La gestión del circulante y rentabilidad en el sector de la conserva pesquera en España

  1. Adrián Dios-Vicente 1
  2. Raúl Rios-Rodríguez 1
  3. Sara Fernández-López 1
  4. David Rodeiro-Pazos 1
  1. 1 Universidade de Santiago de Compostela
    info

    Universidade de Santiago de Compostela

    Santiago de Compostela, España

    ROR https://ror.org/030eybx10

Journal:
GCG: revista de globalización, competitividad y gobernabilidad

ISSN: 1988-7116

Year of publication: 2022

Volume: 16

Issue: 1

Pages: 81-97

Type: Article

More publications in: GCG: revista de globalización, competitividad y gobernabilidad

Abstract

Spain is one the biggest producers of canned fish in Europe. Simultaneously, this sector is very relevant on the Spanish economy. In the last years some of the companies of the sector, mostly small and medium-sized enterprises, had been suffering liquidity problems and at the same time also low profitability rates, that can be associated, party, to the working capital management. Using a sample of 377 companies during the period between 2010 and 2018, this paper develops an economic and financial analysis focus on the working capital management and profitability. The results show the need of the companies to check their short-term financial policy and their investment on working capital.

Bibliographic References

  • Abuhommous, A. (2017). “Net working capital and firm growth”. International Review of Management and Marketing, 7(4), 131-137.
  • Aktas, N., Croci, E., Petmezas, D. (2015). “Is working capital management value-enhancing? Evidence from firm performance and investments”. Journal of Corporate Finance, 30, 98-113.
  • Amat, O. (1993). “Análisis de Balances”. Barcelona: Multimedia Ediciones S.A.
  • ANFACO-CECOPESCA (2019). “Datos 2019”. ANFACO-CECOPESCA. Disponible en: http://www.anfaco.es/fotos/ biblioteca/docs/sector/Datos%20sector%202019.pdf
  • Baños-Caballero, S., García-Teruel, P. J., Martínez-Solano, P. (2014). “Working capital management, corporate performance, and financial constraints”. Journal of Business Research, 67(3), 332-338.
  • Gillett, R. (2005). “Global study of non-industrial tuna fisheries”. En: Bayliff, W. H. (ed) Management of tuna fishing capacity: conservation and socio-economics. Rome: FAO. ISBN 92-5-105297-2
  • Becchetti, L., Trovato, G. (2002). “The determinants of growth for small and medium sized firms. The role of the availability of external finance”. Small Business Economics, 19, 291-306.
  • Blanco, R., Mayordomo, S., Menéndez, Á., Mulino, M. (2020). “Las necesidades de liquidez y la solvencia de las empresas no financieras españolas tras la perturbación del Covid-19”. Documentos Ocasionales del Banco de España, No 2020.
  • Carbó-Valverde, S., Rodriguez-Fernández, F., Udell, G. F. (2016). “Trade credit, the financial crisis, and SME access to finance”. Journal of Money, Credit and Banking, 48(1), 113-143.
  • Cohen, J. (1988). “Statistical power analysis for the behavioral sciences (2nd ed.)” Hillsdale, NJ: Lawrence Erlbaum.
  • Deloof, M. (2003). “Does working capital management affect profitability of Belgian firms?” Journal of Business Finance & Accounting, 30(3-4), 573-588.
  • FAO (2015). “GLOBEFISH Highlights, 3th issue 2015 A quarterly update on world seafood markets”. Food and Agriculture Organization of the United Nations. Fisheries and Aquaculture Department, Rome.
  • Fernández-López, S., Dios-Vicente, A., Rodeiro-Pazos, D. (2020a). “Gestión del Circulante y rentabilidad en el sector del queso ecológico y no ecológico en España”. Revista Española de Estudios Agrosociales y Pesqueros, 255, 15-45.
  • Fernández-López, S., Rodeiro-Pazos, D., Rey-Ares, L. (2020b). “Effects of working capital management on firms' profitability: evidence from cheese-producing companies”. Agribusiness, 36(4), 770-791.
