<?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>S0186-10422019000100007</article-id>
<article-id pub-id-type="doi">10.22201/fca.24488410e.2018.1377</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[Empirical evidence on the relationship of capital structure and market value among Mexican publicly listed companies]]></article-title>
<article-title xml:lang="es"><![CDATA[Evidencia empírica sobre la relación de estructura de capital y valor entre empresas mexicanas listadas en bolsa]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Vega Zavala]]></surname>
<given-names><![CDATA[María del Rocío]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Santillán Salgado]]></surname>
<given-names><![CDATA[Roberto Joaquín]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Instituto Tecnológico y de Estudios Superiores de Monterrey  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>03</month>
<year>2019</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>03</month>
<year>2019</year>
</pub-date>
<volume>64</volume>
<numero>1</numero>
<fpage>0</fpage>
<lpage>0</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S0186-10422019000100007&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S0186-10422019000100007&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S0186-10422019000100007&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract This paper estimates the impact of capital structure changes on the market value of a sample of 69 non-financial firms listed in the Mexican Stock Exchange, during the period 2004 to 2014. Using Pooled Ordinary Least Squares (OLS), Fixed Effects (FE) and Random Effects (RE) regressions, we confirm the extensively documented positive influence of leverage on firm value; i.e. there is a clearly positive and statistically significant relationship between changes in financial leverage (debt ratios and debt to invested capital) and changes in Tobin&#8217;s Q (our proxy variable for firm value). When the sample is distributed in sub samples of firms with low and high leverage, small and big size, low and high profitability, or low and high risk, the financial leverage coefficients vary in magnitude and, in the case of debt ratios, remain highly significant. Our main contribution consists in the analysis of the estimated parameters, contributing to a better understanding of the impact of financial leverage changes on the value of different types of firms. These findings have important implications for corporate financial strategies, as well as for portfolio managers&#8217; investment choices.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Este artículo estudia el impacto de cambios en la estructura de capital sobre el valor de mercado de una muestra de 69 corporaciones no financieras listadas en la Bolsa Mexicana de Valores durante el periodo 2004 a 2014. Utilizando regresiones con Mínimos Cuadrados Ordinarios (OLS) en &#8220;Pool&#8221;, Efectos Fijos y Efectos Aleatorios, confirmamos la ampliamente documentada relación entre el apalancamiento financiero y el valor de la empresa; i.e., existe una relación claramente positiva y estadísticamente significativa entre cambios en la palanca financiera (razón de endeudamiento y razón de deuda a capital invertido) y cambios en la Q de Tobin. Cuando la muestra completa se divide en submuestras de empresas con bajo y alto apalancamiento, pequeño y gran tamaño, baja y alta rentabilidad, o bajo y alto riesgo, los coeficientes varían en magnitud y, en el caso de la razón de endeudamiento, todos conservan su elevada significancia. Nuestra principal contribución consiste en el análisis de los parámetros estimados, contribuyendo a una mejor comprensión del impacto de cambios en apalancamiento financiero sobre distintos tipos de empresas. Estos hallazgos tienen importantes implicaciones para la estrategia financiera de la corporación y para la decisión de qué tipo de activos incluir en los portafolios de inversión.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[Value of firms]]></kwd>
<kwd lng="en"><![CDATA[Leverage]]></kwd>
<kwd lng="en"><![CDATA[Size]]></kwd>
<kwd lng="en"><![CDATA[Mexican Stock Market]]></kwd>
<kwd lng="es"><![CDATA[Valuación de empresas]]></kwd>
<kwd lng="es"><![CDATA[Apalancamiento]]></kwd>
<kwd lng="es"><![CDATA[Tamaño]]></kwd>
<kwd lng="es"><![CDATA[Bolsa Mexicana de Valores]]></kwd>
</kwd-group>
</article-meta>
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