Ciencias Sociales
Permanent URI for this collectionhttps://hdl.handle.net/11285/582997
Pertenecen a esta colección Tesis y Trabajos de grado de los Doctorados correspondientes a las Escuelas de Gobierno y Transformación Pública, Humanidades y Educación, Arquitectura y Diseño, Negocios y EGADE Business School.
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- Sustainability practices in Latin America and Mexico: the ESG impact on financial indicators in public companies(Instituto Tecnológico y de Estudios Superiores de Monterrey, 2026-01-12) Rodríguez Arocha, Martha Alicia; Vargas Castolo, Carlos Alberto; emipsanchez; Hernández Aramburo, Luis Alfredo; Briseño Ramírez, Hugo; EGADE Business School; Campus Santa FeThis thesis explores the interaction of ESG and diverse financial indicators in Latin American public companies using advanced econometric tools. The first chapter analyzes the relationship between ESG performance and cost of capital in a panel data regression of a sample with Argentinean, Brazilian, Chilean, Colombian, Mexican, and Peruvian public companies. The panel data regressions focus on 181 entities from 2015 to 2023. Moreover, they assess the combined and pillar scores as independent variables to identify the dynamics of the ESG dimensions with the different capital sources. The regression estimations with economic-sector and year fixed effects highlight that ESG performance reduce the cost of capital and its stock component. Specifically, environmental and social categories drive lower costs of both. The second chapter studies the interaction of ESG score disclosures with firm characteristics and financial performance in a broader sample comprising 498 Latin American public companies from 2016 to 2023. The model applied is a pooled logistic regression with economic-sector and country fixed effects. The findings reveal that a higher strategic ownership concentration tends to reduce the probability for a good ESG and its pillar score disclosure in Latin American firms. Moreover, it identifies insights into regional dynamics such as public companies with a larger size, intensive fixed assets, leverage and liquidity tend to have better ESG and its pillar scores disclosure. In the relationship with financial performance, the combined and by pillar scores disclosure positively influence the Tobin’s Q probability of being greater than one in the next year, creating firm value. The last chapter focuses on Mexico, characterized by its nearshoring and abundant natural resources opportunities, to identify the impact of ESG disclosure on firm value. In a dataset of 89 Mexican public companies from 2016 to 2023, a pooled logistic regression with economic-sector fixed effects shows that ESG and its pillar disclosure increases the probability of having a Tobin’s Q greater than one in the next year. This thesis contributes to filling the research gap with a large company representation and identifies insights of sustainable practices into emerging markets dynamics for long-term value creation: lower cost of capital and cost of equity in Latin America, and higher firm value in the region and, particularly, in Mexico.
- Developing technology-based ventures and innovation ecosystems: an outcome-based perspective(Instituto Tecnológico y de Estudios Superiores de Monterrey, 2025-10-20) Sánchez Domínguez, Odille; Fürst, Sascha; mtyahinojosa; Torkkeli, Lasse; Buitrago, Ricardo Ernesto; EGADE Business School; Campus Santa Fe; Silveyra León, GeraldinaTechnology-based ventures (TBVs) are critical drivers of innovation, economic competitiveness, and societal transformation. Yet their development is often hindered by multifaceted barriers that prevent them from advancing from early stages to scalable enterprises, particularly in emerging regions such as Latin America, where entrepreneurial ecosystems remain fragmented and underdeveloped. Although prior research has examined the challenges of TBVs, existing studies tend to treat barriers in isolation, lack a temporal perspective on their evolution, and fail to provide integrative frameworks that connect venture-level development with ecosystem orchestration and governance. This dissertation addresses these gaps by adopting a multi-level, outcome-driven perspective that links the internal dynamics of TBVs with the collective orchestration of innovation ecosystems. It comprises five articles. The first presents a systematic review of barriers to TBVs, introducing the concepts of alignment capabilities and the entrepreneurial misalignment spiral. The second develops a stage-based framework, demonstrating how challenges evolve from internal in early stages to external in advanced stages, based on empirical evidence from 23 Latin American ventures. Building on these insights, the third article introduces an outcome-based model for orchestrating innovation and entrepreneurship ecosystems, shifting focus from activities to long-term results. The fourth article then proposes an outcome-driven model that aligns milestone-oriented venture development with ecosystem interventions, enabling synchronization between internal progress and external support. Finally, the fifth operationalizes this approach by providing a measurement toolkit for data-driven governance, ensuring that outcomes can be systematically tracked and enhanced. Collectively, these contributions advance theory by integrating resource-based and dynamic capabilities perspectives with ecosystem orchestration, offering a novel outcome-driven framework for understanding and enabling TBV development. Practically, the dissertation provides actionable tools for policymakers, accelerators, universities, investors, and entrepreneurs to design tailored interventions, govern ecosystems through evidence-based strategies, and foster sustainable growth of technology-based ventures in emerging contexts.
