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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- The Sustainability of Mexico Subnational Debt(Instituto Tecnológico y de Estudios Superiores de Monterrey, 2022-04-04) Del Castillo de la Fuente, Ernesto; Cabral Torres, René; tolmquevedo; Ayala Gaytan, Edgardo Arturo; Hernández Trillo, Fausto; EGADE Business School; Sede EGADE MonterreyAfter the costly bailout of subnational public finances in 1995, the Mexican central government began a process of fiscal decentralization aimed to prevent unsustainable debt levels and further subnational bailouts. Despite the efforts, between 1996 and 2016, subnational debt grew ten times in nominal terms. As a response, the Ley de Disciplina Financiera de las Entidades Federativas y los Municipios (hencefort LDF) was enacted in 2016. The LDF included a new fiscal rule intended to discipline subnational governments. The purpose of this dissertation is two-fold. First, it provides an assessment of Mexican states' and municipalities' debts from 1993 to 2017, paying particular attention to the effects of the 2008-09 global financial crisis. Second, it evaluates the effectiveness of the new fiscal rule encoded in the LDF.
- Preconditions for innovative entrepreneurship in Mexico(Instituto Tecnológico y de Estudios Superiores de Monterrey, 2021-02-23) Carreón-Gutiérrez, José Pedro; Amorós Espinosa, José Ernesto; hermlugo; EGADE Business School; Sede EGADE Monterrey; Saiz-Álvarez, José ManuelThis dissertation was written as a compendium of three articles: Article 1. Opportunity Motivation and Growth Aspirations of Mexican Entrepreneurs: The Moderating Role of the Household Income Framed in the Theory of Planned Behavior, the second article analyzes the entrepreneurial growth aspirations in efficiency-driven economies and examines the interaction effect of household income on the relationship between opportunity entrepreneurship and entrepreneurial growth aspirations. We propose a growth aspirations model using GEM (Global Entrepreneurship Monitor) data, with two explanatory variables: increased wealth and independence, and a moderating variable (household income). Hypotheses were validated with the use of hierarchical regression, and we find that that opportunity motivation is positively related to the entrepreneurial intention to expand entrepreneurial business activities. A second interesting finding of this study is that the independent effects model infers that growth aspirations are significantly related to household income. Article 2. Product Newness, Low Competition, Recent Technology, and Export Orientation as Predictors for Entrepreneurial Growth This study examines the contribution of how product newness, low competition, recent technology, and export orientation affect entrepreneurial growth aspirations moderated by financial capital. Based on a Global Entrepreneurship Monitor (GEM) sample of 512 Mexican new entrepreneurs, we use a hierarchical regression model to study the independent and interaction effects between these variables, and we apply a Chow breakpoint test and a CUSUMSQ (cumulative sum of squares of recursive residuals) test to analyze structural change and robustness. Our results suggest that achieving higher educational levels, acquiring recent technology, and product newness slightly increase the entrepreneurial growth ambition of the firm, and that financial capital positively moderates the impact of product newness and recent technology on growth aspirations. Besides this, we show that the interaction effect of financial capital with low competition and export activity on their growth aspirations is not crucial, and business angels tend to finance, primarily when the firm exports new products and services are facing a reduced number of competitors. Article 3. Regional Efficiency Index for New Venture Creation and Job Generation This paper proposes an approach to the Resource-Based Theory within regions in which the configuration and composition of their resources may be used to describe their ability to generate entrepreneurial activity. The Mexican States were used as examples in this case in which the Resource-Based Theory was applied, in combination with the Data Envelopment Analysis, to construct a composite index that measured the efficiency of the Mexican States in their use of resources that the literature has shown as influential in new firm formation and employment creation. The index was then studied with a cluster analysis from the weights of resources to determine those that are the most important. The differences found between states and groups of states suggest that the effects of individual and specific resources on entrepreneurial efficiency are significant.
