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.
- The impact of digital transformation and value capture on business models(Instituto Tecnológico y de Estudios Superiores de Monterrey, 2023-10-31) Díaz Crespo, Regina Gabriela; MONTALVO CORZO, RAUL FRANCISCO; 83426; Montalvo Corzo, Raúl Francisco; emiggomez; Escuela de Graduados en Administración y Dirección de Empresas; Sede EGADE Santa Fe; Amorós Espinosa, José ErnestoIn awareness of the importance that Digital Transformation (DT) has gained in Mexican companies in recent years, as well as the concern of Business Models (BM) in capturing value, the purpose of this thesis is to answer the question: What is the impact of Digital Transformation and value capture on business models? Five research projects have been developed in Mexico to answer this question. The first research work consisted of a systematic literature review in order to identify relevant opportunities for this research, which is explained in the first chapter of the thesis. Derived from this first research work, the following four research papers were developed. The second chapter addresses the adoption of the digital transformation of corner stores promoted by large companies. Through the application of in-depth interviews in corner stores resulted in an urgent call for large companies to unify strategies to promote the DT of the front desk with customers. The third chapter includes an analysis of the sustainability reports of large companies, in which DT actions to achieve sustainability are identified. Concluding that investment in digital transformation actions promote the sustainability of businesses and the permanence of business models. A successful business model considers satisfactory customer experience as a pillar in its development. Which motivated the fourth paper, focused on investigating how artificial intelligence is perceived in customer service. It was through surveys that we investigated whether the implementation of chatbots improves the customer experience, findings show that it will depend on the purpose of the chatbot, the age of the customer and the level of education. With the purpose of sharing experiences of Mexican companies in the implementation of DT projects, a fifth research paper is included explaining why digital transformation projects fail in companies. This work was carried out by conducting interviews with Project Managers (PM) and experts in DT projects implementation. This work is original since it is developed in Mexico, has different research methodologies and has managerial implications that are mentioned in each research paper. There are undoubtedly great opportunities in the research of DT, since it is a topic with many edges, and this thesis only covers some of them.
- Toward a circular economy that works for all: accounting for the regional conditions of emerging markets(Instituto Tecnológico y de Estudios Superiores de Monterrey, 2023-02-08) Cantú Garza, Andrea; Scheel Mayenberger, Carlos; emipsanchez; Husted Corregan, Bryan William; Aguiñaga Maldonado, Eduardo Enrique; EGADE - Business School; Sede EGADE MonterreyThe circular economy (CE) has been gaining traction as a solution capable of decoupling resource consumption from economic growth. Although the concept is gaining popularity, many questions remain regarding its conceptualization and practical implementation, particularly in emerging economies. The present dissertation aims to address the following objectives: 1) Shed further light on the barriers and enablers SMEs and large companies face when implementing CE initiatives in emerging economies; 2) Explore the mechanisms used by SMEs and large companies to leverage the implementation of CE initiatives through bottom-up approaches; 3) Understand the consequences of weaker CE visions gaining prominence and dominance and their increased risk of creating unintended consequences, particularly in non-developed economies; 4) Propose a solution for redesigning CE to achieve social equity using a system-thinking approach. The first paper aims to determine the internal and external barriers SMEs face when implementing CE initiatives in emerging economies. The study found that the lack of regional enabling conditions and the unsuitability between the CE business strategy and the context can further exacerbate implementation barriers. In contrast, successful initiatives adopted strategies incorporating contextual attributes into their business models. The second paper extended the research into large companies. Our results showed that while some companies adapted their business models to the contextual conditions, other companies were more proactive, trying to shape their surroundings through lobbying practices. Furthermore, although some advocacy practices could accelerate the agenda for CE at a national level, results indicate that, in the case of the studied companies, lobbying can be overused to favor their private interest, risking stagnating a truly holistic CE agenda. Finally, the third paper explores the implications of the rise and predominance of weaker visions of the CE and its risk of adversely affecting society—particularly in non-developed economies. The paper finishes the critique by proposing a solution for redesigning CE to achieve social equity using a systems thinking approach by adapting the principles of the CE and the methodology of the SWIT (Sustainable Wealth creation based on Innovation and Technology) framework.