<?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>S0186-10422022000200011</article-id>
<article-id pub-id-type="doi">10.22201/fca.24488410e.2022.3090</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[Cognitive evaluation of capital structure: Effect of cognitive factors on the debt ratio in Mexican construction industry]]></article-title>
<article-title xml:lang="es"><![CDATA[Evaluación cognitiva de la estructura de capital: efecto de los factores cognitivos en la razón de apalancamiento de la industria de la construcción en México]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Pérez Reyes]]></surname>
<given-names><![CDATA[José Anselmo]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Rajagopal]]></surname>
<given-names><![CDATA[Ananya]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Reyna Miranda]]></surname>
<given-names><![CDATA[Montserrat]]></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 Anáhuac  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>06</month>
<year>2022</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>06</month>
<year>2022</year>
</pub-date>
<volume>67</volume>
<numero>2</numero>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S0186-10422022000200011&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S0186-10422022000200011&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S0186-10422022000200011&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract This study analyzes the impact of the construct of the capital structure on the observed debt ratio of an organization, in terms of the new approach of Cognitive Finance (Pérez et al, 2019) within the construction industry in Mexico. Using exploratory factor analysis and structural equation model (SEM), latent variables of capital structure from the responses to an instrument applied to 154 CFOs of construction companies in Mexico. Then a non-parametric correlation test is performed, to measure the impact of each latent variable on the observed debt-to-equity ratio. The study finds that concerns about the political environment, the trust from clients and suppliers, among other variables, have an impact in the decision-making process of construction CFOs related to the debt-to-equity ratio, in addition to those variables stablished by Traditional Financial Theory. The results suggest that unobservable variables must be considered to gain a deeper understanding of the decision-making process and that an integral vision to consider the study of the motivations that are behind of the observable financial behavior is necessary.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen El estudio analiza el impacto del constructo de la estructura de capital en la razón de apalancamiento de un grupo de empresas de la industria de la construcción en México, en términos del nuevo enfoque de Finanzas Cognitivas (Pérez et al, 2019). A través de un análisis factorial exploratorio y un modelo de ecuaciones estructurales (SEM), se obtuvieron las variables latentes del constructo de la estructura de capital por medio de un cuestionario aplicado a 154 directores financieros de empresas constructoras mexicanas. Posteriormente, se elaboró una prueba de correlación no paramétrica para medir el impacto de cada variable latente en la razón deuda-capital observada. Los resultados muestran que la preocupación por el entorno político y la intención de incrementar la confianza de las partes interesadas a través de la limitación del nivel de apalancamiento, tienen un efecto directo en la toma de decisiones que impacta la razón deuda-capital, en adición a las variables establecidas por la Teoría Financiera Tradicional. Esto sugiere que variables no observables de psique ajena deben ser consideradas para profundizar en el entendimiento del proceso de toma de decisiones, lo que demuestra la necesidad de generar una visión holística que considere el estudio de las motivaciones que están detrás del comportamiento financiero observable.]]></p></abstract>
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<kwd lng="en"><![CDATA[G40]]></kwd>
<kwd lng="en"><![CDATA[G41]]></kwd>
<kwd lng="en"><![CDATA[capital structure]]></kwd>
<kwd lng="en"><![CDATA[cognitive finance]]></kwd>
<kwd lng="en"><![CDATA[cost of capital]]></kwd>
<kwd lng="en"><![CDATA[debt ratio]]></kwd>
<kwd lng="en"><![CDATA[decision-making process]]></kwd>
<kwd lng="en"><![CDATA[leverage]]></kwd>
<kwd lng="es"><![CDATA[C38]]></kwd>
<kwd lng="es"><![CDATA[G32]]></kwd>
<kwd lng="es"><![CDATA[G40]]></kwd>
<kwd lng="es"><![CDATA[G41]]></kwd>
<kwd lng="es"><![CDATA[estructura de capital]]></kwd>
<kwd lng="es"><![CDATA[finanzas cognitivas]]></kwd>
<kwd lng="es"><![CDATA[costo de capital]]></kwd>
<kwd lng="es"><![CDATA[razón deuda capital]]></kwd>
<kwd lng="es"><![CDATA[proceso de toma de decisiones]]></kwd>
<kwd lng="es"><![CDATA[apalancamiento]]></kwd>
</kwd-group>
</article-meta>
</front><back>
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