Arthur Giuseppe Serrato-Cherres

Primary public offerings (PPOs) play an essential role in capital markets by providing financing for projects that contribute directly to a country’s economic development. Macroeconomic conditions have a significant influence on the effectiveness of these offers since they affect the government’s ability to issue sovereign bonds and manage its debt efficiently. Therefore, the present study seeks to determine the relationship between macroeconomic variables and PPOs in the capital market in Peru during the period 2019–2023, employing a quantitative methodology, non-experimental design, basic type, which uses SPSS software for Pearson correlation analysis. The results show that the impact of macroeconomic variables on PPOs is diverse. A weak inverse relationship was identified between public spending and PPOs (correlation of –0.140), suggesting that increases in public spending could discourage the issuance of PPOs. In addition, a moderately strong inverse relationship was found between fiscal deficit and PPOs (correlation of –0.620), indicating that higher fiscal deficits could have a significant negative effect on PPO issuance. A weak negative relationship was also observed between non-financial public sector debt and PPOs (correlation of –0.215), implying that high levels of debt may limit the ability of the capital market to develop new offerings. These findings suggest that, although macroeconomic variables impact PPOs, the magnitude of their influence varies. Furthermore, macroeconomic stability is key to capital market development, given its effect on sovereign bond issuance.

Type of the article: Research Article

Abstract
Financial leasing has established itself as a key financing alternative for many companies in capital-intensive sectors, such as mining, due to its ability to improve profitability indicators without compromising liquidity. The objective of this study was to analyze the relationship between the use of financial leasing and business profitability in the mining sector companies listed on the Lima Stock Exchange (Peru). The methodology adopted a basic quantitative approach, with a correlational scope and a non-experimental cross-sectional design. The study sample consisted of three Peruvian mining companies active in the stock market, analyzed during the period 2017–2021. which generated a total of 15 annual observations used in the statistical analysis, using audited financial statements and the calculation of key profitability indicators as instruments. Given the non-parametric nature of the data, the Wilcoxon signed-rank test was used for hypothesis testing. The results show that companies that used financial leasing achieved an average ROE of 11.9% (±0.079), demonstrating favorable performance. Likewise, a significant relationship was identified with Gross Contribution Margin (GCM), whose average margin was 37.9% (p = 0.037). A significant correlation was also found between the tax shield associated with leasing and financial profitability (statistic = 119.00; p < 0.01), highlighting tax benefits as a relevant factor. Finally, the average ROA was 8.7% (±0.066), suggesting efficient management of assets obtained through leasing. Overall, the findings provide empirical evidence supporting the role of financial leasing as an effective financing mechanism that enhances profitability and operational efficiency in capital-intensive industries, particularly within emerging market contexts such as the Peruvian mining sector.