<?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>S1665-53462019000400729</article-id>
<article-id pub-id-type="doi">10.21919/remef.v14i4.107</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Impacto de la rentabilidad y la cuota de mercado en las empresas zombis en México]]></article-title>
<article-title xml:lang="en"><![CDATA[Identification of zombie companies in Mexico, impact of profitability and market share in them]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Garza Cárdenas]]></surname>
<given-names><![CDATA[Manuel Humberto De la]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Sánchez Tovar]]></surname>
<given-names><![CDATA[Yesenia]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Zerón Félix]]></surname>
<given-names><![CDATA[Mariana]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad Autónoma de Tamaulipas  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>2019</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>2019</year>
</pub-date>
<volume>14</volume>
<numero>4</numero>
<fpage>729</fpage>
<lpage>743</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S1665-53462019000400729&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S1665-53462019000400729&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S1665-53462019000400729&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen El objetivo de este trabajo consiste en profundizar en la presencia de empresas zombis en la Bolsa Mexicana de Valores (BMV) y los factores que inciden en su existencia. Para ello, a través del método CHK se determinó la presencia de empresas zombis en México y, posteriormente, mediante un modelo logit se evalúa el impacto de la rentabilidad y la cuota de mercado en las empresas zombi. Los datos empleados corresponden a 102 empresas inscritas en el mercado de valores de México en el año 2015, lo cual permitió identificar la presencia de 18 empresas con características zombis. Mientras que el análisis empírico confirmó que la cuota de mercado impacta positivamente a las empresas zombis, mientras que la rentabilidad disminuye la probabilidad de incurrir en esta situación. El modelo empleado representa uno de los trabajos pioneros en América Latina sobre este tipo de empresas y da luz sobre el comportamiento que siguen dichas organizaciones mostrando que las características del mercado pueden ser otros predictores importantes de las empresas zombis y representan futuras líneas de investigación relevantes.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract The objective of this paper is to deepen the presence of zombie companies in the Bolsa Mexicana de Valores (BMV) and the factors that affect its existence. To do this, through the CHK method, the presence of zombie companies in Mexico was determined and, subsequently, through a logistic model, the impact of profitability and market share on zombie companies was evaluated. The data correspond to 102 firms registered in the BMV in 2015, in which the presence of 18 companies with zombie characteristics will be identified. While empirical analysis confirms that market share positively impacts zombie companies, while profitability decreases the probability of present in this situation. The model used represents one of the pioneering works in Latin America this type of companies and the light on the behavior that they follow as the samples and the characteristics of the market can be other important predictors the zombie companies and the corresponding relevant research lines.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[empresas zombis]]></kwd>
<kwd lng="es"><![CDATA[competitividad empresarial]]></kwd>
<kwd lng="es"><![CDATA[costo de deuda]]></kwd>
<kwd lng="es"><![CDATA[G33]]></kwd>
<kwd lng="es"><![CDATA[G32]]></kwd>
<kwd lng="es"><![CDATA[M10]]></kwd>
<kwd lng="en"><![CDATA[zombie firms]]></kwd>
<kwd lng="en"><![CDATA[business competitiveness]]></kwd>
<kwd lng="en"><![CDATA[cost of debt]]></kwd>
<kwd lng="en"><![CDATA[G33]]></kwd>
<kwd lng="en"><![CDATA[G32]]></kwd>
<kwd lng="en"><![CDATA[M10]]></kwd>
</kwd-group>
</article-meta>
</front><back>
<ref-list>
<ref id="B1">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Akben-Selcuk]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Factors Affecting Firm Competitiveness: Evidence from an Emerging Market]]></article-title>
<source><![CDATA[International Journal of Financial Studies]]></source>
<year>2016</year>
<volume>4</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>9</page-range></nlm-citation>
</ref>
<ref id="B2">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Amato]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Fantacci]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Failures on the market and market failures: a complementary currency for bankruptcy procedures]]></article-title>
<source><![CDATA[Cambridge Journal of Economics]]></source>
<year>2016</year>
<volume>40</volume>
<numero>5</numero>
<issue>5</issue>
<page-range>1377-95</page-range></nlm-citation>
</ref>
<ref id="B3">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Andrews]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