- Exploring spiritual well-being for entrepreneurial performance(Instituto Tecnológico y de Estudios Superiores de Monterrey, 2025-06-30) Rosales Ledezma, Olimpia Nayelli; Silveyra León, Geraldina; Amorós Espinosa, José Ernesto; Fisher, John W.; EGADE Business School; Campus Ciudad de MéxicoEntrepreneurship plays a vital role in driving economic growth, innovation, and job creation and, as this study advocates, it is also a transformative force operating at multiple levels. At the macro level, it contributes to societal and systemic change; at the meso level, it manifests through the creation and evolution of ventures; and at the micro level, it shapes the personal journeys of entrepreneurs. Despite its potential, over half of new ventures fail within three years, often due to a complex mix of external crises and internal struggles related to purpose, meaning, and wellbeing. To better understand and address this phenomenon, this research adopts a holistic perspective, integrating exogenous and endogenous aspects, including core values and spirituality, through the lens of Spiritual Well-Being (SWB) and its impact on Entrepreneurial Performance (EP). The findings reveal, first at a conceptual level addressed in Chapter 2, a strong alignment between the core purposes of entrepreneurship and spirituality. While often viewed as economic or pragmatic, entrepreneurship also entails personal fulfillment and social impact. Similarly, spirituality is not limited to transcendence but involves living one’s values through meaningful action. At the empirical level, qualitative research in Chapter 3 identified three entrepreneurial archetypes: the task-oriented, the heropreneur, and the holistic. These offer a reflective tool for understanding entrepreneurial motivations and recognizing identity as a dynamic process. Two applications of first insights are developed in Chapter 4, by using SWB as mediator between Humane Entrepreneurial Orientation and EP, and in Chapter 5, by proposing the integration of SWB aspects into entrepreneurial education. Chapter 6 further applies quantitative methods to introduce a novel scale to measure Holistic Entrepreneurial Performance (HEP), integrating the four dimensions of SWB: personal, communal, environmental, and transcendental. This framework supports evaluating entrepreneurial outcomes beyond traditional metrics, highlighting strengths and areas for growth. Final thoughts are expressed in Chapter 7 regarding the three main contributions of this work: emphasizing the link between entrepreneurship and spirituality, inviting entrepreneurs to integrate different aspects of SWB into their ventures and reflect on their journey as a process of becoming, and advocating for the integration of spiritual awareness into entrepreneurship education. In the long run, this holistic vision holds the promise of reducing failure, easing burnout, and fostering a more soulful integration of life and work
- 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 FeThis 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.
- Subjetividades trascendentes y sujetos agentes: el proceso del conocimiento y su apropiación en la plataforma youtube. dos historias de vida(Instituto Tecnológico y de Estudios Superiores de Monterrey, 2025-06) López Díaz, Noelia Estefanía; García Galindo, Alfredo; emimmayorquin; Mariel Rosauro Zasso; Campus Ciudad de México; Natalia Vargas EscobarA lo largo de las últimas cinco décadas, un fenómeno tecnológico transformó a la humanidad como la conocíamos hasta entonces, creando nuevos entornos y dinámicas que permearon el tejido social hasta modificar aquello que creíamos inmutable. Este fenómeno tecnológico y sus mutaciones tan veloces alteró nuestro mundo de manera significativa, para bien y para mal. El problema de investigación de este trabajo reside en explorar la posibilidad de la apropiación de un conocimiento trascendente y agenciador en la plataforma de videos YouTube, a pesar del dominio ejercido por las plataformas digitales carentes de instancias que validen el conocimiento transmitido, dificultando la identificación de información valiosa. Esta investigación se enfoca en los factores que permiten la construcción de conocimiento trascendente en YouTube, mediante el método de historias de vida, tomando en cuenta dos casos. Entre las conclusiones más relevantes se destaca el posicionamiento de la plataforma YouTube como uno de los espacios digitales más propicios para que un sujeto explore, entienda y se apropie de su devenir identitario, permitiéndole así realizar un mayor ejercicio de su agencia para imponerse ante la estructura social de la cual proviene.
