<?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>0186-7202</journal-id>
<journal-title><![CDATA[Estudios Económicos (México, D.F.)]]></journal-title>
<abbrev-journal-title><![CDATA[Estud. Econ. (México, D.F.)]]></abbrev-journal-title>
<issn>0186-7202</issn>
<publisher>
<publisher-name><![CDATA[El Colegio de México A.C.]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0186-72022025000200104</article-id>
<article-id pub-id-type="doi">10.24201/ee.v40i2.e468</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Sostenibilidad como impulsor del desempeño financiero: análisis del mercado bursátil y operativo empresarial en México (2011-2020)]]></article-title>
<article-title xml:lang="en"><![CDATA[Sustainability as a driver of financial performance: analysis of stock market and business operation in Mexico (2011-2020)]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Pichardo Vera]]></surname>
<given-names><![CDATA[Armando]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Caballero Güendulain]]></surname>
<given-names><![CDATA[Karina]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad Nacional Autónoma de México  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad Nacional Autónoma de México  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>2025</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>2025</year>
</pub-date>
<volume>40</volume>
<numero>2</numero>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S0186-72022025000200104&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S0186-72022025000200104&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S0186-72022025000200104&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen: La creciente atención en las finanzas sostenibles surge por una correlación positiva entre la incorporación de factores de sostenibilidad y el desempeño financiero. Este estudio aporta evidencia sobre dicha relación en el mercado mexicano a través de dos enfoques. El primero, un análisis bursátil, examina el Índice de Precios y Cotizaciones (IPC) y el IPC Sustentable (IPC SUS) mediante modelos GARCH. El segundo, un análisis operativo empresarial, se basa en el modelo CAMELS aplicado a las principales empresas del IPC SUS. Los resultados confirman una relación positiva en el análisis bursátil y parcial pero no significativa en el operativo empresarial.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract: The growing attention to sustainable finance arises from the suggested positive correlation between the integration of sustainability factors and financial performance. This study provides evidence of this relationship in the Mexican market through two approaches. The first, a stock market analysis, examines the Price and Quotation Index (IPC) and the Sustainable IPC (IPC SUS) using GARCH models. The second, an operational business analysis, is based on the CAMELS model applied to the leading companies in the IPC SUS. The results confirm a positive relationship in the stock market analysis and partial evidence but non-statistical significant in the operational business analysis.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[sostenibilidad]]></kwd>
<kwd lng="es"><![CDATA[finanzas]]></kwd>
<kwd lng="es"><![CDATA[econometría]]></kwd>
<kwd lng="es"><![CDATA[C58]]></kwd>
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<kwd lng="es"><![CDATA[G30]]></kwd>
<kwd lng="es"><![CDATA[Q56.]]></kwd>
<kwd lng="en"><![CDATA[sostenibilidad]]></kwd>
<kwd lng="en"><![CDATA[finanzas]]></kwd>
<kwd lng="en"><![CDATA[econometría]]></kwd>
<kwd lng="en"><![CDATA[C58]]></kwd>
<kwd lng="en"><![CDATA[G10]]></kwd>
<kwd lng="en"><![CDATA[G30]]></kwd>
<kwd lng="en"><![CDATA[Q56.]]></kwd>
</kwd-group>
</article-meta>
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