<?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>2448-6655</journal-id>
<journal-title><![CDATA[Análisis económico]]></journal-title>
<abbrev-journal-title><![CDATA[Anál. econ.]]></abbrev-journal-title>
<issn>2448-6655</issn>
<publisher>
<publisher-name><![CDATA[Universidad Autónoma Metropolitana, Unidad Azcapotzalco, División de Ciencias Sociales y Humanidades]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S2448-66552023000100111</article-id>
<article-id pub-id-type="doi">10.24275/uam/azc/dcsh/ae/2022v38n97/sosa</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Endeudamiento y rendimiento accionario en la Bolsa Mexicana de Valores (2017-2021)]]></article-title>
<article-title xml:lang="en"><![CDATA[Debt and Stock Returns in the Mexican Stock Exchange (2017-2021)]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Sosa Castro]]></surname>
<given-names><![CDATA[Magnolia Miriam]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Arriaga Navarrete]]></surname>
<given-names><![CDATA[Rosalinda]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad Autónoma Metropolitana Departamento de Economía ]]></institution>
<addr-line><![CDATA[Iztapalapa Ciudad de México]]></addr-line>
<country>Mexico</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad Autónoma Metropolitana Departamento de Economía ]]></institution>
<addr-line><![CDATA[Iztapalapa Ciudad de México]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>04</month>
<year>2023</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>04</month>
<year>2023</year>
</pub-date>
<volume>38</volume>
<numero>97</numero>
<fpage>111</fpage>
<lpage>128</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S2448-66552023000100111&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S2448-66552023000100111&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S2448-66552023000100111&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen El presente analiza el impacto del apalancamiento (nivel de deuda total, de corto y largo plazo) y de otras variables relevantes: crecimiento, rendimiento sobre activos, tamaño y solvencia en el rendimiento bursátil de las empresas mexicanas, listadas en la BMV, durante el periodo 2017-2021. Para lograr dicho objetivo se proponen modelos de panel mínimos cuadrados: ordinarios (OLS) y completamente modificados (FMOLS). Los resultados señalan que, el rendimiento operativo (ROA), el crecimiento, el tamaño y la solvencia sí tienen un impacto estadísticamente significativo sobre los rendimientos bursátiles; mientras que, las variables asociadas al apalancamiento/estructura de capital, parecieran no afectar el rendimiento accionario de las empresas bajo estudio.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract This paper analyzes the impact of leverage (short- and long-term debt) and some other key variables (growth, size, return on assets (ROA) and solvency) on the stock market returns of Mexican listed companies, over 2017-2021. The period covers the Covid-19 crisis and the previous period of uncertainty generated by the benchmark interest rate cut in 2018. For this purpose, panel least squares: ordinary (OLS) and fully modified (FMOLS) models are proposed. Empirical evidence shows that ROA, growth, size, and solvency have a significant impact on stock returns. Variables related to leverage do not seem to be related to stock returns.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[Apalancamiento financiero]]></kwd>
<kwd lng="es"><![CDATA[rendimiento bursátil]]></kwd>
<kwd lng="es"><![CDATA[Bolsa Mexicana de Valores, Modelos datos panel]]></kwd>
<kwd lng="es"><![CDATA[OLS]]></kwd>
<kwd lng="es"><![CDATA[FMOLS]]></kwd>
<kwd lng="en"><![CDATA[Financial Leverage]]></kwd>
<kwd lng="en"><![CDATA[stock returns]]></kwd>
<kwd lng="en"><![CDATA[Mexican Stock Exchange]]></kwd>
<kwd lng="en"><![CDATA[Panel Data Model]]></kwd>
<kwd lng="en"><![CDATA[OLS]]></kwd>
<kwd lng="en"><![CDATA[FMOLS]]></kwd>
</kwd-group>
</article-meta>
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