<?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>S1665-53462025000300002</article-id>
<article-id pub-id-type="doi">10.21919/remef.v20i3.1351</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Rentabilidad, financiamiento y participación en la actividad productiva de empresas industriales mexicanas]]></article-title>
<article-title xml:lang="en"><![CDATA[Profitability, financing, and participation in the productive activity of Mexican industrial companies]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Morales Castro]]></surname>
<given-names><![CDATA[José Antonio]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Gurrola Ríos]]></surname>
<given-names><![CDATA[César]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[López Herrera]]></surname>
<given-names><![CDATA[Francisco]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Instituto Politécnico Nacional  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad Juárez del Estado de Durango  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>México</country>
</aff>
<aff id="Af3">
<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>09</month>
<year>2025</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>09</month>
<year>2025</year>
</pub-date>
<volume>20</volume>
<numero>3</numero>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S1665-53462025000300002&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S1665-53462025000300002&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S1665-53462025000300002&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Se analizan los efectos de las decisiones de financiamiento, la estructura financiera, la eficiencia operativa de los recursos obtenidos por deuda, la utilidad por acción y la participación relativa de la emisora en la actividad productiva nacional, sobre el margen neto de una muestra de empresas clasificadas en el sector industrial de la Bolsa Mexicana de Valores. Las herramientas del análisis son regresión cuantílica, los riesgos downside y upside, así como los índices Omega y de Sortino, abarcando del cuarto trimestre del 2000 al tercer trimestre del 2024. Nuestros resultados confirman la relevancia de esas decisiones sobre la rentabilidad, detectándose efectos asimétricos a través de los diferentes cuantiles de su distribución de probabilidades. Como se esperaba, la evidencia empírica demuestra la necesidad de incrementar las ganancias a una mayor tasa que la del crecimiento de la deuda; asimismo, la respuesta de la rentabilidad ante las decisiones de financiamiento sugiere monitorear un potencial efecto de saturación del escudo fiscal. Los hallazgos pueden ser de utilidad para administradores e inversionistas actuales y potenciales, interesados en el desempeño financiero de las empresas.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract The effects of financing decisions, financial structure, operational efficiency of resources obtained from debt, earnings per share, and the relative participation of the issuer in the national productive activity on the net margin of a sample of companies classified in the Mexican Stock Exchange industrial sector are analyzed. The analysis tools are quantile regression, downside, and upside risks, as well as the Omega and Sortino indices, covering the fourth quarter of 2000 to the third quarter of 2024. Our results confirm the relevance of these decisions on profitability, detecting asymmetric effects through the different quantiles of their probability distribution. As expected, empirical evidence shows the need to increase profits at a higher rate than the growth of debt; likewise, the response of profitability to financing decisions suggests monitoring a potential saturation effect of the tax shield. The findings may be helpful for current and potential managers and investors interested in the financial performance of companies.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[D25]]></kwd>
<kwd lng="es"><![CDATA[G31]]></kwd>
<kwd lng="es"><![CDATA[margen neto]]></kwd>
<kwd lng="es"><![CDATA[rentabilidad]]></kwd>
<kwd lng="es"><![CDATA[apalancamiento]]></kwd>
<kwd lng="es"><![CDATA[eficiencia operativa]]></kwd>
<kwd lng="es"><![CDATA[sector industrial]]></kwd>
<kwd lng="en"><![CDATA[D25]]></kwd>
<kwd lng="en"><![CDATA[G31]]></kwd>
<kwd lng="en"><![CDATA[net margin]]></kwd>
<kwd lng="en"><![CDATA[profitability]]></kwd>
<kwd lng="en"><![CDATA[leverage]]></kwd>
<kwd lng="en"><![CDATA[operating efficiency]]></kwd>
<kwd lng="en"><![CDATA[industrial sector]]></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[Abey]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Velmurugan]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Determinants of probability in Indian automobile industry]]></article-title>
<source><![CDATA[International Journal of Pure and Applied Mathematics]]></source>
<year>2018</year>
<volume>119</volume>
<numero>12</numero>
<issue>12</issue>
<page-range>15301-13</page-range></nlm-citation>
</ref>
<ref id="B2">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Aryantini]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Jumono]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Profitability and value of firm: An evidence from manufacturing industry in Indonesia]]></article-title>
<source><![CDATA[Accounting]]></source>
<year>2021</year>
<volume>7</volume>
<page-range>735-46</page-range></nlm-citation>
</ref>
<ref id="B3">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Ayodele]]></surname>
<given-names><![CDATA[T.]]></given-names>
</name>
<name>
<surname><![CDATA[Olaleye]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Risk adjusted performance of public real estate and other assets in the Nigerian investment market: a downside risk perspective]]></article-title>
