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Crisis macroeconómica y desempeño de la empresa individual. La experiencia mexicana

Author

Listed:
  • Watkins, Karen

    (Universiad Popular Autónoma del Estado de Puebla (UPAEP))

  • van Dijk, Dick

    (Erasmus Universiteit Rotterdam)

  • Spronk, Jaap

    (Erasmus Universiteit Rotterdam)

Abstract

This paper considers financial, operational, solvency, and performance ratios in order to detect when there were balance sheets’ variations related to the 1994 Mexican currency crisis. Quarterly data for 88 non-financial Mexican companies that survived the crisis are used, and tests for structural change are performed. Results show that generally firms’ balance sheets deteriorated between the fourth quarters of 1993 and 1995. Although in most cases firms’ balance sheets improved after the crisis, the recovery was partial and gradual, and overall this episode was prejudicial even for surviving companies.// Este artículo considera proporciones (ratios) financieras, operativas, de solvencia y desempeño para detectar cuándo hay variaciones en los estados financieros de las empresas mexicanas, a raíz de la crisis cambiaria de 1994, con datos trimestrales de 88 empresas mexicanas no financieras que sobrevivieron la crisis, para las cuales se aplican pruebas de cambio estructural. Los resultados muestran que en general los estados financieros se deterioraron entre los cuartos trimestres de 1993 y 1995. A pesar de que en la mayoría de los casos hubo mejoría posterior a la crisis, la recuperación fue parcial y gradual, y en general este episodio fue perjudicial incluso para las empresas sobrevivientes.

Suggested Citation

  • Watkins, Karen & van Dijk, Dick & Spronk, Jaap, 2009. "Crisis macroeconómica y desempeño de la empresa individual. La experiencia mexicana," El Trimestre Económico, Fondo de Cultura Económica, vol. 0(304), pages 991-1026, octubre-d.
  • Handle: RePEc:elt:journl:v:76:y:2009:i:304:p:991-1026
    DOI: http://dx.doi.org/10.20430/ete.v76i304.504
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    File URL: http://www.eltrimestreeconomico.com.mx/index.php/te/article/view/504/542
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    More about this item

    Keywords

    financial crisis; firm-level data; performance; crisis financiera; datos empresariales; desempeño;

    JEL classification:

    • F3 - International Economics - - International Finance
    • G0 - Financial Economics - - General
    • G3 - Financial Economics - - Corporate Finance and Governance

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