<name>
<surname><![CDATA[Criscuolo]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
<name>
<surname><![CDATA[Gal]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
</person-group>
<source><![CDATA[The Best versus the Rest: The Global Productivity Slowdown, Divergence across Firms and the Role of Public Policy]]></source>
<year>2016</year>
<publisher-loc><![CDATA[Paris ]]></publisher-loc>
<publisher-name><![CDATA[OECD Publishing]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B4">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Caballero]]></surname>
<given-names><![CDATA[R. J.]]></given-names>
</name>
<name>
<surname><![CDATA[Hoshi]]></surname>
<given-names><![CDATA[T.]]></given-names>
</name>
<name>
<surname><![CDATA[Kashyap]]></surname>
<given-names><![CDATA[A. K.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Zombie Lending and Depressed Restructuring in Japan]]></article-title>
<source><![CDATA[American Economic Review]]></source>
<year>2008</year>
<volume>98</volume>
<numero>5</numero>
<issue>5</issue>
<page-range>1943-77</page-range></nlm-citation>
</ref>
<ref id="B5">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Camacho]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Segovia]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Pascual]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Which Characteristics Predict the Survival of Insolvent Firms? An SME Reorganization Prediction Model]]></article-title>
<source><![CDATA[Journal of Small Business Management]]></source>
<year>2015</year>
<volume>53</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>340-54</page-range></nlm-citation>
</ref>
<ref id="B6">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Camacho&#8208;Miñano]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Segovia&#8208;Vargas]]></surname>
<given-names><![CDATA[M.-J.]]></given-names>
</name>
<name>
<surname><![CDATA[Pascual&#8208;Ezama]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Which Characteristics Predict the Survival of Insolvent Firms? An SME Reorganization Prediction Model]]></article-title>
<source><![CDATA[Journal of Small Business Management]]></source>
<year>2015</year>
<volume>53</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>340-54</page-range></nlm-citation>
</ref>
<ref id="B7">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Cameron]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Trivedi]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
</person-group>
<source><![CDATA[Microeconometrics using stata (Revised)]]></source>
<year>2010</year>
<publisher-loc><![CDATA[Estados Unidos ]]></publisher-loc>
<publisher-name><![CDATA[Stata Press]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B8">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Chuang]]></surname>
<given-names><![CDATA[S.-P.]]></given-names>
</name>
<name>
<surname><![CDATA[Huang]]></surname>
<given-names><![CDATA[S.-J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Effects of Business Greening and Green IT Capital on Business Competitiveness]]></article-title>
<source><![CDATA[Journal of Business Ethics]]></source>
<year>2015</year>
<volume>128</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>221-31</page-range></nlm-citation>
</ref>
<ref id="B9">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Ferreira]]></surname>
<given-names><![CDATA[J. J.]]></given-names>
</name>
<name>
<surname><![CDATA[Marques]]></surname>
<given-names><![CDATA[C. S.]]></given-names>
</name>
<name>
<surname><![CDATA[Azevedo]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Competitiveness, resources, and capabilities: empirical evidence from retail banking]]></article-title>
<source><![CDATA[Service Business]]></source>
<year>2011</year>
<volume>5</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>313-37</page-range></nlm-citation>
</ref>
<ref id="B10">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Fukuda]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Nakamura]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Why Did &#8220;Zombie&#8221; Firms Recover in Japan?]]></article-title>
<source><![CDATA[World Economy]]></source>
<year>2011</year>
<volume>34</volume>
<numero>7</numero>
<issue>7</issue>
<page-range>1124-37</page-range></nlm-citation>
</ref>
<ref id="B11">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Gallagher]]></surname>
<given-names><![CDATA[D. R.]]></given-names>
</name>
<name>
<surname><![CDATA[Ignatieva]]></surname>
<given-names><![CDATA[K.]]></given-names>
</name>
<name>
<surname><![CDATA[McCulloch]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Industry concentration, excess returns and innovation in Australia]]></article-title>
<source><![CDATA[Accounting &amp; Finance]]></source>
<year>2014</year>
<volume>55</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>443-66</page-range></nlm-citation>
</ref>
<ref id="B12">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Go]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
<name>
