Tesis
Permanent URI for this communityhttps://hdl.handle.net/11285/345119
Colección de Tesis y Trabajos de grado (informe final del proyecto de investigación, tesina, u otro trabajo académico diferente a Tesis, sujeto a la revisión y aceptación de una comisión dictaminadora) presentados por alumnos para obtener un grado académico del Tecnológico de Monterrey.
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- Sustainable style: the impact of sustainable strategies on brand image, perceived value and purchase intention(Instituto Tecnológico y de Estudios Superiores de Monterrey, 2024-11-28) Arévalo Luna, Martha Isabel; Trujillo León, María Andrea; dnbmserna; Carrete Lucero, Lorena de la Paz; EGADE Business School; Campus Santa Fe; Vera Martínez, Jorge Luis GracianoThe fast fashion industry, a hallmark of affordability and rapid trends, faces mounting criticism for its environmental impact. In response, brands are exploring sustainable strategies to meet consumer demands for accountability and responsibility. This thesis investigates the effects of three sustainable strategies—renting a new clothing collection, buying a sustainable collection (clothing made with sustainable materials) and renting a sustainable collection—on Green Brand Image (GBI), Perceived Value (PV), and Purchase Intention (PI). Grounded in Signaling Theory, the study investigates whether Green Consumer Profiles (GCPs) moderate the effects of sustainable strategies on consumer perceptions and behavioral intentions. An experimental design involving 800 Mexican consumers reveals nuanced insights into the efficacy of these strategies. Renting sustainable collections emerges as a powerful driver of Green Brand Image, positioning brands as credible leaders in environmental stewardship. Conversely, buying sustainable collections demonstrates a stronger influence on PV and PI, emphasizing the enduring emotional and practical appeal of ownership over rental models. Notably, the analysis indicates that GCPs exert limited moderating effects, suggesting that sustainable strategies can achieve broad market appeal without relying on narrowly targeted campaigns. This research advances theoretical understanding by extending Signaling Theory to operational sustainability practices within the fast fashion context, addressing gaps in how these strategies influence consumer perceptions. Furthermore, the comparative analysis of renting and purchasing sustainable products provides actionable insights for brands seeking to balance affordability, accessibility, and sustainability. By aligning environmental initiatives with consumer expectations, fashion companies can navigate the growing demand for responsible consumption while maintaining competitive relevance.
- Impact of ESG Scores on Stock Returns: studies looking into the COVID-19 Pandemic, ESG Momentum, Region & Firm Size(Instituto Tecnológico y de Estudios Superiores de Monterrey, 2024-11-27) Escobar Saldívar, Luis Jacob; Santillán Salgado, Roberto Joaquín; emimmayorquin; Saucedo de la Fuente, Eduardo; Amorós Espinosa, José Ernesto; EGADE Business School; Campus Monterrey; Villarreal Samaniego, DacioThe question of whether a socially responsible company is inherently more profitable, or if being a responsible corporate citizen negatively affects financial performance, has been a matter of enduring interest. The literature contains arguments both in favor and against the impact of Environmental, Social, and Governance (ESG) scores on a firm’s stock returns, as a measure of financial performance. Empirical reports attempting to disentangle these effects show mixed results. All the studies in this dissertation tackle this question and are consistent with the segment of the literature that finds a negative relationship between ESG and stock returns. However, each study digs deeper into this relationship contributing with a contrast between ESG and ESG Momentum, a comprehensive analysis of ESG and its components across regions and firm sizes, and an analysis of ESG’s impact during the COVID-19 pandemic. Return and its related volatility are the central elements that define an investment, and the suitable balance between these two variables is contingent upon each investor profile. Chapter 2 aims to explore the relationship between ESG ratings and the change in ESG scores, or ESG Momentum, concerning both returns and risk of a sample of 3,856 stocks traded on U.S. exchanges. The analysis employs a dataset spanning 20 years of quarterly information, from December 2002 to December 2022. We applied multi-factor models and tested them through pooled ordinary, fixed effects, and random effects panel regression methods. The main implication of our findings is that while high ESG scores are associated with lower stock returns in the long run, an improvement in a company’s ESG score tends to yield immediate positive returns. So, the primary contribution of this research lies in the revelation that ESG Momentum has a significant positive impact on stock returns. This might explain why the literature has some mixed results, since some of them could confound the effects of ESG scores and ESG Momentum. A longstanding debate in finance centers on whether social responsibility has an influence on a firm’s long-term profitability. The study in Chapter 3 aims to provide a broad viewpoint of the relationship between ESG, its individual components, and stock returns. It examines time-entity observations from December 2014 to December 2023 for European and US companies, applying panel regression models to analyze the data collectively, by region, and by firm size. The findings consistently reveal a negative relationship between ESG ratings, their individual components, and