Osvaldo García Mata

Purpose: This study analyzes the relationship between Fintech use and financial well-being in Mexico within the post-Fintech Law period, with attention to differences across financial service types and user profiles. Design/methodology/approach: Using microdata from the 2024 National Survey on Financial Inclusion, we construct a financial well-being index via principal component factor analysis and estimate multiple ordinary least squares regression models to assess associations between Fintech use, traditional financial services, sociodemographic factors, and financial well-being. Findings: The use of Fintech electronic payment services is positively associated with financial well-being, particularly when combined with traditional banking services. By contrast, Fintech-based crowdfunding does not show a significant association with improved financial well-being for most users, especially among those excluded from traditional credit markets. Research limitations/implications: The cross-sectional design limits causal inference and excludes digital financial services from traditional banks. Future research should use longitudinal data to explore the behavioral mechanisms underlying Fintech use. Practical implications: Policymakers and providers should prioritize digital payment solutions, improve Fintech credit models, and invest in digital and financial literacy to enhance consumer financial well-being. Social implications: Fintech focused on electronic payments can promote more inclusive access to financial services; however, without complementary policies, Fintech credit may replicate existing vulnerabilities. Originality/value: This study provides empirical evidence on the relationship between Fintech use and a distinctive Financial Well-Being Index that extends beyond the conventional financial inclusion proxies.

Purpose: This study analyzes the relationship between credit score, credit behavior and financial well-being among consumers in Mexico. Credit behavior includes payment history, credit history length, debt amount, credit mix and new credit applications. Design/methodology/approach: We compare OLS regression, regularized regression and ensemble methods to analyze credit behavior variables influencing financial well-being. Findings: Our results confirm that consumers whose credit behavior complies with financial institutions’ standards tend to show better financial well-being. Higher credit scores, higher incomes, having multiple income sources and using more extended payment periods are associated with better financial well-being. Conversely, spending close to credit limits and having a credit history of 2–5 years are related to lower financial well-being. Research limitations/implications: The data are nationally representative; however, they do not allow for intra-national analysis that captures the socioeconomic and cultural diversity of an emerging economy. Also, we acknowledge that the sample is skewed toward men. Practical implications: Financial institutions can benefit by refining their credit evaluation processes and developing more effective credit products, especially in emerging markets. Moreover, policymakers can benefit by designing more targeted strategies to promote responsible credit usage. Originality/value: We confirmed that the credit behavior variables in the FICO model are relevant to estimating financial well-being in an emerging economy, but not all of them. The FICO model to calculate credit scores, initially designed for developed economies, should be revised when applied to emerging economies. This study offers valuable insights for improving credit evaluation practices in emerging economies.

Since 2009, due to the international consensus regarding the financial sector’s importance for economic growth and development, Mexico began to take an interest in understanding its financial system. One of the tools developed for this purpose was the National Survey of Financial Inclusion (ENIF). Formally applied since 2012, from its first version, the survey revealed that the common denominator among Mexicans was the lack of financial literacy. A skill closely linked to attitudes and traits, that take shape from the earliest days in people. Two of the most important elements in the formation of this skill are education and schooling. The education people receive from their early days is associated with aspects such as the formation of non-cognitive skills, risk aversion and discount rates. Schooling is linked to income level. With higher incomes, people are better received by the financial system. In the process, financial literacy begins from the earliest days, nurtured and developed at each stage of people's lives. Methodologically, multiple correspondence analysis is used to shape the financial literacy index. Subsequently, with the help of the logit model, different financial products and services worked on in the ENIF 2018 are addressed as dependent variables to identify their relationship with the variables of interest. The findings indicate that schooling, income, and financial literacy are positively interrelated and act as key enablers of the acquisition of financial products and services, thereby promoting financial inclusion.

This paper aims to analyze the moderating effect of corporate governance on the relationship between business diversification and operational performance. The diversification literature shows empirical evidence that diversification can generate negative and positive returns in the firm; however, to our knowledge, few empirical studies have considered the impact of corporate governance to shed light on this relationship. We use data from 134 companies listed on the Mexican Stock Exchange (BMV, from its Spanish acronym) during the 2011-2018 period. Secondary data from 134 companies listed on the BMV during the period 2011-2018 were used and subjected to panel data analysis techniques. The main finding shows a positive effect on the implementation of corporate governance practices when diversification occurs in its unrelated form. This finding allows to identify the conditions under which diversification achieves better results for companies that use this growth strategy. Este documento tiene como objetivo analizar el efecto moderador del gobierno corporativo en la relación entre la diversificación de negocios y el desempeño operativo. La literatura sobre diversificación muestra evidencia empírica de que la diversificación puede generar rendimientos negativos y positivos en la empresa; sin embargo, hasta donde sabemos, pocos estudios empíricos han tenido en cuenta el impacto del gobierno corporativo para arrojar luz sobre esta relación. Se utilizaron datos secundarios de 134 compañías listadas en la Bolsa Mexicana de Valores (BMV) durante el periodo 2011-2018, los cuales fueron sometidos a técnicas de análisis de datos panel. El principal hallazgo muestra un efecto positivo en la implementación de prácticas de gobierno corporativo cuando la diversificación se presenta en su forma no relacionada. Este hallazgo permite identificar las condiciones en las cuales la diversificación alcanza mejores resultados para las empresas que utilizan esta estrategia de crecimiento.

