Rentabilidad, financiamiento y participación en la actividad productiva de empresas industriales mexicanas

Abstract

Profitability, financing, and participation in the productive activity of Mexican industrial companies

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.

Keywords: net margin, profitability, leverage, operating efficiency, industrial sector.