Profitability differences in aquaculture firms of the Nordic and Mediterranean-EU regions

IF 3.8 2区经济学 Q1 AGRICULTURAL ECONOMICS & POLICY

Aquaculture Economics & Management Pub Date : 2023-01-04 DOI:10.1080/13657305.2022.2163721

J. L. Fernández Sánchez, Ignacio Llorente, José M. Fernández-Polanco

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Abstract

Abstract The purpose of this work is to analyze the differences in profitability between European aquaculture firms of the Nordic and Mediterranean-EU regions, as well as the factors that are relevant to explain these differences. In addition to traditional factors proposed by theory to explain profitability differences among firms such as size, efficiency, or capital structure, we also include in this analysis the strategies of product differentiation and diversification through vertical integration. A sample of aquaculture firms of the Nordic and Mediterranean-EU regions that were operating over the 2012–2019 period are identified in the Orbis database and selected for this research, employing an unbalanced panel made up of 5,427 observations. To carry out this analysis, we propose a random-effects model of firm profitability that allows to test the effect of the different explanatory variables as well as their regional differences. The findings of this research support that Nordic and Mediterranean-EU aquaculture are two business models with different characteristics, what is reflected in the economic performance of their firms.

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北欧和地中海欧盟地区水产养殖公司的盈利能力差异

摘要本工作的目的是分析北欧和地中海欧盟地区的欧洲水产养殖公司之间的盈利能力差异，以及解释这些差异的相关因素。除了理论上提出的解释企业盈利能力差异的传统因素，如规模、效率或资本结构外，我们还在本分析中纳入了通过垂直整合实现产品差异化和多样化的策略。Orbis数据库中确定了2012-2019年期间运营的北欧和地中海欧盟地区水产养殖公司的样本，并选择其进行本研究，采用了一个由5427个观察结果组成的不平衡小组。为了进行这一分析，我们提出了一个企业盈利能力的随机效应模型，该模型可以检验不同解释变量的影响及其区域差异。这项研究的结果支持北欧和地中海欧盟水产养殖是两种具有不同特征的商业模式，这反映在它们公司的经济表现中。

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来源期刊

Aquaculture Economics & Management FISHERIES-

CiteScore

7.30

自引率

17.90%

发文量

期刊介绍： Aquaculture Economics and Management is a peer-reviewed, international journal which aims to encourage the application of economic analysis to the management, modeling, and planning of aquaculture in public and private sectors. The journal publishes original, high quality papers related to all aspects of aquaculture economics and management including aquaculture production and farm management, innovation and technology adoption, processing and distribution, marketing, consumer behavior and pricing, international trade, policy analysis, and the role of aquaculture in food security, livelihoods, and environmental management. Papers are peer reviewed and evaluated for their scientific merits and contributions.