Análisis de los factores explicativos de la rentabilidad de las empresas vinícolas de Castilla-La Mancha
The wine sector in recent decades is experiencing a vertiginous process of changes and new dynamics that are affecting the performance and strategies of firms in the sector: growing internationalization, the fall in the domestic markets of traditional producing countries, the entrance of exogenous c...
Guardado en:
| Autores principales: | , |
|---|---|
| Formato: | Online |
| Lenguaje: | spa |
| Publicado: |
Facultad de Ciencias Agrarias-UNCuyo
2022
|
| Materias: | |
| Acceso en línea: | https://revistas.uncu.edu.ar/ojs3/index.php/RFCA/article/view/5667 |
| id |
I11-R107article-5667 |
|---|---|
| record_format |
ojs |
| spelling |
I11-R107article-56672022-10-18T17:31:05Z Analysis of explanatory factors of profitability for wine firms in Castilla-La Mancha Análisis de los factores explicativos de la rentabilidad de las empresas vinícolas de Castilla-La Mancha Castillo Valero, Juan Sebastián García Cortijo, María del Carmen rentabilidad sector vinícola componentes principales bodegas capitalistas cooperativas vino profitability wine sector main components IOFs wine cooperatives The wine sector in recent decades is experiencing a vertiginous process of changes and new dynamics that are affecting the performance and strategies of firms in the sector: growing internationalization, the fall in the domestic markets of traditional producing countries, the entrance of exogenous capital, etc. The expertise that a given organization demonstrates to adapt to the new situation will be reflected in profitability, the basic indicator for judging efficiency in business management. Starting from a representative sample of firms from Castilla-La Mancha, the greatest wineproducing region in the world, this paper poses a new econometric model consisting of the performance variables defined by the principal component technique. It is inferred from the results that business profitability comes from three variables. First is company structure with greater profitability for capitalist firms than for cooperatives. Second is size where performance is better the larger the size, taking advantage of scale economies. Third is financial structure with greater cost-effectiveness when the firm's make- up prioritizes its own resources and liquidity. On the contrary, the lack of permanent financing to address fixed assets and a trade dynamic orientated toward the sale of low-priced bulk wine significantly reduce profitability ratios. El sector del vino experimenta, en las últimas décadas, un vertiginoso proceso de cambio y nuevas dinámicas, que están afectando el desempeño y estrategias de las empresas del sector: internacionalización creciente, caída de los mercados internos de los países tradicionalmente productores, entrada de capital exógeno, etc. La pericia que muestre la organización para adecuarse a la nueva situación se reflejará en la rentabilidad, indicador básico para juzgar la eficiencia en la gestión empresarial. En este estudio, a partir de una muestra representativa de empresas de Castilla-La Mancha, región española con la mayor dimensión vinícola mundial, se ha planteado un modelo econométrico novedoso integrado por variables de desempeño, definidas con la técnica de componentes principales. De los resultados obtenidos se infiere que la rentabilidad de las empresas proviene de: a) su estructura societaria (mayor si son empresas capitalistas que sociedades cooperativas), b) de su tamaño (mejor desempeño a mayor tamaño, aprovechando economías de escala), y c) estructura financiera (mayor rentabilidad si en la composición de la misma priman los recursos propios y liquidez). Por el contrario, la falta de financiación permanente para hacer frente al activo fijo y una dinámica comercial más orientada hacia las ventas de vino a granel a bajo precio, reducen significativamente los ratios de rentabilidad. Facultad de Ciencias Agrarias-UNCuyo 2022-10-13 info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion application/pdf https://revistas.uncu.edu.ar/ojs3/index.php/RFCA/article/view/5667 Revista de la Facultad de Ciencias Agrarias UNCuyo; Vol. 45 No. 2 (2013): July-December; 141-154 Revista de la Facultad de Ciencias Agrarias UNCuyo; Vol. 45 Núm. 2 (2013): Julio-Diciembre; 141-154 1853-8665 0370-4661 spa https://revistas.uncu.edu.ar/ojs3/index.php/RFCA/article/view/5667/4402 https://creativecommons.org/licenses/by-nc-sa/3.0/deed.es |
