Spanish photovoltaic solar energy: institutional change, financial effects, and the business sector

Spain is a country with a high dependence on fossil fuels. For this reason, in 2007, it implemented a bonus system that aimed to encourage the production of renewable energies, particularly photovoltaic solar energy. These production bonuses, guaranteed by the Spanish government, led to an exponential increase in the number of companies in the market and, consequently, the MWh produced. However, in 2012, given the excessive budgetary burden involved in maintaining this “feed-in tariff” system and after several years of institutional instability, the aforementioned system of incentives for phoyovoltaic (PV) energy was eliminated. This paper has tried to analyze the consequences of this institutional change, a clear example of the “hold up” problem. For this purpose, a sample of 5354 companies, which was divided, geographically, into Spanish regions and, temporarily, into three different periods, has been taken, considering diverse economic and financial variables. The results show a notable weakening of the sector that, due to the effects of the regulatory change, has lost attractiveness and profitability for investors and is consequently suffering from stagnation, which has led to the disappearance of many companies in the sector.Raquel Fernández González gratefully acknowledge the financial support provided by the Xunta de Galicia under Grants ED431C2018/48 and ED431E2018/07 and the Ministry of Economy and Competitiveness under Grant RTI2018-099225-B-100. This research was funded by Regional Government of Castilla y León under the “Support Program for Recognized Research Groups of Public Universities of Castilla y León” (ORDEN EDU/667/2019) and the Spanish Ministry of Science, Innovation & Universities under the I + D + i state program “Challenges Research Projects” (Ref. RTI2018-098900-B-I00)

Spanish photovoltaic solar energy: institutional change, financial effects, and the business sector

Spain is a country with a high dependence on fossil fuels. For this reason, in 2007, it implemented a bonus system that aimed to encourage the production of renewable energies, particularly photovoltaic solar energy. These production bonuses, guaranteed by the Spanish government, led to an exponential increase in the number of companies in the market and, consequently, the MWh produced. However, in 2012, given the excessive budgetary burden involved in maintaining this “feed-in tariff” system and after several years of institutional instability, the aforementioned system of incentives for phoyovoltaic (PV) energy was eliminated. This paper has tried to analyze the consequences of this institutional change, a clear example of the “hold up” problem. For this purpose, a sample of 5354 companies, which was divided, geographically, into Spanish regions and, temporarily, into three different periods, has been taken, considering diverse economic and financial variables. The results show a notable weakening of the sector that, due to the effects of the regulatory change, has lost attractiveness and profitability for investors and is consequently suffering from stagnation, which has led to the disappearance of many companies in the sector.Xunta de Galicia | Ref. ED431C2018/48Xunta de Galicia | Ref. ED431E2018/07Ministerio de Economía y Competitividad | Ref. RTI2018-099225-B-100Junta de Castilla y León | Ref. ORDEN EDU/667/2019Ministerio de Ciencia, Innovación y Universidades | Ref. RTI2018-098900-B-I0

Are small and medium-size food industry firms profitable? Explaining differences in their performance: The case of the Valencia Region

[EN] The main aim of this study was to determine the factors that influenced profitability of companies involved in the Valencia food industry between 2006 and 2015. For this, macroeconomic, sector and company variables were the key elements used in the statistical analysis, together with their dependence on the economic cycle in indicating the present state of the sector in the Valencian Region. The panel data was obtained from the sabi data base and combined with transverse data and time series. Economic and financial profitability are both influenced by certain common factors, especially the sales margin. The higher the margin the higher the profit, although this relationship also depends on where the business company is located. Rotation of assets also contributes to raising profits in times of economic expansion. The Economic Crisis saw profits fall in 2009 and 2012, two of its worst years. Finally, differences were also found between large and small enterprises.Andrés González-Moralejo, S.; García Cortés, M.; López Miquel, JF. (2021). Are small and medium-size food industry firms profitable? Explaining differences in their performance: The case of the Valencia Region. Economia agro-alimentare / Food Economy. 23(1):1-24. https://doi.org/10.3280/ecag1-2021oa11547S12423

Migrant Farm Workers in Mexico: State of Knowledge

This article presents the results of a scientific social-pedagogical research, which goal was displaying an overview of the current situation of migrant farm workers in Mexico, from a first approach to the state of knowledge on this issue through a documentary-bibliographic study. The study showed that the most researchers approach the issues of migrant farm workers from economic theory, however, is not enough to analyze the economic and social status of this group of people, it is necessary to place it in a multidisciplinary level (including economics, sociology, political science, psychology, education, etc.), study it from the theory of marginality and qualitative approach. &nbsp