- 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 FeFinancial 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.
- Real option valuation in private equity: interest rate dynamics, binomial lattice modeling, and integrative perspectives(Instituto Tecnológico y de Estudios Superiores de Monterrey, 2025) Vilches Murillo, Luisa Alejandra; Valdovinos Hernández, Iván Adolfo; mtyahinojosa, emipsanchez; Pérez Sosa, Felipe Abelardo; Miranda López, José Eduardo; Buitrago Rybiano, Ricardo Ernesto; EGADE Business School; Campus Santa FeThis dissertation explores private equity (PE) valuation under uncertainty through the lens of real option theory and interest rate sensitivity, addressing the limitations of traditional valuation models. This research is structured in three studies: (1) a bibliometric and theoretical review mapping real option valuation in private equity, (2) an empirical study of the effects of interest rate dynamics on real option valuation of PE deals using the Black and Scholes model, and (3) the application of the binomial lattice model (Cox-Ross-Rubinstein) to capture staged investment and flexibility in PE transactions across 454 peer-reviewed studies and eight private equity transactions (Qualtrics International Inc, Toshiba Tec Corp, Univer Solutions LLC, Coupa Software Inc, Dell Technologies Inc, Refinitiv (London Stock Exchange Group PLC), McAfee Corp., and Squarespace Inc., where this research shows call values are highly sensitive to interest rate fluctuation whereas put values provide a consistent downside protection. The binomial lattice model provides a more realistic valuation under volatility, overall suggesting real option models provide a robust alternative to traditional valuation models, especially in volatile environments and macroeconomic shocks, providing more accuracy in the decision-making process for investment analysts, fund managers, consultants, regulators and academic researchers.
- Corporate credit spread puzzle in Latin america(Instituto Tecnológico y de Estudios Superiores de Monterrey, 2025) Gómez óomez, Rafael; Santillán Salgado, Roberto Joaquín; emimmayorquin; Venegas Martínez, Francisco; Buitrago Rubiano, Ricardo Ernesto; EGADE Business School; Sede EGADE Santa Fe; Valencia Herrera, HumbertoThe phenomenon of corporate credit spreads in Latin America has become a topic of interest in the context of emerging markets, particularly in the aftermath of the 2008 financial crisis and the substantial increase in corporate bond issuance. This study analyses the macroeconomic determinants underlying these spreads, including GDP growth, primary balance, and monetary intervention rate, utilizing data from Brazil, Chile, Colombia, and Mexico between 2013 and 2023. Utilizing sophisticated econometric and ARDL models, this study examines both the immediate and long-term relationships between these variables and corporate debt spreads. The study reveals that fluctuations in GDP have an inverse and substantial effect on spreads, whereas monetary policy demonstrates a direct and positive influence. While primary balance exhibits a more varied relationship across countries, its effects are notable in certain contexts. The study emphasizes the importance of distinguishing between structural and cyclical distinctions between emerging and developed debt markets and highlights the pivotal role of macroeconomic stability and financial market depth. The findings of this study have implications for risk management, economic policy, and decision-making by investors and firms in emerging markets.
