<?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>S0186-10422019000400013</article-id>
<article-id pub-id-type="doi">10.22201/fca.24488410e.2018.1750</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[Mediation effect of interest rates on MFIs&#8217; financial performance]]></article-title>
<article-title xml:lang="es"><![CDATA[Efecto de la mediación de las tasas de interés sobre el desempeño financiero de las instituciones de microfinanzas]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Ramírez Rocha]]></surname>
<given-names><![CDATA[Adriana]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Cervantes Zepeda]]></surname>
<given-names><![CDATA[Mauricio]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Bernal Ponce]]></surname>
<given-names><![CDATA[Luis Arturo]]></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>09</month>
<year>2019</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>09</month>
<year>2019</year>
</pub-date>
<volume>64</volume>
<numero>3</numero>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S0186-10422019000400013&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S0186-10422019000400013&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S0186-10422019000400013&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract In this article, we analyze the way in which interest rates interact with financial performance in the MFI context. To that end, we use structural equation modeling, as it can measure both direct and indirect effects between variables. We found that interest rates are a significant mediator variable between finan-cial performance and environment (corruption, the rule of law and government inefficiency), MFI size, and operating expense. The originality of this work lies in the methodology used. Although previous stu-dies analyze the effect of interest rates on the financial performance of MFIs, our methodology captures the mediation effect of this variable. Finally, we state that interest rates play an essential role in the pover-ty-alleviating mission of MFIs, such that they are a significant indirect driver of financial performance.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen En este artículo analizamos la forma en la que las tasas de interés interactúan con el desempeño finan-ciero, dentro de un contexto de Microfinanzas. Para conseguir el objetivo, usamos modelos de ecuaciones estructurales, debido a que dichos modelos tiene la capacidad de medir los efectos directos e indirectos. Encontramos que la tasa de interés es un mediador importante entre el desempeño financiero y el ambiente (corrupción, estado de derecho e ineficiencias gubernamentales), el tamaño de la microfinanciera y los gastos operativos. La originalidad de este trabajo radica en la metodología usada. Esto es, aun cuando estudios previos han analizado el efecto de la tasa de interés sobre el desempeño financiero, esta metodo-logía captura el efecto mediador de la variable. Finalmente, la tasa de interés juega un papel importante en la misión de las microfinancieras, en cuanto a la disminución de la pobreza, de tal forma que es un importante conductor indirecto de su desempeño financiero.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[G21]]></kwd>
<kwd lng="en"><![CDATA[P36]]></kwd>
<kwd lng="en"><![CDATA[C38]]></kwd>
<kwd lng="en"><![CDATA[Micro finance institutions]]></kwd>
<kwd lng="en"><![CDATA[Welfare and poverty]]></kwd>
<kwd lng="en"><![CDATA[Factor models]]></kwd>
<kwd lng="es"><![CDATA[G21]]></kwd>
<kwd lng="es"><![CDATA[P36]]></kwd>
<kwd lng="es"><![CDATA[C38]]></kwd>
<kwd lng="es"><![CDATA[Instituciones microfinancieras]]></kwd>
<kwd lng="es"><![CDATA[Bienestar y pobreza]]></kwd>
<kwd lng="es"><![CDATA[Modelos de factores]]></kwd>
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