<source><![CDATA[Real Estate Finance]]></source>
<year>2015</year>
<volume>31</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>170-7</page-range></nlm-citation>
</ref>
<ref id="B4">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Azzali]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Fornaciari]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
<name>
<surname><![CDATA[Mazza]]></surname>
<given-names><![CDATA[T.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The value relevance of earning management in the manufacturing industries before and during the financial crisis]]></article-title>
<source><![CDATA[European Journal of Accounting, Finance &amp; Business]]></source>
<year>2013</year>
<volume>1</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>3-55</page-range></nlm-citation>
</ref>
<ref id="B5">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Bacon]]></surname>
<given-names><![CDATA[Carl R.]]></given-names>
</name>
</person-group>
<source><![CDATA[Practical portfolio performance measurement and attribution]]></source>
<year>2008</year>
<edition>2nd</edition>
<publisher-loc><![CDATA[Chippenham, Wiltshire ]]></publisher-loc>
<publisher-name><![CDATA[John Wiley &amp; Sons]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B6">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Barakat]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The impact of financial structure, financial leverage and profitability on industrial companies share value]]></article-title>
<source><![CDATA[Research Journal of Finance and Accounting]]></source>
<year>2014</year>
<volume>5</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>55-66</page-range></nlm-citation>
</ref>
<ref id="B7">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Becker]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Kaen]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
<name>
<surname><![CDATA[Etebari]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Baumann]]></surname>
<given-names><![CDATA[H.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Employees, firm size and profitability in U.S. manufacturing industries]]></article-title>
<source><![CDATA[Investment Management and Financial Innovations]]></source>
<year>2010</year>
<volume>7</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>7-23</page-range></nlm-citation>
</ref>
<ref id="B8">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Cha]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Park]]></surname>
<given-names><![CDATA[K.]]></given-names>
</name>
<name>
<surname><![CDATA[Kim]]></surname>
<given-names><![CDATA[H.]]></given-names>
</name>
<name>
<surname><![CDATA[Hong]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Crisis index prediction based on momentum theory and earning downside risk theory: focusing on south Korea´s energy industry]]></article-title>
<source><![CDATA[Energies]]></source>
<year>2023</year>
<volume>16</volume>
<numero>2153</numero>
<issue>2153</issue>
<page-range>1-20</page-range></nlm-citation>
</ref>
<ref id="B9">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Davino]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
<name>
<surname><![CDATA[Furno]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Vistocco]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
</person-group>
<source><![CDATA[Quantile regression: theory and applications]]></source>
<year>2014</year>
<publisher-loc><![CDATA[Pondicherry, India ]]></publisher-loc>
<publisher-name><![CDATA[John Wiley and Sons]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B10">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Demydyuk]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Optimal financial key performance indicators: evidence from the airline industry]]></article-title>
<source><![CDATA[Accounting &amp; Taxation]]></source>
<year>2011</year>
<volume>3</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>39-51</page-range></nlm-citation>
</ref>
<ref id="B11">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Eka]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The efect of cash flows, accounting profit, and net profit margin on share return: A sutdy at telecomunication companies listed Indonesia Stock Exchange 2009-2014]]></article-title>
<source><![CDATA[Journal IImiah Mahasiswa FEB]]></source>
<year>2015</year>
<volume>4</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>1-17</page-range></nlm-citation>
</ref>
<ref id="B12">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Fuertes]]></surname>
<given-names><![CDATA[Y.]]></given-names>
</name>
<name>
<surname><![CDATA[Cuellar]]></surname>
<given-names><![CDATA[B.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Inter-relationship between firm growth and profitability in a context of economic crisis]]></article-title>
<source><![CDATA[Journal of Business Economics and Management]]></source>
<year>2019</year>
<volume>20</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>186-06</page-range></nlm-citation>
</ref>
<ref id="B13">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[German]]></surname>
<given-names><![CDATA[V.]]></given-names>
</name>
<name>
<surname><![CDATA[Sánchez]]></surname>
<given-names><![CDATA[O.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The profitability-growth Nexus in the Mexican manufacturing industry]]></article-title>
<source><![CDATA[Social Sciences &amp; Humanities Open]]></source>
<year>2021</year>
<volume>4</volume>
<page-range>2-12</page-range></nlm-citation>
</ref>
<ref id="B14">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Handayani]]></surname>
<given-names><![CDATA[N.]]></given-names>
</name>
<name>