<surname><![CDATA[Kamerschen]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
<name>
<surname><![CDATA[Delrome]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Market structure and price-cost margins in Philippine manufacturing industries]]></article-title>
<source><![CDATA[Applied Economics]]></source>
<year>1999</year>
<volume>31</volume>
<numero>7</numero>
<issue>7</issue>
<page-range>857-64</page-range></nlm-citation>
</ref>
<ref id="B13">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Goto]]></surname>
<given-names><![CDATA[Y.]]></given-names>
</name>
<name>
<surname><![CDATA[Wilbur]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Unfinished business: Zombie firms among SME in Japan&#8217;s lost decades]]></article-title>
<source><![CDATA[Japan and the World Economy]]></source>
<year>2018</year>
</nlm-citation>
</ref>
<ref id="B14">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Gupta]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Malhotra]]></surname>
<given-names><![CDATA[N. K.]]></given-names>
</name>
<name>
<surname><![CDATA[Czinkota]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Foroudi]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Marketing innovation: A consequence of competitiveness]]></article-title>
<source><![CDATA[Journal of Business Research]]></source>
<year>2016</year>
<volume>69</volume>
<numero>12</numero>
<issue>12</issue>
<page-range>5671-81</page-range></nlm-citation>
</ref>
<ref id="B15">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Hazera]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Hernandez]]></surname>
<given-names><![CDATA[S. M.]]></given-names>
</name>
<name>
<surname><![CDATA[Quirvan]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Toward a conceptual framework of the harmonization of bank financial reporting standards in transition economies: The case of Mexico]]></article-title>
<source><![CDATA[Advances in Accounting]]></source>
<year>2009</year>
<volume>25</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>237-54</page-range></nlm-citation>
</ref>
<ref id="B16">
<nlm-citation citation-type="">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Hoshi]]></surname>
<given-names><![CDATA[T.]]></given-names>
</name>
</person-group>
<source><![CDATA[Why is the Japanese economy unable to get out of a liquidity trap?]]></source>
<year>2000</year>
<page-range>233-66</page-range></nlm-citation>
</ref>
<ref id="B17">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Hoshi]]></surname>
<given-names><![CDATA[T.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Economics of the living dead]]></article-title>
<source><![CDATA[Japanese Economic Review]]></source>
<year>2006</year>
<volume>57</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>30-49</page-range></nlm-citation>
</ref>
<ref id="B18">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Imai]]></surname>
<given-names><![CDATA[K.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[A panel study of zombie SMEs in Japan: Identification, borrowing and investment behavior]]></article-title>
<source><![CDATA[Journal of the Japanese and International Economies]]></source>
<year>2016</year>
<volume>39</volume>
<page-range>91-107</page-range></nlm-citation>
</ref>
<ref id="B19">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Ito]]></surname>
<given-names><![CDATA[T.]]></given-names>
</name>
<name>
<surname><![CDATA[Sasaki]]></surname>
<given-names><![CDATA[Y. N.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Impacts of the Basle capital standard on Japanese banks&#8217; behaviors]]></article-title>
<source><![CDATA[Journal of the Japanese and International Economies]]></source>
<year>2002</year>
<volume>16</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>372-97</page-range></nlm-citation>
</ref>
<ref id="B20">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Iwaisako]]></surname>
<given-names><![CDATA[T.]]></given-names>
</name>
<name>
<surname><![CDATA[Fukuoka]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
<name>
<surname><![CDATA[Kanou]]></surname>
<given-names><![CDATA[T.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Debt Restructuring of Japanese Corporations: Efficiency of Factor Allocations and the Debt-Labor Complementarity]]></article-title>
<source><![CDATA[Hitotsubashi Journal of Economics]]></source>
<year>2013</year>
<volume>54</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>119-35</page-range></nlm-citation>
</ref>
<ref id="B21">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Jiang]]></surname>
<given-names><![CDATA[X.]]></given-names>
</name>
<name>
<surname><![CDATA[Li]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Song]]></surname>
<given-names><![CDATA[X.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The mystery of zombie enterprises - &#8220;stiff but deathless&#8221;]]></article-title>
<source><![CDATA[China Journal of Accounting Research]]></source>
<year>2017</year>
<volume>10</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>341-57</page-range></nlm-citation>
</ref>