Current and future challenges of the ceramic tile firms

Treball Final de Grau en Administració d'Empreses. Codi: AE1049. Curs 2017-2018The aim of the current work consists of explaining the evolution of the industrial districts, from their beginning with the Marshall theory to their evolution over time. The presentation of the different perspectives and methodologies which will be exposed along the current work, will allow us to have a clearer view of their evolution. Thus, the different joint actions which have been conducted have permitted the formation of the concept of "Cluster". Among the different characteristics that define the diverse districts, it is remarkable the coexistence of relationships of cooperation and competition among the companies. This would involve a series of competitive advantages which would be difficult to be repeated in a different context due to everything the context of the clusters implies. The work is structured as follows. Firstly, we will find the theoretical framework, in which the concepts of evolution, competition, internationalization and innovation will be explained. Later, we will find a comparison between Spain and Italy. To finish, we will focus on some specific areas of the previously mentioned countries, particularly Castellon and Emilia- Romagne

Growth of sociedades laborales (worker-owned companies) in Spain and the Basque Country

The concept of Sociedades Laborales (SLs) is unique due to its hybrid nature and the benefits this entails. Although their survival rate has been studied, there is still a vacuum regarding their growth in terms of employment. While the concept of SLs exists in all of Spain, the Basque Country and its Gipuzkoa Province are of particular interest due to their prosperous economy and availability of information. In this thesis, I used multiple different approaches. First, I applied the dynamic classification method to analyze the evolution of Spanish SLs and conventional companies. Second, I used the same method at the Basque Country level. Third, I carried out a cohort analysis of Basque SLs and Basque conventional companies. Finally, I described six case studies from the Basque Country which, while not representative of the whole population of SLs, illustrate firsthand how the SL model is performing in these companies. Findings indicate that SL Basque cohorts grow faster until year two, but then are surpassed by conventional firms; that there is no clear evidence that the SL model benefits companies of a certain size over the rest; that despite recent regulatory relaxations, the model still hinders growth due to restrictions on employment of non-owner workers. Despite these findings, I support that growth is obstructed by how the SL model is implemented rather than by a fundamental problem of employee participation as a concept.Fil: Scocozza, Giuliano Nicolás. Universidad Católica de Córdoba. ICDA; Argentina

A fiscal capacity for the euro area: lessons from existing fiscal-federal systems

Tras la crisis económica y financiera, ha emergido en Europa un amplio consenso sobre la necesidad de reforzar la dimensión fiscal para completar la Unión Económica y Monetaria (UEM). Este documento analiza el papel de las transferencias interregionales en algunas de las principales federaciones fiscales (centrado en Austria, Bélgica, Alemania, España y Estados Unidos), con el objetivo de extraer las conclusiones necesarias para el diseño de un instrumento fiscal para el área del euro. El análisis empírico de compartición de riesgos llevado a cabo en este documento sugiere que una estabilización interregional de los shocks asimétricos es más efectiva cuando está basada en transferencias directas de efectivo a los hogares, tales como las pensiones por desempleo, financiadas por medio de los impuestos cíclicos del Gobierno Central y de las contribuciones a la Seguridad Social. Estos resultados sugieren que un instrumento centralizado de estabilización macroeconómica para el conjunto del área esté basado en la mejora de los mecanismos de estabilización automática. Al mismo tiempo, parece importante que dicho instrumento de estabilización central esté integrado en un marco general de política fiscal que asegure los incentivos adecuados para los Gobiernos nacionales.Tras la crisis económica y financiera, ha emergido en Europa un amplio consenso sobre la necesidad de reforzar la dimensión fiscal para completar la Unión Económica y Monetaria (UEM). Este documento analiza el papel de las transferencias interregionales en algunas de las principales federaciones fiscales (centrado en Austria, Bélgica, Alemania, España y Estados Unidos), con el objetivo de extraer las conclusiones necesarias para el diseño de un instrumento fiscal para el área del euro. El análisis empírico de compartición de riesgos llevado a cabo en este documento sugiere que una estabilización interregional de los shocks asimétricos es más efectiva cuando está basada en transferencias directas de efectivo a los hogares, tales como las pensiones por desempleo, financiadas por medio de los impuestos cíclicos del Gobierno Central y de las contribuciones a la Seguridad Social. Estos resultados sugieren que un instrumento centralizado de estabilización macroeconómica para el conjunto del área esté basado en la mejora de los mecanismos de estabilización automática. Al mismo tiempo, parece importante que dicho instrumento de estabilización central esté integrado en un marco general de política fiscal que asegure los incentivos adecuados para los Gobiernos nacionales