| institution |
Universidad Nacional de Cuyo |
| building |
Revistas en línea |
| filtrotop_str |
Revistas en línea |
| collection |
Revista de la Facultad de Ciencias Agrarias |
| journal_title_str |
Revista de la Facultad de Ciencias Agrarias |
| institution_str |
I-11 |
| repository_str |
R-107 |
| language |
spa |
| format |
Online |
| author |
Castillo Valero, Juan Sebastián García Cortijo, María del Carmen |
| spellingShingle |
Castillo Valero, Juan Sebastián García Cortijo, María del Carmen Análisis de los factores explicativos de la rentabilidad de las empresas vinícolas de Castilla-La Mancha rentabilidad sector vinícola componentes principales bodegas capitalistas cooperativas vino profitability wine sector main components IOFs wine cooperatives |
| author_facet |
Castillo Valero, Juan Sebastián García Cortijo, María del Carmen |
| author_sort |
Castillo Valero, Juan Sebastián |
| title |
Análisis de los factores explicativos de la rentabilidad de las empresas vinícolas de Castilla-La Mancha |
| title_short |
Análisis de los factores explicativos de la rentabilidad de las empresas vinícolas de Castilla-La Mancha |
| title_full |
Análisis de los factores explicativos de la rentabilidad de las empresas vinícolas de Castilla-La Mancha |
| title_fullStr |
Análisis de los factores explicativos de la rentabilidad de las empresas vinícolas de Castilla-La Mancha |
| title_full_unstemmed |
Análisis de los factores explicativos de la rentabilidad de las empresas vinícolas de Castilla-La Mancha |
| title_sort |
analysis of explanatory factors of profitability for wine firms in castilla-la mancha |
| description |
The wine sector in recent decades is experiencing a vertiginous process of changes and new dynamics that are affecting the performance and strategies of firms in the sector: growing internationalization, the fall in the domestic markets of traditional producing countries, the entrance of exogenous capital, etc. The expertise that a given organization demonstrates to adapt to the new situation will be reflected in profitability, the basic indicator for judging efficiency in business management. Starting from a representative sample of firms from Castilla-La Mancha, the greatest wineproducing region in the world, this paper poses a new econometric model consisting of the performance variables defined by the principal component technique. It is inferred from the results that business profitability comes from three variables. First is company structure with greater profitability for capitalist firms than for cooperatives. Second is size where performance is better the larger the size, taking advantage of scale economies. Third is financial structure with greater cost-effectiveness when the firm's make- up prioritizes its own resources and liquidity. On the contrary, the lack of permanent financing to address fixed assets and a trade dynamic orientated toward the sale of low-priced bulk wine significantly reduce profitability ratios. |
| publisher |
Facultad de Ciencias Agrarias-UNCuyo |
| publishDate |
2022 |
| url |
https://revistas.uncu.edu.ar/ojs3/index.php/RFCA/article/view/5667 |
| topic |
rentabilidad sector vinícola componentes principales bodegas capitalistas cooperativas vino profitability wine sector main components IOFs wine cooperatives |
| topic_facet |
rentabilidad sector vinícola componentes principales bodegas capitalistas cooperativas vino profitability wine sector main components IOFs wine cooperatives |
| work_keys_str_mv |
AT castillovalerojuansebastian analysisofexplanatoryfactorsofprofitabilityforwinefirmsincastillalamancha AT garciacortijomariadelcarmen analysisofexplanatoryfactorsofprofitabilityforwinefirmsincastillalamancha AT castillovalerojuansebastian analisisdelosfactoresexplicativosdelarentabilidaddelasempresasvinicolasdecastillalamancha AT garciacortijomariadelcarmen analisisdelosfactoresexplicativosdelarentabilidaddelasempresasvinicolasdecastillalamancha |
| _version_ |
1800220941606715392 |