<ref id="B22">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Kane]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
</person-group>
<source><![CDATA[The S &amp; L Insurance Mess: How Did It Happen?]]></source>
<year>1989</year>
<publisher-loc><![CDATA[Washington, DC. ]]></publisher-loc>
<publisher-name><![CDATA[The Urban Insitute]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B23">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Khan]]></surname>
<given-names><![CDATA[H. H.]]></given-names>
</name>
<name>
<surname><![CDATA[Ahmad]]></surname>
<given-names><![CDATA[R. B.]]></given-names>
</name>
<name>
<surname><![CDATA[Chan]]></surname>
<given-names><![CDATA[S. G.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Market structure, bank conduct and bank performance: Evidence from ASEAN]]></article-title>
<source><![CDATA[Journal of Policy Modeling]]></source>
<year>2018</year>
<volume>40</volume>
<numero>5</numero>
<issue>5</issue>
<page-range>934-58</page-range></nlm-citation>
</ref>
<ref id="B24">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Khan]]></surname>
<given-names><![CDATA[H. H.]]></given-names>
</name>
<name>
<surname><![CDATA[Ahmad]]></surname>
<given-names><![CDATA[R. B.]]></given-names>
</name>
<name>
<surname><![CDATA[Gee]]></surname>
<given-names><![CDATA[C. S.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Market Structure, Financial Dependence and Industrial Growth: Evidence from the Banking Industry in Emerging Asian Economies]]></article-title>
<source><![CDATA[PLOS ONE]]></source>
<year>2016</year>
<volume>11</volume>
<numero>8</numero>
<issue>8</issue>
</nlm-citation>
</ref>
<ref id="B25">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Kimenyi]]></surname>
<given-names><![CDATA[M. S.]]></given-names>
</name>
<name>
<surname><![CDATA[Lee]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Shughart]]></surname>
<given-names><![CDATA[W. F.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Price-Cost Margins and Industry Structure in Developing Countries: The Case of Korea*]]></article-title>
<source><![CDATA[Bulletin of Economic Research]]></source>
<year>1990</year>
<volume>42</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>197-210</page-range></nlm-citation>
</ref>
<ref id="B26">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Kovacs]]></surname>
<given-names><![CDATA[Z.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The Key to Competitiveness: Forecast]]></article-title>
<source><![CDATA[Acta Oeconomica]]></source>
<year>2012</year>
<volume>62</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>505-18</page-range></nlm-citation>
</ref>
<ref id="B27">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Li]]></surname>
<given-names><![CDATA[Y.]]></given-names>
</name>
<name>
<surname><![CDATA[Nie]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
<name>
<surname><![CDATA[Zhao]]></surname>
<given-names><![CDATA[X.]]></given-names>
</name>
<name>
<surname><![CDATA[Li]]></surname>
<given-names><![CDATA[Y.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Market structure and performance: An empirical study of the Chinese solar cell industry]]></article-title>
<source><![CDATA[Renewable and Sustainable Energy Reviews]]></source>
<year>2017</year>
<volume>70</volume>
<page-range>78-82</page-range></nlm-citation>
</ref>
<ref id="B28">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[López]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Trade and financial liberalization revisited: Mexico&#8217;s experience]]></article-title>
<source><![CDATA[Journal of Post Keynesian Economics]]></source>
<year>2015</year>
<volume>38</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>376-98</page-range></nlm-citation>
</ref>
<ref id="B29">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Man]]></surname>
<given-names><![CDATA[T. W. Y.]]></given-names>
</name>
<name>
<surname><![CDATA[Lau]]></surname>
<given-names><![CDATA[T.]]></given-names>
</name>
<name>
<surname><![CDATA[Chan]]></surname>
<given-names><![CDATA[K. F.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The competitiveness of small and medium enterprises: A conceptualization with focus on entrepreneurial competencies]]></article-title>
<source><![CDATA[Journal of Business Venturing]]></source>
<year>2002</year>
<volume>17</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>123-42</page-range></nlm-citation>
</ref>
<ref id="B30">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Marois]]></surname>
<given-names><![CDATA[T.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Emerging market bank rescues in an era of finance-led neoliberalism: A comparison of Mexico and Turkey]]></article-title>
<source><![CDATA[Review of International Political Economy]]></source>
<year>2011</year>
<volume>18</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>168-96</page-range></nlm-citation>
</ref>
<ref id="B31">
<nlm-citation citation-type="book">
<collab>Martin</collab>
<source><![CDATA[Market, Firm, and Economic Performance]]></source>
<year>1983</year>
<edition>1a</edition>