stock returns, which we attribute to both risk reduction from social responsibility and decreased profitability due to the associated costs of ESG policies implementation. ESG and its individual pillars’ coefficients used as explanatory variables of stock returns are significant in most cases, with some exceptions for the governance and environmental pillars. In the case of the environmental pillar, the results reveal it has a stronger influence in Europe, across firm sizes while, in the US that influence is observed among larger companies only. In the case of governance, the observed variations are consistent with the argument of different ownership structures across regions, and evolving investor concerns as firms grow, with the influence being stronger in Midcaps of both regions and in US Large Caps. The study in Chapter 4 analyzes the relationship of firm-level Environmental, Social and Governance (ESG) scores and stock returns from a worldwide database of the automotive industry. It measures the significance of the ESG and Corporate Financial Performance (CFP) relationship during the last decade and includes a comparison of those firms with different levels of ESG scores, as well as between firms with ESG scores and firms that lack such scores. A quasi-experimental difference-in-differences (DID) design, and panel data regressions are estimated to examine the impact of ESG scores and ESG Combined (ESGC1) scores on firms’ stock returns before and during the COVID-19 pandemic period. The results suggest that sustainable policies during the pandemic lessened stock returns, as evidenced by the negative coefficients of the ESGC and ESG scores. The interaction terms of ESGC and ESG with firm size had a positive relationship with stock returns during the pandemic. Thus, larger firms’ returns benefited from higher ESG scores during the COVID-19 crisis. This research in the context of the COVID-19 sanitary emergency is an original contribution to the literature on the ESG-CFP relationship.
- Market reactions to North American economic indicators: comparison of the financial crisis versus the COVID 19 crisis(Instituto Tecnológico y de Estudios Superiores de Monterrey, 2024-11-13) Agatón Lombera, Dante Iván; Núñez Mora, José Antonio; López Cabrera, Jesús Antonio; Amorós Espinosa, José Ernesto; EGADE Business School; Campus Ciudad de México; Cerecedo Hernández, DanielThis paper presents a comparative analysis of the impact of economic crises on the development of financial markets, focusing on the United States and specifically on the 2008 global financial crisis and the COVID-19 pandemic. It is divided into four chapters that examine the nature, causes, consequences, and responses to such crises. The first chapter establishes a replicable methodology for analyzing the impact of crises at the micro- and macro-temporal levels, focusing on the subprime and COVID-19 crises. The second chapter examines the nature and causes of economic crises, highlighting the importance of identifying patterns and trends to prevent future crises. The need for supervision and regulation to address vulnerabilities in the financial system is emphasized. The third chapter defines relevant financial indicators and reviews previous studies to better understand the impact of crises on these indicators, providing guidance for investors, regulators, and policymakers. A comparative analysis of the subprime and COVID-19 financial and health crises in the United States reveals notable differences in their impact on financial indicators and the broader economy. The subprime crisis triggered a climate of financial panic, with high volatility and a marked decline in the valuation of financial indices, affecting both aggregate supply and demand. In contrast, the COVID-19 crisis generated turbulence in the markets, albeit to a lesser extent, focusing mainly on aggregate supply due to supply chain disruptions and production constraints. These results highlight the importance of understanding the specificities of each crisis in order to adopt effective public policies that promote financial and economic stability. In terms of policies, it recommends the implementation of flexible and adaptive strategies that address the specific needs of each crisis, including measures to promote economic growth and improve consumer confidence. It also emphasizes the need for stabilization policies that counteract adverse effects on aggregate supply and demand, maintain macroeconomic stability, and promote an environment conducive to long-term investment and development. These approaches can help mitigate the adverse effects of future crises by strengthening the economy's ability to withstand and recover from economic and financial shocks. Finally, the fourth chapter proposes a methodology for analyzing financial returns during crises, facilitating a quantitative assessment of the impact of specific market events. The paper concludes that economic crises, such as the 2008 and COVID-19 crises, pose significant challenges for firms and workers, exacerbate financial insecurity, and highlight the need for inclusive and equitable policies. It also underlines the importance of flexible and adaptive economic policies, as well as a detailed assessment of the impact of crises on financial markets, to promote long-term economic and financial stability. The findings of this analysis offer valuable insights for decision-making in both investment and economic policy. It is evident that the effective management of the risks associated with crises is of paramount importance in order to mitigate their adverse impacts and to facilitate the sustainable economic and social recovery that is so crucial for the future of any nation.