  • Ferrando, A., Mulier, K. (2013). “Do firms use the trade credit channel to manage growth?” Journal of Banking & Finance, 37(8), 3035-3046.
  • García-Teruel, P.J., Martínez-Solano, P. (2007). “Effects of working capital management of SME profitability”. International Journal of Managerial Finance, 3(2), 164-177.
  • Guerra, M. (2005). “Aglomeraciones pesqueras en América Latina: ventajas asociadas al enfoque de cluster”. Bogotá: CEPAL. ISBN: 958-682-594-9
  • Gil, A. (2020). ¿Cómo deben gestionar su tesorería las empresas pensando en un pos COVID-19? Economia3. (18/04/2020). Disponible en: https://economia3.com/2020/04/18/259970-como-deben-gestionar-su-tesoreria-las-empresas-pensando-enun-pos-covid-19/
  • Gul, S., Khan, M. B., Raheman, S. U., Khan, M. T., Khan, M., Khan, W. (2013). “Working capital management and performance of SME sector”. European Journal of Business and Management, 5(1), 60-68.
  • INE (2021). Estadística Estructural de Empresas: Sector Industrial. Retrieved from https://www.ine.es/jaxiT3/Tabla. htm?t=28379&L=0
  • Howorth, C., Westhead, P. (2003). “The focus of working capital management in UK small firms”. Management accounting research, 14(2), 94-111.
  • Lazaridis, I., Tryfonidis, D. (2006). “Relationship between working capital management and profitability of listed companies in the Athens stock exchange”. Journal of Financial Management and Analysis, 19(1), 26-35.
  • Ley 15/2010, de 5 de julio, de modificación de la Ley 3/2004, de 29 de diciembre, por la que se establecen medidas de lucha contra la morosidad en las operaciones comerciales. Boletín Oficial del Estado, 163, de 6 de Julio de 2010, 59653 – 59660. Disponible en: https://www.boe.es/eli/es/l/2010/07/05/15
  • Martín, M. (1995). “El sistema financiero y la financiación de las PYME”. Papeles de Economía Española, 65, 235-240.
  • Ministerio de Agricultura, Pesca y Alimentación (2019). “Informe del Consumo Alimentario en España”. Ed. Ministerio de Agricultura, Pesca y Alimentación, Secretaría General Técnica, Centro de Publicaciones. Disponible en: http://servicios.mpr.es/ VisorPublicaciones/visordocumentosicopo.aspx?NIPO=003191619&SUBNIPO=0001&IDPUBLICACION=497100319.
  • Musau, J. W. (2015). “The effects of working capital management on profitability of public listed energy companies in Kenya” (Tesis Doctoral, Strathmore University, Kenia). Disponible en: https://su-plus.strathmore.edu/handle/11071/4724.
  • Nazir, M. S., Afza, T. (2009). “Impact of aggressive working capital management policy on firms' profitability”. IUP Journal of Applied Finance, 15(8), 19-30.
  • Núñez, R. (2006). “Las empresas conserveras y el mercado mundial del atún”. Revista Galega de Economía, 15(1), 0.
  • Peel, M. J., Wilson, N., Howorth, C. (2000). “Late payment and credit management in the small firm sector: some empirical evidence”. International Small Business Journal, 18(2), 17-37.
  • Pindado, E., Alarcón, S. (2015). “Quality strategies and profitability: a multilevel analysis in the meat industry”. En: Porter, C. (ed). Business strategies. Types, benefits and effects on firm performance (51-72). NY: Nova Publisher, Hauppauge.
  • Serrasqueiro, J. N. (2015). “Working capital management impact on profitability: empirical study based on Portuguese firms” (Tesis Doctoral, Universidade Católica Portuguesa, Portugal). Disponible en: https://repositorio.ucp.pt/bitstream/10400.14/19996/1/ Tese%20-%20Jo%c3%a3o%20Serrasqueiro%20-%20FINAL.pdf
  • Singh, H., Kumar, S. (2014). “Working capital management: a literature review and research agenda”. Qualitative Research in Financial Markets, 6(2), 173 -197.
  • Villasante, S. (2012). “The management of the blue whiting fishery as complex social-ecological system: The Galician case”. Marine Policy, 36(6), 1301-1308.