<publisher-loc><![CDATA[Estados Unidos ]]></publisher-loc>
<publisher-name><![CDATA[New York University Graduate School of Business Administration, Salomon Brothers Center for the Study of Financial Institutions]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B32">
<nlm-citation citation-type="journal">
<collab>Martin</collab>
<article-title xml:lang=""><![CDATA[Testing the interaction between concentration and barriers to entry]]></article-title>
<source><![CDATA[Review of Industrial Organization]]></source>
<year>1984</year>
<volume>1</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>114-26</page-range></nlm-citation>
</ref>
<ref id="B33">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Martin]]></surname>
<given-names><![CDATA[C. J.]]></given-names>
</name>
<name>
<surname><![CDATA[Upham]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
<name>
<surname><![CDATA[Budd]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Commercial orientation in grassroots social innovation: Insights from the sharing economy]]></article-title>
<source><![CDATA[Ecological Economics]]></source>
<year>2015</year>
<volume>118</volume>
<page-range>240-51</page-range></nlm-citation>
</ref>
<ref id="B34">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[McGowan]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Andrews]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
<name>
<surname><![CDATA[Millot]]></surname>
<given-names><![CDATA[V.]]></given-names>
</name>
</person-group>
<source><![CDATA[The Walking Dead? Zombie firms and Productivity Performance in OECD countries]]></source>
<year>2016</year>
<publisher-name><![CDATA[OECD Economics Departament Working Papers]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B35">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Peña]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Cepeda]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
<name>
<surname><![CDATA[Chin]]></surname>
<given-names><![CDATA[W.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Effect of ITC on the international competitiveness of firms]]></article-title>
<source><![CDATA[Management Decision]]></source>
<year>2012</year>
<volume>50</volume>
<numero>6</numero>
<issue>6</issue>
<page-range>1045-61</page-range></nlm-citation>
</ref>
<ref id="B36">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Peña-Vinces]]></surname>
<given-names><![CDATA[J. C.]]></given-names>
</name>
<name>
<surname><![CDATA[Casanova]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
<name>
<surname><![CDATA[Guillen]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Urbano]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[International Competitiveness of Small and Medium-Sized Enterprises: Peru, a Latin-American Emerging Market]]></article-title>
<source><![CDATA[Emerging Markets Finance and Trade]]></source>
<year>2017</year>
<volume>53</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>150-69</page-range></nlm-citation>
</ref>
<ref id="B37">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Perez-Bustamante]]></surname>
<given-names><![CDATA[G. O.]]></given-names>
</name>
<name>
<surname><![CDATA[Marques]]></surname>
<given-names><![CDATA[C. S. E.]]></given-names>
</name>
<name>
<surname><![CDATA[Jalali]]></surname>
<given-names><![CDATA[M. S.]]></given-names>
</name>
<name>
<surname><![CDATA[Ferreira]]></surname>
<given-names><![CDATA[F. A. F.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The impact of continuous training in small and medium enterprises: Lessons from an industrial case analysis]]></article-title>
<source><![CDATA[Journal of Business Economics and Management]]></source>
<year>2016</year>
<volume>17</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>234-50</page-range></nlm-citation>
</ref>
<ref id="B38">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Sauka]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Measuring the competitiveness of Latvian companies]]></article-title>
<source><![CDATA[Baltic Journal of Economics]]></source>
<year>2014</year>
<volume>14</volume>
<numero>1-2</numero>
<issue>1-2</issue>
<page-range>140-58</page-range></nlm-citation>
</ref>
<ref id="B39">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Schmalensee]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Do Markets Differ Much?]]></article-title>
<source><![CDATA[The American Economic Review]]></source>
<year>1985</year>
<volume>75</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>341-51</page-range></nlm-citation>
</ref>
<ref id="B40">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Schmalensee]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Chapter 16 Inter-industry studies of structure and performance]]></article-title>
<source><![CDATA[Handbook of Industrial Organization]]></source>
<year>1989</year>
<volume>2</volume>
<page-range>951-1009</page-range><publisher-name><![CDATA[Elsevier]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B41">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Shen]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
<name>