- The role of institutions over the development of an entrepreneurial ecosystem in Mexico(Instituto Tecnológico y de Estudios Superiores de Monterrey) Villegas Mateos, Allan Oswaldo; 694195; https://orcid.org/0000-0002-7431-5326; Amorós Espinosa, José Ernesto; Moya Dávila, Fernando Andrés; Larios Hernández, Guillermo Jesús; EGADE Business School; EGADE Business School; Campus Santa FeThe Entrepreneurial Ecosystem approach tries to understand the mechanisms behind new businesses creation and helps developing tools, governmental policies, and support systems that enhance entrepreneurship activities outcomes. To ensure a better understanding of those mechanisms this thesis aims to contrast the importance of regional policies in emerging Latin American economies designed to foster local new business creation and development through the case of Mexico. Therefore, this work is divided in three empirical studies conducted using data from one of the Global Entrepreneurship Monitor’s surveys, the National Experts’ Survey (NES) which measures the Entrepreneurial Framework Conditions (EFCs). The first study of this work follows a qualitative methodology to provide a general overview of the Mexican entrepreneurial ecosystem obtained from the experts’ responses to nine open questions of the NES. The second study analyses the quantitative responses of experts located in different entities of Mexico for which we used non-parametric statistics to evaluate the different perceptions of the EFCs. Also, this study follows the replication and adaptation of a Chilean research to generalize and validate the findings to contribute to the literature of regional entrepreneurial ecosystems. On the other hand, the third study uses structural equations models to test the directions of the EFCs that measure the entrepreneurial education, and cultural and social norms. This research was the result of identifying, in the first study, the key role of entrepreneurial education and training in the entrepreneurial ecosystem, and the differences of it between central to non-central regions in the second study. The main results of this work indicate that the government has a moderating effect to control through policies and programs the outcomes of the entrepreneurial activities. Nevertheless, each institution is responsible of understanding which actions are fostering and which are obstructing the entrepreneurial activities to improve the efficiency and build together a more dynamic entrepreneurial ecosystem in terms of opportunities being followed by entrepreneurs. Therefore, the general implication of this thesis underlies on the fact that the location of a person changes its opportunities to create a new business or grow an existing one, whether, it is necessity or opportunity driven. Hence, this thesis was not limited to high nor low levels of innovation, because all the experts responded accordingly to their own evaluation of the general status of the EFCs in their country/region’s economies towards new business creation and development. Finally, this thesis implication for the Mexican government results that it must prioritize the homologation of the opportunities for people whether they are in big cities or small cities, and by that it means understanding the cultural and institutional context of each location. Consequently, this thesis contributes to the regional development literature of emerging Latin American countries and sets new lines to conduct future research in the last chapter.
- Net Cash Flow Analysis as Stochastic Processes Theory Application and the Real Options Theory: A New Approach-Edición Única(Instituto Tecnológico y de Estudios Superiores de Monterrey, 2006-12-01) Mota Aragón, Martha B.; Dr. Belen Villalonga-Morenés; Dr.Francisco Venegas-Martínez; Dr.Luis García-Calderón Díaz; Dr.Alejandro Ibarra-YúnezThe main contribution of this dissertation is focused on the Capital Investments Theory that influences on Real Option Theory. My Ph.D Thesis asserts that net cash flow (NCF) and the interest rate (rt) of a investment project are stochastic processes. A new model of mean reversion for the NCF administration named “Vasicek extended” is made, among others; the Cox-Ingersoll-Ross (CIR) model for interest rate is considered. A fundamental contribution to this thesis is considering external control variables (Zt) which modify the Net Cash Flow trajectory. To the system of dynamic variables is joined Vector Autoregressive VAR(l) which captures the dynamic interaction of the control variables used by the council administration. We work through from a continuous to a discrete version. Then is explained NPV from my new point of view. The modified NPV(Zt) this gives a more accurate value for valuating VPN(Zt) +<�, � is the real option, therefore we see a step forward on the topic. There is a complete analysis for the discrete case and therefore a complete methodology for applying these ideas to any enterprise in any country. This methodology is applied to the Mexican case, particularly to large enterprises which are listed in the Mexican Stock Market and a taxonomy to get a classification of their situation derivates from it. We arrive 9 naturally possible cases and any enterprise is classified into one of them. The general model are estimated for 69 large enterprises and it shows where every enterprise is located over its corresponding quadrant, this also results as a map allowing having a clear panorama about industrial situation in Mexico. Through the thesis development, we enter upon the information asymmetry notion to obtain the “news cash flow curve” applied to the NCF profit as another contribution. An application on 69 large enterprises listed in the Mexican Stock Market is made.
- Relationship between changes in regulation, corporate governance, and firm performance: Mexico’s case(Instituto Tecnológico y de Estudios Superiores de Monterrey, 2006-12-01) García Nuñez, Heriberto; Fonseca Ramirez, Alejandro; Ibarra Yunez, Alejandro; Flores Zambada, RicardoThe present dissertation is dedicated to study the regulation of corporate governance practices and performance relationships. Several studies have been conducted around the world, based on how the good corporate governance practices impact the performance of the firm. Good corporate governance is related to the protection of the investor rights, and could be established by changes in law, regulation procedures, contracts, control, and normative procedures or product market influence. The present research is related to the regulation, law changes around corporate governance practices in Mexico, and how those changes influence the performance of the firm. The Mexican economy is affected by globalization, financial market integration, and potential investment opportunities around the world; part of the answer of those changes is regulation and investor protection rights.
- The political cycle and the mexican economy(Instituto Tecnológico y de Estudios Superiores de Monterrey, 2006-12-01) Gamez Garza, Cesareo; GAMEZ GARZA, CESAREO; 229585