Purpose: Needs change as people get older. Procuring resources to satisfy them can generate anguish and insecurities in consumers due to their financial situation. This study aims to analyze the relationship between age and financial stress among Mexican adults and estimate the age of their maximum financial stress.Design/methodology/approach: This study is based on constructing a financial stress indicator using the confirmatory factor analysis and linear regression models with a quadratic term, employing data from the National Survey on Financial Inclusion 2021.Findings: Results show that the relationship between age and financial stress follows a quadratic pattern, with a maximum level at age 56, which varies according to sex, marital status, number of dependents, education and regions. These findings interest financial product designers and policy developers who aim to improve consumers' well-being.Research limitations/implications: Longitudinal studies and indicators, such as financial fragility, are needed to facilitate refining models over time.Originality/value: There is no evidence of studies that have addressed the age of maximum financial stress in Latin America. Doing so is relevant because identifying the stages in life when adults are most vulnerable to financial stress helps assess its causes more precisely, thus mitigating its adverse effects.

This study aims to analyze the relationship between financial literacy and financial well-being among businesspersons in Ciudad Victoria, Tamaulipas, México. The applied methodology includes confirmatory factor analysis and multiple linear regression models. Our results indicate that financial literacy is related to financial well-being directly through its financial behavior component and inversely through financial attitude. Moreover, financial knowledge was not significantly associated with it. Hence, we propose the following recommendations for businesspeople and entrepreneurs: becoming more involved in healthy financial inclusion and financial literacy practices and inspiring their transition from models focused solely on profits to others considering their self-realization and satisfaction. Its main limitations and implications are the scarcity of data to perform an analysis by industry, its geographical outreach, and its public policy repercussions. Its originality lies in analyzing financial well-being among businesspeople, a topic rarely studied in Mexico. Our conclusions impact the implementation of the financial inclusion policy in Mexico and, therefore, contribute to achieving the Sustainable Development Goals.

El objetivo de esta investigación es diseñar y validar una escala para medir la alfabetización alimentaria entre estudiantes universitarios. Su validez se basó en análisis de contenido, de consistencia interna, factorial exploratorio y factorial confirmatorio, aplicados sobre datos correspondientes a estudiantes universitarios de 18 a 25 años, de los programas de administración y nutrición de una universidad mexicana. Los resultados indican que medir la alfabetización alimentaria entre estudiantes universitarios debe considerar cuatro componentes: la selección de insumos y alimentos, el consumo de alimentos con calidad nutricional y en la cantidad apropiada, las actitudes acerca de lo importante que es desarrollar hábitos de alimentación saludables y la percepción del control que las personas tienen sobre su propia alimentación. Una de las principales limitaciones de esta investigación consiste en que la muestra es muy específica, por lo cual, la validación de la escala entre muestras estudiantiles más amplias es una oportunidad para desarrollar futuras investigaciones. Los hallazgos obtenidos son de interés para académicos que participan en el diseño de programas educativos enfocados en el desarrollo de hábitos alimenticios saludables, así como de personas responsables de instrumentar políticas, programas e iniciativas en materia de nutrición, alimentación y salud tendientes a mejorar el bienestar general de la población.

El objetivo de esta investigación es construir una escala para medir los principios meritocráticos, democráticos y materialistas entre adultos emergentes. Su método incluye análisis factoriales y modelos de ecuaciones estructurales para integrar un modelo de medida. Los resultados confirman una relación estrecha entre los tres conceptos, asimismo, que los adultos emergentes consideran que la meritocracia está definida por sus posibilidades de progreso a partir de su esfuerzo, la democracia por la igualdad de oportunidades de acceso al mercado laboral y los asuntos públicos, y el materialismo por la relación entre los satisfactores materiales con el éxito y aceptación social. Estos hallazgos son útiles para instrumentadores de políticas públicas, educadores y administradores porque orientan las decisiones relacionadas con adultos emergentes en sus roles de ciudadanos, estudiantes y trabajadores, entre otros. Una de sus principales limitaciones es la falta de datos para estudios longitudinales que faciliten establecer relaciones causa-efecto.

El objetivo de esta investigación es construir una escala para medir los principios meritocráticos, democráticos y materialistas entre adultos emergentes. Su método incluye análisis factoriales y modelos de ecuaciones estructurales para integrar un modelo de medida. Los resultados confirman una relación estrecha entre los tres conceptos, asimismo, que los adultos emergentes consideran que la meritocracia está definida por sus posibilidades de progreso a partir de su esfuerzo, la democracia por la igualdad de oportunidades de acceso al mercado laboral y los asuntos públicos, y el materialismo por la relación entre los satisfactores materiales con el éxito y aceptación social. Estos hallazgos son útiles para instrumentadores de políticas públicas, educadores y administradores porque orientan las decisiones relacionadas con adultos emergentes en sus roles de ciudadanos, estudiantes y trabajadores, entre otros. Una de sus principales limitaciones es la falta de datos para estudios longitudinales que faciliten establecer relaciones causa-efecto.