<surname><![CDATA[Winarningsih]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The effect of net profit margin and return on equity toward profit growth]]></article-title>
<source><![CDATA[Moneter: Jurnal Akuntansi dan Keungan]]></source>
<year>2020</year>
<volume>7</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>198-204</page-range></nlm-citation>
</ref>
<ref id="B15">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Harb]]></surname>
<given-names><![CDATA[A. S.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The impact of profitability and financial performance on improving productive efficiency in Jordanian industrial companies]]></article-title>
<source><![CDATA[Academy of Strategic Management Journal]]></source>
<year>2019</year>
<volume>18</volume>
<numero>5</numero>
<issue>5</issue>
<page-range>1-13</page-range></nlm-citation>
</ref>
<ref id="B16">
<nlm-citation citation-type="book">
<collab>INEGI</collab>
<source><![CDATA[Producto Interno Bruto (PIB)]]></source>
<year>2023</year>
<publisher-name><![CDATA[Instituto Nacional de Estadística y Geografía]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B17">
<nlm-citation citation-type="book">
<collab>INEGI</collab>
<source><![CDATA[Encuesta Nacional de Ocupación y Empleo (ENOE), población de 15 años y más de edad]]></source>
<year>2023</year>
<publisher-name><![CDATA[Instituto Nacional de Estadística y Geografía]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B18">
<nlm-citation citation-type="book">
<collab>INEGI</collab>
<source><![CDATA[Economía y Sectores Productivos]]></source>
<year>2024</year>
<publisher-name><![CDATA[Instituto Nacional de Estadística y Geografía]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B19">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Jayathilaka]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Operating profit and net profit: Measurements of profitability]]></article-title>
<source><![CDATA[Open Acces Library Journal]]></source>
<year>2020</year>
<volume>7</volume>
</nlm-citation>
</ref>
<ref id="B20">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Keating]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
<name>
<surname><![CDATA[Shadwick]]></surname>
<given-names><![CDATA[W.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[A universal performance measure]]></article-title>
<source><![CDATA[Journal of Performance Measurement]]></source>
<year>2002</year>
<volume>6</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>59-84</page-range></nlm-citation>
</ref>
<ref id="B21">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Koenker]]></surname>
<given-names><![CDATA[Roger]]></given-names>
</name>
<name>
<surname><![CDATA[Bassett]]></surname>
<given-names><![CDATA[Gilbert]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Regression quantiles]]></article-title>
<source><![CDATA[Econometrica]]></source>
<year>1978</year>
<volume>46</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>33-50</page-range></nlm-citation>
</ref>
<ref id="B22">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Kumar]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
<name>
<surname><![CDATA[Sukumaran]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Value drivers in Oil companies: An application of variance-based structure equation model]]></article-title>
<source><![CDATA[Contemporary Management Research]]></source>
<year>2017</year>
<volume>13</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>31-52</page-range></nlm-citation>
</ref>
<ref id="B23">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Lisboa]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Cacharava]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Does financial crisis impact earning management: evidence from Portuguese and UK]]></article-title>
<source><![CDATA[European Journal of Applied Business Management]]></source>
<year>2018</year>
<volume>4</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>80-100</page-range></nlm-citation>
</ref>
<ref id="B24">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Madaleno]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[B&#259;rbu&#355;&#259;]]></surname>
<given-names><![CDATA[N.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The financial performance of European companies: Explanatory factors in the context of economics crisis]]></article-title>
<source><![CDATA[Ekonomika]]></source>
<year>2019</year>
<volume>98</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>6-18</page-range></nlm-citation>
</ref>
<ref id="B25">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Martínez]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
<name>
<surname><![CDATA[Barajas]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Corrales]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Cambio estructural y desindustrialización en la frontera norte de México]]></article-title>
<source><![CDATA[Estudios fronterizos]]></source>
<year>2022</year>
<volume>23</volume>
</nlm-citation>
</ref>
<ref id="B26">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Maside]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[López]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Iglesias]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Torrelles]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Determinants of the profitability of sheltered workshops: efficiency and effects of the COVID-19 crisis]]></article-title>
<source><![CDATA[Research Journal of Finance and Accounting]]></source>
<year>2024</year>
<volume>5</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>55-66</page-range></nlm-citation>
</ref>