<surname><![CDATA[Chen]]></surname>
<given-names><![CDATA[B.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Zombie firms and over-capacity in Chinese manufacturing]]></article-title>
<source><![CDATA[China Economic Review]]></source>
<year>2017</year>
<volume>44</volume>
<page-range>327-42</page-range></nlm-citation>
</ref>
<ref id="B42">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Shepherd]]></surname>
<given-names><![CDATA[W. G]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The Elements of Market Structure]]></article-title>
<source><![CDATA[The Review of Economics and Statistics]]></source>
<year>1972</year>
<volume>54</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>25-37</page-range></nlm-citation>
</ref>
<ref id="B43">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Solleiro]]></surname>
<given-names><![CDATA[J. L.]]></given-names>
</name>
<name>
<surname><![CDATA[Castañón]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Competitiveness and innovation systems: the challenges for Mexico&#8217;s insertion in the global context]]></article-title>
<source><![CDATA[Technovation]]></source>
<year>2005</year>
<volume>25</volume>
<numero>9</numero>
<issue>9</issue>
<page-range>1059-70</page-range></nlm-citation>
</ref>
<ref id="B44">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Stojcic]]></surname>
<given-names><![CDATA[N.]]></given-names>
</name>
<name>
<surname><![CDATA[Hashi]]></surname>
<given-names><![CDATA[I.]]></given-names>
</name>
<name>
<surname><![CDATA[Telhaj]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Restructuring and Competitiveness Empirical Evidence on Firm Behavior in New EU Member States and Candidate Countries]]></article-title>
<source><![CDATA[Eastern European Economics]]></source>
<year>2013</year>
<volume>51</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>84-107</page-range></nlm-citation>
</ref>
<ref id="B45">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Subramanian]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Reddy]]></surname>
<given-names><![CDATA[V. N.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Corporate governance disclosures and international competitiveness: A study of Indian firms]]></article-title>
<source><![CDATA[Asian Business &amp; Management]]></source>
<year>2012</year>
<volume>11</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>195-218</page-range></nlm-citation>
</ref>
<ref id="B46">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Tan]]></surname>
<given-names><![CDATA[Y.]]></given-names>
</name>
<name>
<surname><![CDATA[Huang]]></surname>
<given-names><![CDATA[Y.]]></given-names>
</name>
<name>
<surname><![CDATA[Woo]]></surname>
<given-names><![CDATA[W. T.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Zombie Firms and the Crowding-Out of Private Investment in China]]></article-title>
<source><![CDATA[Asian Economic Papers]]></source>
<year>2016</year>
<volume>15</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>32-55</page-range></nlm-citation>
</ref>
<ref id="B47">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Uchida]]></surname>
<given-names><![CDATA[H.]]></given-names>
</name>
<name>
<surname><![CDATA[Miyakawa]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
<name>
<surname><![CDATA[Hosono]]></surname>
<given-names><![CDATA[K.]]></given-names>
</name>
<name>
<surname><![CDATA[Ono]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Uchino]]></surname>
<given-names><![CDATA[T.]]></given-names>
</name>
<name>
<surname><![CDATA[Uesugi]]></surname>
<given-names><![CDATA[I.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Financial shocks, bankruptcy, and natural selection]]></article-title>
<source><![CDATA[Japan and the World Economy]]></source>
<year>2015</year>
<volume>36</volume>
<page-range>123-35</page-range></nlm-citation>
</ref>
<ref id="B48">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Urionabarrenetxea]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Garcia-Merino]]></surname>
<given-names><![CDATA[J. D.]]></given-names>
</name>
<name>
<surname><![CDATA[San-Jose]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
<name>
<surname><![CDATA[Retolaza]]></surname>
<given-names><![CDATA[J. L.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Living with zombie companies: Do we know where the threat lies?]]></article-title>
<source><![CDATA[European Management Journal]]></source>
<year>2018</year>
</nlm-citation>
</ref>
<ref id="B49">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Wu]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
<name>
<surname><![CDATA[Gao]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
<name>
<surname><![CDATA[Gu]]></surname>
<given-names><![CDATA[T.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Business strategy, market competition and earnings management: Evidence from China]]></article-title>
<source><![CDATA[Chinese Management Studies]]></source>
<year>2015</year>
<volume>9</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>401-24</page-range></nlm-citation>
</ref>
</ref-list>
</back>
</article>