- Machine learning analysis of antiretroviral procurement strategies in the Mexican government(Instituto Tecnológico y de Estudios Superiores de Monterrey, 2024-11-27) Blanca Iveth Mayorga Basurto; Nuñez Mora, José Antonio; emimmayorquin; Moncada Freire, Galo José; Fuentes Castro, Hugo Javier; Carrasco Acevedo, Guillermo; Amorós Espinosa, José Ernesto; EGADE Business School; Campus Ciudad de México; León Alvarado, Martha AngélicaThis dissertation investigates trends in antiretroviral medication (ARV) prices and their impact on public health in Mexico during 2019. The study leverages a dataset comprising 15,220 procurement records collected between 2016 and 2019 to analyze price fluctuations and predict their implications for healthcare systems. Using machine learning models developed in Python-Logistic Regression, Ramdom Forest, and K-Nearest Neighbors (KNN)-this research identifies patterns of increasing and decreasing prices and the factors influencing these trends. The data preprocessing phase involved extensive cleaning, imputation of missing values, feature scaling, and one-hot encoding to handle categorical variables. The dataset was partitioned into training and testing sets using an 80/20 split, ensuring robust validation. Hyperparameter optimization techniques, including grid search and cross-validation, were applied to enhance model performance. The integration of ensemble methods, as exemplified by Ramdom Forest, enabled the capture of complex, non-linear relationships between variables, a critical advantage over simpler models. KNN provided complementary insights into local price clusters, while Logistic Regression offered interpretable coefficients for key predictors. In addition to predictive modeling, the study incorporates a financial evaluation of ARV price fluctuations, estimating the budgetary impact on public health systems. Consolidated purchasing schemes were found to yield significant cost reductions, enhancing access to ARVs for individuals living with HIV/AIDS. A unified ARV pricing database was developed, integrating fragmented data from government procurement systems, ensuring transparency and facilitating reproducibility in future research. This research underscores the transformative potential of data-driven approaches in optimizing pharmaceutical procurement. It highlights the necessity of leveraging machine learning techniques not only for predictive analytics but also for informed decision-making in public health policy.
- Instant deliveries in Mexico City: a socio-economic analysis and profit maximization framework for couriers(Instituto Tecnológico y de Estudios Superiores de Monterrey, 2024-11-27) Galindo Muro, Ana Bricia; Mora Vargas, Jaime; emipsanchez; Dablanc, Laetitia; Ugalde Monzalvo, Marisol; De Unanue Tiscareno, Adolfo Javier; School of Engineering and Sciences; Campus Ciudad de México; Cedillo Campos, Miguel GastónThis thesis introduces an engineering approach to understanding instant delivery operations within the platform economy. During the first step, through two surveys, the study highlighted couriers’ significant risks and challenges, shedding light on their precarious working conditions and financial pressures. The results emphasize the glaring disparity between the platform economy’s promise of flexibility and independence and the harsh reality experienced by most couriers. Furthermore, the study presents an assignment model to support technological advancements, which can lead to more effective decision-making, benefiting all actors involved in the urban instant delivery platform. By incorporating a fee algorithm and operational cost calculations, the quantitative model developed in this study demonstrates that a 20% increase in couriers’ income compared to traditional assignment models is advantageous for all parties. This approach seeks to raise awareness about the socioeconomic implications of emerging technologies such as Instant Deliveries and their regulation, particularly in rapidly developing urban areas. It offers valuable insights to build a more socially responsible and environmentally sustainable optimization approach in engineering.
