<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>1665-5346</journal-id>
<journal-title><![CDATA[Revista mexicana de economía y finanzas]]></journal-title>
<abbrev-journal-title><![CDATA[Rev. mex. econ. finanz]]></abbrev-journal-title>
<issn>1665-5346</issn>
<publisher>
<publisher-name><![CDATA[Instituto Mexicano de Ejecutivos de Finanzas A.C.]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S1665-53462019000100129</article-id>
<article-id pub-id-type="doi">10.21919/remef.v14i1.363</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[The determinants of outreach and profitability in MFI&#8217;s: a structural equation approach]]></article-title>
<article-title xml:lang="es"><![CDATA[Factores determinantes de alcance y rentabilidad en las IMF: una aproximación con ecuaciones estructurales]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Ramírez Rocha]]></surname>
<given-names><![CDATA[Adriana]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Cervantes Zepeda]]></surname>
<given-names><![CDATA[Mauricio]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Bernal Ponce]]></surname>
<given-names><![CDATA[Luis Arturo]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Tecnológico de Monterrey  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Tecnológico de Monterrey  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<aff id="Af3">
<institution><![CDATA[,Tecnológico de Monterrey EGADE Business School ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>03</month>
<year>2019</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>03</month>
<year>2019</year>
</pub-date>
<volume>14</volume>
<numero>1</numero>
<fpage>129</fpage>
<lpage>146</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S1665-53462019000100129&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S1665-53462019000100129&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S1665-53462019000100129&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract The main objective of this study is to analyze the relationship between the financial performance and scope of MFIs with independent variables such as: country environment, MFI size, expenses, and capital structure. The Structural Equations Modeling (SEM) was used to verify direct and indirect relationships. It was found that the effect of these independent variables shows through operating expenses. Additionally, it was found that in a country with high levels of corruption, absence of rule of law, and government inefficiencies, MFIs are less likely to achieve their objectives due to the high operating costs allocated to reaching the population with low income. These factors also explain the financial performance and scope of MFIs, implying that operating expenses explain two of the most important determinants of MFI mission bias. The originality of this work resides in the methodology employed, the construction of all indicators and use of the regulatory environment, and the institutional development variables to analyze MFIs.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen El objetivo principal de este estudio es analizar la relación entre el desempeño financiero y el alcance de las IMFs considerando el entorno nacional, el tamaño, gastos y estructura de capital de las IMFs. Empleamos un modelo de ecuaciones estructurales (SEM), que nos permite medir los efectos directos e indirectos entre las variables. Encontramos que el efecto de estas variables independientes ocurre través de los gastos operativos y que, en un país con altos niveles de corrupción, falta de estado de derecho y con ineficiencias gubernamentales, las IMFs tienen menor probabilidad de alcanzar sus objetivos, debido a los altos costos operativos destinados a alcanzar a las personas de bajos ingresos. Estos factores explican también al desempeño financiero y al alcance de las IMFs, lo cual implica que los gastos operativos se asocian con dos de los determinantes más importantes del sesgo de la misión de las IMFs.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[Micro Finance Institutions]]></kwd>
<kwd lng="en"><![CDATA[Welfare and poverty]]></kwd>
<kwd lng="en"><![CDATA[Factor models]]></kwd>
<kwd lng="en"><![CDATA[G21]]></kwd>
<kwd lng="en"><![CDATA[P36]]></kwd>
<kwd lng="en"><![CDATA[C38]]></kwd>
<kwd lng="es"><![CDATA[Instituciones Micro-Financieras]]></kwd>
<kwd lng="es"><![CDATA[bienestar y pobreza]]></kwd>
<kwd lng="es"><![CDATA[modelos de factores]]></kwd>
<kwd lng="es"><![CDATA[G21]]></kwd>
<kwd lng="es"><![CDATA[P36]]></kwd>
<kwd lng="es"><![CDATA[C38]]></kwd>
</kwd-group>
</article-meta>
</front><back>
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