Financial leasing and business profitability in Peruvian mining companies listed on the stock exchange

Blas-Villanueva E.Y.; Barzola-Castro C.L.; Cordova-Buiza F.; Serrato-Cherres A.G. · Investment Management and Financial Innovations (2026) · DOI: 10.21511/imfi.23(2).2026.01

Resumen

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 meth-odology 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 per-formance. 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 effcient 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 effciency in capital-intensive industries, particularly within emerging market contexts such as the Peruvian mining sector. © Estephany Yanela Blas-Villanueva, Celeste Lucero Barzola-Castro, Franklin Cordova-Buiza, Arthur Giuseppe Serrato-Cherres, 2026.

Instituciones: Universidad Privada del Norte