<?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>0186-1042</journal-id>
<journal-title><![CDATA[Contaduría y administración]]></journal-title>
<abbrev-journal-title><![CDATA[Contad. Adm]]></abbrev-journal-title>
<issn>0186-1042</issn>
<publisher>
<publisher-name><![CDATA[Universidad Nacional Autónoma de México, Facultad de Contaduría y Administración]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0186-10422023000100324</article-id>
<article-id pub-id-type="doi">10.22201/fca.24488410e.2023.4810</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Determinantes del nivel de efectivo en un grupo de emisoras de la Bolsa Mexicana de Valores]]></article-title>
<article-title xml:lang="en"><![CDATA[Cash level determinants in a group of Mexican Stock Exchange issuers]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Gurrola Ríos]]></surname>
<given-names><![CDATA[Cesar]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Hernández Vargas]]></surname>
<given-names><![CDATA[Carlos Javier]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Ruiz Chávez]]></surname>
<given-names><![CDATA[Ramón]]></given-names>
</name>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad Juárez del Estados de Durango  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad Autónoma del Estado de Quintana Roo  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>03</month>
<year>2023</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>03</month>
<year>2023</year>
</pub-date>
<volume>68</volume>
<numero>1</numero>
<fpage>324</fpage>
<lpage>352</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S0186-10422023000100324&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S0186-10422023000100324&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S0186-10422023000100324&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Desde los argumentos de Keynes sobre las funciones del dinero, las decisiones financieras de corto plazo, en especial el nivel de efectivo, es de interés por su impacto en el desempeño financiero de las empresas y en las expectativas de diversos agentes económicos. Evidencia previa sugiere que el nivel de efectivo depende de aspectos endógenos y exógenos, dentro de estos últimos cabría la pandemia por Covid-19, por su efecto en la dinámica empresarial. El presente estudio ofrece un análisis del comportamiento de los niveles de efectivo en una muestra de 29 emisoras que cotizan en la Bolsa Mexicana de Valores a partir de una serie de determinantes propuestos, evaluando el efecto que tuvo la pandemia en tal relación. Mediante un modelo para datos en panel se estudia el periodo entre el 1T2001 y el 1T2022. Los principales resultados del análisis realizado demuestran que la incertidumbre, el flujo y tamaño de las empresas son los factores de mayor impacto directo sobre el nivel de efectivo, mientras que la relación es inversa para el apalancamiento, la inversión en activos fijos y el comportamiento del mercado de capitales. Los resultados tienen implicaciones en las decisiones de inversión y financiamiento de administradores, inversionistas y reguladores.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract Based on Keynes's arguments on the functions of money, short-term financial decisions, especially the level of cash, are of interest due to their impact on the financial performance of companies and the expectations of various economic agents. Previous evidence suggests that the level of cash depends on endogenous and exogenous aspects. Within the latter, the Covid-19 pandemic would fit due to its effect on business dynamics. This study offers an analysis of the behavior of cash levels in a sample of 29 issuers listed on the Mexican Stock Exchange based on a series of proposed determinants, evaluating the pandemic's effect on such a relationship. Using a panel data model, we studied the period between 1T2001 and 1T2022. The main results of the analysis show that the uncertainty, flow, and size of the companies are the factors with the most significant direct impact on the level of cash. At the same time, the relationship is inverse for leverage, investment in fixed assets, and capital market behavior. The results have implications for the investment and financing decisions of administrators, investors, and regulators.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[M10]]></kwd>
<kwd lng="es"><![CDATA[M41]]></kwd>
<kwd lng="es"><![CDATA[G39]]></kwd>
<kwd lng="es"><![CDATA[nivel de efectivo]]></kwd>
<kwd lng="es"><![CDATA[Bolsa Mexicana de Valores]]></kwd>
<kwd lng="es"><![CDATA[riesgo macroeconómico]]></kwd>
<kwd lng="en"><![CDATA[cash holdings]]></kwd>
<kwd lng="en"><![CDATA[Mexican Stock Exchange]]></kwd>
<kwd lng="en"><![CDATA[macroeconomic risk]]></kwd>
</kwd-group>
</article-meta>
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