Ciencias Sociales

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Navigating the storm: resilience of mexican SMEs during COVID-19
(Instituto Tecnológico y de Estudios Superiores de Monterrey, 2025-06-01) Rendón Valdés, Miguel Ángel; Núñez Mora, José Antonio; emipsanchez; Mata Mata, Leovardo; Contreras Valdez, Mario Iván; EGADE Business School; Campus Santa Fe
This thesis investigates the resilience and adaptation of Mexican Small and Medium-sized Enterprises (SMEs) and the unprecedented challenges of the COVID-19 pandemic. Focusing on data collected from 1,217 SMEs in Mexico City, Guadalajara, and Monterrey, the study analyzes how financial bootstrapping, financial inclusion, and digitalization, as key mechanisms, contributed to business survival and the development of a more robust SME sector. The research reveals that the pandemic severely impacted Mexican SMEs, leading to significant revenue declines, cash flow disruptions, and supply chain bottlenecks. Smaller and informal companies faced greater challenges. However, the thesis highlights the importance of financial bootstrapping (creative, unconventional financing methods) as a vital short-term survival strategy. While bootstrapping was essential, its effectiveness was significantly enhanced by access to formal financial services. A key finding emphasizes the critical role of financial inclusion in enabling SMEs to confront the crisis. Access to credit, digital payment platforms, and insurance facilitated operational continuity, adaptation to changing market conditions, and management of unexpected losses. Econometric analysis identified owner education, business digitalization, formality, and geographic location as significant determinants of financial inclusion. However, the study also uncovers persistent barriers to financial inclusion, particularly for smaller, informal, and rural SMEs, including stringent collateral requirements and a lack of credit history. The research explores the transformative potential of digitalization and higher education, particularly for women entrepreneurs. Digitalization, combined with higher educational attainment, significantly increased women's access to formal financial services and enhanced their overall business resilience. Younger women business owners especially benefited from digitalization, underscoring the need for targeted digital literacy initiatives. The thesis concludes that building a more resilient SME sector in Mexico requires a multi-pronged approach focused on promoting financial inclusion, digitalization, and formalization, all working together. Targeted policy interventions, tailored support programs, and collaborative efforts among policymakers, financial institutions, and SME support organizations are crucial to empower Mexican SMEs.
From inclusion to sustainability: a novel framework for measuring financial inclusion and Its environmental consequences in Mexico
(Instituto Tecnológico y de Estudios Superiores de Monterrey, 2025-05-28) Cadena Espinoza, Salvador Ulises; Cabral Torres, René; emipsanchez; García, Adriana; Min Kim, Jong; Buitrago Rubiano, Ricardo Ernesto; EGADE Business School; Campus Santa Fe
Financial inclusion is traditionally measured through the construction of composite indices that aggregate access and usage variables related to financial services. These indices are often developed using conventional methodologies, such as the Human Development Index framework or Principal Component Analysis (PCA). In the existing literature, financial inclusion indices are typically calculated for a specific point in time, generating a ranking of units (e.g., countries or municipalities) for that period. New indices and rankings are then recalculated for subsequent periods, allowing for comparative analysis across time. Once computed, these indices can beused either as dependent or explanatory variables in the study of other phenomena of interest.aim of this research is to construct financial inclusion indices using multiple methodologies and to assess whether any specific approach yields superior results. In particular, the study emphasizes the development of intertemporal indices to monitor the evolution of financial inclusion both across municipalities and over time. A further objective is to explore whether there exists a relationship between financial inclusion and air pollution emissions.Chapter 2 presents the construction of financial inclusion indices using four distinct methodologies: (1) Principal Component Analysis (PCA), (2) the Human Development Index (HDI) approach, (3) Kernel-based nonlinear PCA, and (4) Non- negative Matrix Factorization (NMF). All indices are constructed using 2019 data on access and usage of financial services, provided by the Mexican financial regulatory authority. Chapter 3 extends the Non-negative Matrix Factorization (NMF) methodology introduced in Chapter 2 to construct a dynamic, intertemporal financial inclusion index. This chapter leverages quarterly data from 2013 to 2022, provided by the same financial regulatory authority, to track the evolution of financial inclusion across Mexican municipalities. The extended methodology allows for consistent measurement over time, enabling both cross-sectional and longitudinal analysis of financial access and usage patterns.Chapter 4 examines the relationship between the financial inclusion index and air pollutant emissions, specifically carbon monoxide (CO), for Mexican municipalities. The analysis is conducted using two cross-sectional datasets corresponding to the years 2013 and 2018. By linking financial inclusion to environmental outcomes, this chapter explores whether increased financial access and usage is associated with changes in pollution levels, providing insights into the potential environmental implications of financial development.

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