- Social innovation processes in dignity-centered organizations: evidence from hybrid and indigenous enterprises(Instituto Tecnológico y de Estudios Superiores de Monterrey, 2024-11-14) Islas Calderón, Selene; Guerra Leal, Eva María; emipsanchez; Quintanilla Domínguez, Claudia María; López Lira Arjona, Alfonso; Amorós Espinosa, José Ernesto; EGADE Business School; Campus MonterreyThe social and environmental issues that humanity is currently facing demand solutions that challenge current organizational practices. Such practices have also been blamed for increasing some of these problems, and different stakeholders are more strongly demanding that organizations seek different, more innovative approaches to sustainability, wellbeing and the generation of profits. One of the approaches that is gaining tremendous attentions is social innovation. However, this concept has also different approaches and scholar are still looking for frameworks that foster more social inclusion and enhance well-being. In this sense, the concepts of dignity and dignity-centered organizations have recently gained traction as a form of organizing that prioritizes the inherent worth of individuals, offering pathways to human flourishing. This new form of organizing may constitute a social innovation that is based on the principle of dignity. How these concepts intersect to generate processes that shape effective organizational practices and generate positive societal outcomes is a literature gap worth exploring and with important implications for managerial practices. The first study emphasizes the central role of dignity in shaping social innovation process. Humanistic management theory constitutes a promising framework that provides a different, more-human approach to how a social innovation generates and consolidates. The authors examined four Indigenous enterprises in Latin America and proposed a four-stage process of social innovation (origin, mobilization, execution, and integration) based on a four-case qualitative study that explores how the notions of dignity and humanistic management practices are present at every stage of the social innovation process. This study is one of the first to explore the relationship between humanistic management principles, dignity, and social innovation processes, a literature gap with important praxeological implications.
- Understanding the factors that affect the adoption of sustainable entrepreneurship(Instituto Tecnológico y de Estudios Superiores de Monterrey, 2024-11-13) Rojas Cruz, Lilia Raquel; Husted Corregan, Bryan William; emipsanchez; Aguiñaga Maldonado, Eudardo Enrique; Amorós Espinosa, José Ernesto; EGADE Business School; Campus MonterreyThe urgency of grand challenges such as climate change, resource depletion, and social injustice has generated a call for action, leading governments, markets, businesses, and individuals to adopt more sustainable practices and policies. The recognition of entrepreneurship as a solution— rather than a contributor to these issues— has given rise to sustainable entrepreneurship. Although academic interest in this field has grown in recent years, there is still much to learn about the nature of sustainable entrepreneurship in theory and practice. The present dissertation provides a new and broad approach to elements that influence the adoption of sustainable entrepreneurship. Three empirical studies were conducted to examine how microlevel (motivations, intentions, and competencies) and macro-level (state fragility, economic development, and culture) aspects are related to sustainable entrepreneurship. The first study investigates the relationship between entrepreneurial competencies—self-efficacy and social capital—and sustainable entrepreneurship, focusing on how these competencies influence entrepreneurial motivations. The results reveal that opportunity- and necessity-driven entrepreneurship positively affect sustainable entrepreneurship. Moreover, entrepreneurial motivation positively mediates the relationship between self-efficacy and sustainable entrepreneurship. The second study examines the interaction between state fragility, economic development, and sustainable entrepreneurship, focusing on how entrepreneurial motivations, such as opportunity and necessity entrepreneurship, influence this relationship. Findings suggest that state fragility positively affects sustainable entrepreneurship. Additionally, necessity and opportunity entrepreneurship fully mediate the relationship between state fragility and sustainable entrepreneurship. Finally, the third study aims to understand how the elements of the theory of planned behavior (TPB) influence sustainable entrepreneurial intentions and examine the moderating effects of Hofstede's cultural dimensions. The research focuses on Mexico and the USA, utilizing cross-sectional survey data and employing hierarchical linear modeling (HLM) with cross-level interactions to test the hypotheses. The findings suggest that long-term orientation positively moderates the relationship between individual-level attitudes toward sustainable entrepreneurship and sustainable entrepreneurial intentions. In contrast, masculinity negatively moderates the relationship between attitudes and intentions. Together, these studies comprehensively analyze the multilevel factors driving sustainable entrepreneurship. These findings theoretically and practically contribute to the field of sustainable entrepreneurship.