<ref id="B27">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Maziarczyk]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Global financial crisis, profitability and outsourcing in industrial companies in Poland]]></article-title>
<source><![CDATA[Scientific Quarterly &#8220;Organization and Management]]></source>
<year>2020</year>
<volume>1</volume>
<numero>49</numero>
<issue>49</issue>
<page-range>87-101</page-range></nlm-citation>
</ref>
<ref id="B28">
<nlm-citation citation-type="confpro">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Moreno]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<source><![CDATA[Economic development and industrial performance in Mexico post-NAFTA]]></source>
<year>2007</year>
<conf-name><![CDATA[ Taller Nacional sobre &#8220;Migración interna y desarrollo en México: diagnóstico, perspectivas y políticas&#8221;]]></conf-name>
<conf-loc> </conf-loc>
</nlm-citation>
</ref>
<ref id="B29">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Mustafa]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The impact of profitability and financial performance on improving productive efficiency in Jordanian industrial companies]]></article-title>
<source><![CDATA[Academy of Strategic Management Journal]]></source>
<year>2019</year>
<volume>18</volume>
<numero>5</numero>
<issue>5</issue>
<page-range>1-13</page-range></nlm-citation>
</ref>
<ref id="B30">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Nathaniela]]></surname>
<given-names><![CDATA[T.]]></given-names>
</name>
<name>
<surname><![CDATA[Mohammad]]></surname>
<given-names><![CDATA[N.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Profit growth: impact of net profit margin, gross profit margin and total assets turnover]]></article-title>
<source><![CDATA[Nariswari and Nugraha / International Journal of Finance &amp; Banking Studies]]></source>
<year>2020</year>
<volume>9</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>87-96</page-range></nlm-citation>
</ref>
<ref id="B31">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Newey]]></surname>
<given-names><![CDATA[W.]]></given-names>
</name>
<name>
<surname><![CDATA[Powell]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Asymetric least squares estimation and testing]]></article-title>
<source><![CDATA[Econometrica]]></source>
<year>1987</year>
<volume>55</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>819-47</page-range></nlm-citation>
</ref>
<ref id="B32">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Nguyen]]></surname>
<given-names><![CDATA[T.]]></given-names>
</name>
<name>
<surname><![CDATA[Nguyen]]></surname>
<given-names><![CDATA[V.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The determinants of profitability in listed enterprises: A study from vientnamese stock Exchange]]></article-title>
<source><![CDATA[Journal of Asian Finance, Economics and Business]]></source>
<year>2020</year>
<volume>7</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>47-58</page-range></nlm-citation>
</ref>
<ref id="B33">
<nlm-citation citation-type="book">
<collab>ONUDI</collab>
<source><![CDATA[Informe sobre el desarrollo industrial 2022]]></source>
<year>2021</year>
<publisher-name><![CDATA[Organización de las Naciones Unidas para el Desarrollo Industrial]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B34">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Osorio]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
<name>
<surname><![CDATA[Mungaray]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Jiménez]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The manufacturing industry in Mexico: a history of production without distribution]]></article-title>
<source><![CDATA[CEPAL Review]]></source>
<year>2020</year>
<volume>131</volume>
<page-range>133-46</page-range></nlm-citation>
</ref>
<ref id="B35">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Padilla]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
<name>
<surname><![CDATA[Cordero]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Hernández]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
<name>
<surname><![CDATA[Romero]]></surname>
<given-names><![CDATA[I.]]></given-names>
</name>
</person-group>
<source><![CDATA[Evolución reciente y retos de la industria manufacturera de exportación en Centroamérica, México y República Dominicana: una perspectiva regional y sectorial]]></source>
<year>2008</year>
<publisher-name><![CDATA[Naciones Unidas, Comisión Económica Para América Latina y el Caribe, CEPAL]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B36">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Palomino]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Importancia del sector industrial en el desarrollo económico: Una revisión del estado del arte]]></article-title>
<source><![CDATA[Revista de Estudios de Políticas Públicas]]></source>
<year>2017</year>
<page-range>139-56</page-range></nlm-citation>
</ref>
<ref id="B37">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Panza]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
<name>
<surname><![CDATA[Ville]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Merrett]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The divers of firm longevity: Age, size, profitability and survivorship of Australian corporations, 1901-1930]]></article-title>
<source><![CDATA[Business History]]></source>
<year>2018</year>
<volume>60</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>157-77</page-range></nlm-citation>
</ref>
<ref id="B38">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Perisa]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Kurnoga]]></surname>
<given-names><![CDATA[N.]]></given-names>
</name>
<name>
<surname><![CDATA[Sopta]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Multivariate analysis of profitability indicators for selected companies of croatian market]]></article-title>
