<?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>2215-910X</journal-id>
<journal-title><![CDATA[Suma de Negocios]]></journal-title>
<abbrev-journal-title><![CDATA[suma neg.]]></abbrev-journal-title>
<issn>2215-910X</issn>
<publisher>
<publisher-name><![CDATA[Fundación Universitaria Konrad Lorenz]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S2215-910X2025000200119</article-id>
<article-id pub-id-type="doi">10.14349/sumneg/2025.v16.n35.a2</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Impacto de las emisiones de carbono en el costo de capital en México]]></article-title>
<article-title xml:lang="en"><![CDATA[Impact of carbon emissions on cost of capital in Mexico]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Pérez-Elizundia]]></surname>
<given-names><![CDATA[Guillermo]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Pelagio]]></surname>
<given-names><![CDATA[Ricardo Cristhian Morales]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Lampón]]></surname>
<given-names><![CDATA[Jesús F.]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad Nacional Autónoma de México Doctor en Ciencias de la Administración. Profesor titular ]]></institution>
<addr-line><![CDATA[Ciudad de México ]]></addr-line>
<country>México</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad Nacional Autónoma de México Doctor en Ciencias de la Administración. Profesor titular ]]></institution>
<addr-line><![CDATA[Ciudad de México ]]></addr-line>
<country>México</country>
</aff>
<aff id="Af3">
<institution><![CDATA[,Universidad de Vigo Doctor en Administración y Dirección de Empresas. Profesor ]]></institution>
<addr-line><![CDATA[Vigo ]]></addr-line>
<country>España</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>2025</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>2025</year>
</pub-date>
<volume>16</volume>
<numero>35</numero>
<fpage>119</fpage>
<lpage>128</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_arttext&amp;pid=S2215-910X2025000200119&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_abstract&amp;pid=S2215-910X2025000200119&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_pdf&amp;pid=S2215-910X2025000200119&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen  Introducción:  el cambio climático representa un riesgo creciente para las empresas, especialmente en economías emergentes como México, donde las percepciones sobre sostenibilidad se encuentran en constante transformación. En este contexto, el presente estudio tiene como objetivo analizar el impacto de las emisiones de carbono en el costo de capital propio (COE, por sus siglas en inglés) de las empresas mexicanas que cotizan en bolsa.  Metodología: se emplearon datos de 32 empresas correspondientes al periodo 2018-2022, con un total de 148 observaciones. Para examinar la relación entre la intensidad de carbono y el COE, se utilizó un modelo de regresión de datos de panel, controlando por variables financieras relevantes. Asimismo, se aplicó un modelo random forest con el fin de identificar la importancia relativa de cada variable en la determinación del COE.  Resultados:  los resultados evidencian una relación positiva entre la intensidad de carbono y el costo de capital propio. No obstante, dicho efecto tiende a reducirse en contextos de crisis, como durante la pandemia de Covid-19, periodo en el que el apalancamiento financiero adquiere un papel más determinante.  Conclusiones:  este estudio ofrece aportes significativos para gestores, inversionistas y responsables de políticas públicas interesados en incorporar criterios de sostenibilidad en las decisiones financieras. Los hallazgos resaltan la necesidad de profundizar en el análisis de estas dinámicas dentro del contexto específico de los países emergentes.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract  Introduction:  Climate change presents significant risks for businesses, particularly in emerging markets such as Mexico, where perceptions of sustainability are still evolving. This study aims to examine how carbon emissions influence the cost of equity capital (COE) for publicly listed companies in Mexico.  Methodology: The analysis is based on data from 32 companies over the period 2018-2022 (N = 148 observations). A panel regression model was employed to assess the relationship between carbon intensity and COE, while controlling for key financial variables. Additionally, a Random Forest model was applied to evaluate the relative importance of each variable in determining COE.  Results:  Findings indicate a positive relationship between carbon intensity and the cost of equity capital. However, this effect weakens during periods of crisis, such as the COVID-19 pandemic, when financial leverage becomes a more prominent factor.  Conclusions: This study offers valuable insights for corporate managers, investors, and policymakers regarding the integration of sustainability considerations into financial decision-making. It underscores the importance of further exploring how these dynamics unfold in emerging economies.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[Cambio climático]]></kwd>
<kwd lng="es"><![CDATA[emisiones de carbono]]></kwd>
<kwd lng="es"><![CDATA[costo de capital]]></kwd>
<kwd lng="es"><![CDATA[riesgos de mercado]]></kwd>
<kwd lng="es"><![CDATA[sostenibilidad]]></kwd>
<kwd lng="es"><![CDATA[países emergentes]]></kwd>
<kwd lng="es"><![CDATA[México.]]></kwd>
<kwd lng="en"><![CDATA[Climate change]]></kwd>
<kwd lng="en"><![CDATA[carbon emissions]]></kwd>
<kwd lng="en"><![CDATA[cost of equity]]></kwd>
<kwd lng="en"><![CDATA[market risks]]></kwd>
<kwd lng="en"><![CDATA[sustainability]]></kwd>
<kwd lng="en"><![CDATA[emerging markets]]></kwd>
<kwd lng="en"><![CDATA[Mexico.]]></kwd>
</kwd-group>
</article-meta>
</front><back>
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