- Análisis del VaR de índices bursátiles durante las crisis financieras de 2007–2008 y 2019-2020 usando conglomerados jerárquicos no supervisados(Instituto Tecnológico y de Estudios Superiores de Monterrey, 2024-12-04) Ruiz Rivera, Felipe Javier; Valencia Herrera, Humberto; emimmayorquin; Santillán Salgado, Roberto Joaquín; Castillo Huerta, Edgar Rodolfo; EGADE Business School); Campus Ciudad de MéxicoEste estudio presenta un análisis comparativo de modelos de agrupamiento jerárquico aplicados a índices financieros de América, Europa y Asia, utilizando la distancia en kilómetros y variables económicas como el PIB y el VaR. El análisis se basó en los rendimientos calculados de los precios de cierre de los índices AEX, DJI, FCHI, FTSE, GDAXI, GSPC, GSPTSE, HSI, IBEX, IXIC, KS11, MXX, N225 y SSEC. Los periodos de estudio definidos a largo plazo fueron 2005-2010 y 2017-2020. El primer periodo se dividió en tres diferentes subperíodos 2005-06, 2007-08, 2009-10 antes, durante y después de la crisis financiera inmobiliaria; mientras que el segundo en los subperiodos 2017-18, 2019-20, 2021-22 antes, durante y después de la crisis sanitaria por el COVID19. La comparación de la distancia-VaR se llevó a cabo con un modelo de gravedad económica básica utilizando la distancia y el PIB nominal histórico considerando ambos periodos de crisis. Se emplearon el estadístico de Hopkins y el Índice de Silhouette previo a la agrupación para evaluar la idoneidad de los datos para ser agrupados, para la construcción de los dendrogramas se usó la distancia euclidiana inter clústeres y el método de enlace Ward para como criterio de ligamiento intra clúster. Los agrupamientos obtenidos se evaluaron mediante el índice de Dunn y el Índice Rand ajustado (ARI). Los hallazgos de este estudio proporcionan información sobre la solidez de los resultados de agrupamiento a pesar de las variaciones temporales indicadas por la correlación PIB-VaR, estos 5 resultados tienen implicaciones importantes para la gestión de riesgos y las estrategias de inversión, poniendo de relieve la necesidad de diversificación y evaluación periódica de riesgos en la gestión de carteras
- European option pricing on day-ahead electricity prices: the mexican wholesale electricity market case(Instituto Tecnológico y de Estudios Superiores de Monterrey, 2024-11-28) Ramírez García, Alfredo; Saucedo de la Fuente, Eduardo; emipsanchez; Núñez Mora, José Antonio; Amorós Espinosa, José; Contreras Valdez, Mario Iván; Escuela de Graduados en Administración y Dirección de Empresas; Campus Ciudad de MéxicoThe present research proposes a novel European option pricing model with the day-ahead electricity price as an underlying asset which could be implemented as the first day-ahead electricity price hedging financial instrument in the Wholesale Electricity Market (MEM). Therefore, this work represents an essential contribution to the MEM's development since, according to Roy and Basu (2020), MEM should be considered an emerging electricity market owing to its small number of participants, and hedging financial instruments, such as futures or options, cannot be acquired. Hence having an instrument of this kind would allow market participants to implement better risk management strategies to hedge day-ahead electricity price volatility to prevent financial losses. This work is divided into five chapters; each concerns a different component of the proposed model. In Chapter 1, the main characteristics of the MEM, as well as a review of the operating rules that are most closely related to the design of the proposed financial instrument, as well as a general context of the MEM and the growth initiatives proposed by the Mexican government, are described. In Chapter 2 an in-depth review of the probability theory necessary for a complete understanding of the proposed model, starting with basic probability concepts and moving on to the Normal Inverse Gaussian and Multivariate Normal Inverse Gaussian probability distributions, as well as the valuation of a European Option by Monte Carlo valuation is provided. In Chapter 3, two topics are addressed; first, a statistical analysis is performed to confirm that well-known LMP stylized facts, such as seasonality, volatility, and autocorrelation, are observable on MEM's day-ahead electricity prices. Second, Normal Inverse Gaussian (NIG) distribution capability to fit LMP logarithmic returns (Series Returns) is shown as follows: the Seasonal and Trend Decomposition Model (STL), NIG parameter estimation by Maximum Likelihood Estimation (MLE) of Series Returns, simulated NIG series generation from obtained parameters, and goodness-of-fit tests are performed to demonstrate NIG's distribution capabilities to fit and simulate electricity returns series. In Chapter 4, the European option pricing model employing Multivariate Normal Inverse Gaussian (MNIG) is proposed. In order to obtain the European option price for 28 days ahead on an hourly basis (672 hours ahead) by applying this model, each week hour is assumed to be a single independent asset, which produces 168 series for a single week. Four lagged log-prices for each hour are then obtained to be modeled employing MNIG distribution to perform Monte Carlo simulations and generate electricity lagged log-prices trajectories which then are employed to estimate the European option price for the 672 hours ahead by applying the European option pricing methodology. Results show that by applying this valuation model, electricity price correlation and seasonality are modeled by the employment of MNIG distribution, which simplifies modeling complexity and MNIG makes it possible to obtain a correct European option price valuation for each of the forecast values. Finally, the research conclusions are presented in Chapter 5.