<source><![CDATA[UTMS Journal of Economics]]></source>
<year>2017</year>
<volume>8</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>231-42</page-range></nlm-citation>
</ref>
<ref id="B39">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Rutkowska]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Downside Accounting Risk Measures: The Case of the New York Stock Exchange]]></article-title>
<source><![CDATA[The North American Journal of Economics and Finance]]></source>
<year>2023</year>
<volume>68</volume>
<page-range>1-9</page-range></nlm-citation>
</ref>
<ref id="B40">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Solís]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[García]]></surname>
<given-names><![CDATA[H.]]></given-names>
</name>
<name>
<surname><![CDATA[Márquez]]></surname>
<given-names><![CDATA[J]]></given-names>
</name>
<name>
<surname><![CDATA[Hernández]]></surname>
<given-names><![CDATA[V.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Impacto de la crisis de 2020 en la economía mexicana: un enfoque insumo-producto con inoperabilidad. Problemas del Desarrollo]]></article-title>
<source><![CDATA[Revista Latinoamericana de Economía]]></source>
<year>2022</year>
<volume>53</volume>
<numero>211</numero>
<issue>211</issue>
<page-range>55-78</page-range></nlm-citation>
</ref>
<ref id="B41">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Sortino]]></surname>
<given-names><![CDATA[Frank A.]]></given-names>
</name>
<name>
<surname><![CDATA[Price]]></surname>
<given-names><![CDATA[Lee N.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Performance measurement in a downside risk framework]]></article-title>
<source><![CDATA[Journal of Investing]]></source>
<year>1994</year>
<volume>3</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>59-4</page-range></nlm-citation>
</ref>
<ref id="B42">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Sortino]]></surname>
<given-names><![CDATA[Frank A.]]></given-names>
</name>
<name>
<surname><![CDATA[Van der Meer]]></surname>
<given-names><![CDATA[Robert]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Downside risk]]></article-title>
<source><![CDATA[The Journal of Portfolio Management]]></source>
<year>1991</year>
<volume>17</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>27-31</page-range></nlm-citation>
</ref>
<ref id="B43">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Spitish]]></surname>
<given-names><![CDATA[V.]]></given-names>
</name>
<name>
<surname><![CDATA[Ryzhkova]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Vukovic]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
<name>
<surname><![CDATA[Anokhin]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Companies profitability under economic instability: evidence from the manufacturing industry in Russia]]></article-title>
<source><![CDATA[Journal of Economic Structures]]></source>
<year>2020</year>
<page-range>1-20</page-range></nlm-citation>
</ref>
<ref id="B44">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Tikici]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Omay]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
<name>
<surname><![CDATA[Derin]]></surname>
<given-names><![CDATA[N.]]></given-names>
</name>
<name>
<surname><![CDATA[Nur]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Cüreoglu]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Operating, turnaround strategies during crisis periods: research on manufacturing firms]]></article-title>
<source><![CDATA[Procedia Social and Behavioral Sciences]]></source>
<year>2011</year>
<volume>24</volume>
<page-range>49-60</page-range></nlm-citation>
</ref>
<ref id="B45">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Uribe]]></surname>
<given-names><![CDATA[Jorge M.]]></given-names>
</name>
<name>
<surname><![CDATA[Guillen]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<source><![CDATA[Quantile Regression for Cross-Sectional and Time Series Data Applications in Energy Markets Using R]]></source>
<year>2020</year>
<publisher-loc><![CDATA[Cham, Switzerland ]]></publisher-loc>
<publisher-name><![CDATA[Springer Nature]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B46">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Wartoyo]]></surname>
<given-names><![CDATA[H.]]></given-names>
</name>
<name>
<surname><![CDATA[Nurhayati]]></surname>
<given-names><![CDATA[j.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Analysis of the effect of net profit margin, return on assets and return on equity on stock price]]></article-title>
<source><![CDATA[The Management Journal of BINANAIAGA]]></source>
<year>2018</year>
<volume>3</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>81-92</page-range></nlm-citation>
</ref>
<ref id="B47">
<nlm-citation citation-type="">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Yeong]]></surname>
<given-names><![CDATA[K.]]></given-names>
</name>
</person-group>
<source><![CDATA[Earning downside risk and earnings management]]></source>
<year>2020</year>
</nlm-citation>
</ref>
<ref id="B48">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Yosih]]></surname>
<given-names><![CDATA[H.]]></given-names>
</name>
<name>
<surname><![CDATA[Nawin]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Profitability, solvency, dividend policy and their influence on industrial sector stock prices (IDXINDUST) IDX-IC]]></article-title>
<source><![CDATA[Budapest International Research and Critics Institute-Journal (BIRCI-Journal)]]></source>
<year>2022</year>
<volume>5</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>7121-34</page-range></nlm-citation>
</ref>
</ref-list>
</back>
</article>
