance institutions (MFI), with 31 finance
variables, grouped into six components/factors that are theoretically associated with self-sufficiency. The results obtained
showed a significant and positive relationship between size and
the efficiency-productivity of the MFI and their sustainability, with
the credit risk factor having an inverse relationship as regards that
sustainability.
The second paper is an empirical article, “The fuzzy average
internal rate of return: Development and applications”. It introduces the average internal rate of return (AIRR) into the mathematic
fuzzy’s frame, like alternative method for estimating returns in
ambiguity situations.
“Does the innovation strategy affect financial, social and environmental performance?” is the next article, where authors
propose the research hypotheses based on an empirical study of
96 Tunisian companies.
The paper “Determinants of financial information disclosure: A
visualization test by Cognitive Mapping Technique” examines the
determinants of financial information disclosure by Tunisian companies. The methodology is based on qualitative approach, using
the cognitive mapping technique.
The fifth article is called “Determining equivalent charges on
flow and balance in individual account pension systems”. Here,
the authors determine a charge on balance that is equivalent to a
certain fixed charge on flow for a particular utility-maximizer affiliate participating in a defined-contribution pension fund under the
system of individual accounts.
Finally, the article “Role of tourist destination development in
building its brand image: A conceptual model” studies the relationship between destination development and its brand image.
The authors develop a conceptual model which identifies various constructs, processes and linkages involved in the relationship
between destination development and its brand image.
JEFAS always sticks to the most rigorous academic parameters
like COPE guidance of Transparency in Ethical Publishing which
guarantee the highest impact factor for the journal.
Peter Yamakawa T. (Ph.D.)
Director
http://dx.doi.org/10.1016/j.jefas.2016.04.001
2077-1886/© 2016 Published by Elsevier España, S.L.U. on behalf of Universidad ESAN. This is an open access article under the CC BY-NC-ND license (http://creativecommons.
org/licenses/by-nc-nd/4.0/).