- Commercial delivery policies: inventory management models with power demand pattern(Instituto Tecnológico y de Estudios Superiores de Monterrey, 2024-06-29) Khan, Md. Al-Amin; Cárdenas Barrón, Leopoldo Eduardo; emiggomez, emipsanchez; Loera Hernández, Imelda de Jesús; Smith, Neale R.; Treviño Garza, Gerardo; Bourguet Díaz, Rafael Ernesto; School of Engineering and Sciences; Campus MonterreyIn the fast-paced, ever-changing environment of contemporary business, inventory management stands as a vital, ongoing endeavor. The discipline of decision-making in inventory management assumes a central role in this dynamic environment that is marked by continuous change and intense competition. Navigating the complexities of decision-making poses challenges, particularly in accurately assessing the multifaceted aspects of decision-making processes amid varying circumstances, including demand fluctuations, different types of discounts, and contractual agreements. At the same time, the increasing concern among consumers regarding the environmental footprint of their purchases, coupled with government-mandated regulations, complicates the decision-making process for businesses. In this milieu, sustainable inventory management practices have emerged as a pertinent research area, prompting heightened scrutiny of the impacts of emission guidelines on inventory practices, not only aimed at addressing broader societal concerns but also at ensuring the financial sustainability of businesses. This thesis adopts a specialized demand structure known as the power demand pattern (PDP) to depict fluctuations in demand over the storage period of a company, providing a robust framework for understanding customer demand dynamics across various products. The company maintains its inventory by acquiring items through quantity discounts in exchange for a quantity-sensitive prepayment as part of a contractual arrangement. This thesis introduces a novel concept by considering the installment frequency for fulfilling prepayment obligations as a decision variable for the company, incorporating a transaction fee for each installment. Furthermore, theoretical formulas are developed under different sorts of demand structures, incorporating the influences of selling price and storage time, to assess the profitability of inventory management processes under a combined link-to-order prepayment and quantity discount scheme. A significant advancement by integrating sustainability considerations into both inventory management and pricing strategies within the framework of the PDP is accomplished in this thesis. Through systematic identification and comparison of sustainable inventory management practices under varying emission guidelines, this study provides valuable insights aimed at optimizing profits within the PDP. Therefore, the insights derived from this study offer organizations practical techniques to navigate the complex regulatory environment effectively and achieve sustainable financial performance. Moreover, intensive and comprehensive in-depth sustainable inventory practices under the PDP are established specifically for growing items (GIs). This thesis investigates the impact of weight loss resulting from bleeding and non-consumable components on optimal pricing and inventory strategies for a farm, delving into previously unexplored areas within the literature on GIs. A comparative analysis is conducted on the operations of a livestock farm, operating within several environmental regulations. Consequently, the comprehensive methodology improves sustainable inventory management techniques and offers practical strategies to mitigate environmental impacts and enhance economic feasibility in livestock production.
- 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.
- Price communication in retail: effective strategies for sustainable customer satisfaction and business growth(Instituto Tecnológico y de Estudios Superiores de Monterrey, 2023-11) Guzmán Martínez, Francisco Jesús; GUZMAN MARTINEZ, FRANCISCO JESUS;*CA50227; Orozco Gómez, Ma. Margarita; emiggomez; Hernández Zelaya, Sandra Lizzeth; Escuela de Negocios; Campus Santa Fe; Osorio Andrade, María LucilaPrice communication, a focal component of retail marketing, plays a critical role in shaping consumer perceptions and purchase behavior. The research delves into various aspects of price communication, including pricing strategies, promotional tactics, and their impact on consumers’ willingness to buy. This thesis explores the multifaceted realm of price communication within the retail industry, with a primary focus on elucidating effective strategies that engender sustainable customer purchase intentions. This thesis is presented in the format of three academic papers, each of which has specific and particular objectives: 1) Investigate the strategies and techniques that businesses and organizations employ to effectively navigate the complex economic landscape characterized by inflation; 2) explore the role of emotional factors within price cues that are influencing consumers' purchase decisions; 3) Investigate and analyze the dynamics and impact of limited time offers as a pricing strategy in the retail industry. Paper 1 eluded diverse approaches adopted by businesses for proficiently disseminating inflation alterations, the research first scrutinizes existing literature and subsequently presents the outcomes of executive interviews and comprehensive analyses of global corporate pricing and sales promotional strategies. The results underscore the significance of forthright and anticipatory communication as a means to uphold customer trust and alleviate adverse perceptions. Paper 2 discovered that the emotional side of pricing assumes pivotal significance in understanding consumers' responses to pricing cues due to its substantial influence on consumer behavior. The results that presenting promotional pricing alongside regular pricing significatively increases willingness to buy (WTB), this relationship holds notable importance within the emotional and monetary dimensions, exhibiting heightened salience for hedonic products, thereby fostering a positive impact on WTB. Paper 3 delve into the retail pricing strategy of time-limited offers and its potential implications for market competitiveness. Economic theory posits that these offers could discourage consumers from conducting price comparisons, potentially resulting in less competitive markets. Results showed that using strategies of limited time offers significantly increases the willingness to buy, mainly influenced by the reactance theory in an opposite way. The findings yield valuable insights into the dynamics of time-limited offers within the context of retail pricing strategies.