Land valuation sustainable model of urban planning development: a case study in Badajoz, Spain

El proceso de desarrollo de la planificación urbana en los territorios urbanos tiene múltiples consecuencias, no solo en la estructura espacial sino también en los patrones de valoración de la tierra. El valor económico de la tierra incluida en la planificación municipal, que se asocia con un cierto uso urbanizado, aumenta a medida que los procesos de planificación evolucionan en estas tierras. Para que la valoración económica de la tierra cumpla con los parámetros requeridos del desarrollo sostenible urbano y territorial, es fundamental que en la determinación del valor de la tierra no existan expectativas de realizaciones difíciles o imposibles, para eliminar cualquier elemento especulativo de la valoración. El modelo de valoración de la tierra presentado en el presente estudio cumple con esta premisa, proponiendo un modelo de valoración de la tierra sostenible basado en la evolución del desarrollo de la planificación urbana, logrando el máximo valor cuando está completamente urbanizado. El objetivo principal del presente trabajo es analizar cómo aumenta el valor de la tierra a medida que se desarrolla la planificación municipal y sugerir un modelo de valoración sostenible para la tierra con uso urbano. Contextualmente, a través de un análisis de estudio de caso, el desarrollo de la planificación municipal se ha dividido con el tiempo en cuatro estados urbanos: (i) tierra sin planificación detallada; (ii) terrenos con planificación detallada; (iii) terrenos con re-parcelación; y (iv) tierra urbanizada. En este sentido, se ha determinado la evolución gradual del valor de la tierra que ha alcanzado diferentes estados a lo largo del tiempo, al igual que los escenarios donde el valor ha aumentado hasta el valor de la tierra urbanizada.The urban planning development process in urban territories has multiple consequences, not only in spatial structure but also in land valuation patterns. The economic value of land encompassed in municipal planning—which is associated with a certain urbanized use—increases as the planning processes evolve over these lands. For economic land valuation to comply with the required parameters of urban and territorial sustainable development, it is pivotal that in the determination of land value there are no expectations of difficult or impossible realizations, in order to eliminate any speculative element from the valuation. The land valuation model presented in the current study complies with this premise, proposing a sustainable land valuation model based on the evolution of urban planning development, achieving maximum value when it is fully urbanized. The main objective of the present work is to analyze how land value increases as municipal planning develops and to suggest a sustainable valuation model for land with urban use. Contextually, through a case study analysis, the development of municipal planning has been divided over time into four urban states: (i) land without detailed planning; (ii) land with detailed planning; (iii) land with re-parceling; and (iv) urbanized land. In this regard, the gradual evolution of land value which has reached different states over time has been determined, as has scenarios where the value has increased up to the value of urbanized land.• Junta de Extremadura y Fondos FEDER. Ayuda al Grupo de investigación ARAM — Recursos ambientales y al Grupo de Investigación de AnálisispeerReviewe

La viabilidad económico-financiera de los centros especiales de empleo

Tesis de la Universidad Complutense de Madrid, Facultad de Ciencias Económicas y Empresariales, leída el 27/06/2017The main objective of this thesis is the economic and financial analysis of the Sheltered Employment Centers (CEEs) from Spain. The CEEs are profitable companies that recruit people with disabilities and this fact is their differentiating aspect in relation to other companies in the market. After a depth literature review, we have found that there are few studies about this type of companies and scant information about their economic and financial viability. There are two main theoretical criticisms which underpin the management of these companies: public subsidies are what determine its economic viability and that the poor professionalization of their managers calls into question its profitability in an unprotected market. Based on these two criticisms, this study aims to show whether they are consistent from an empirical point of view. The main objective of this thesis is divided into six specific objectives, which are the following ones: First objective of this thesis: to study the importance of CEEs for society and especially for people with disabilities. For this, descriptive analysis of CEEs according to their evolution, legal form, location, size and sector of activity are done. Second objective of this study: to analyse the survival of the CEEs, determining which would be the key variables affecting their survival in a competitive market or on the contrary their failure. Third objective of the study: to investigate if the profitability of the CEEs depends on public subsidies received for the labour integration of people with disabilities. CEEs with and without public subsidies are evaluated...El objetivo principal de esta tesis doctoral es el análisis económico-financiero de los Centros Especiales de Empleo (CEEs) de España. Los CEEs son empresas productivas que tienen como aspecto diferenciador, en relación a otras empresas del mercado, la contratación de personas con discapacidad. Después de una profunda revisión bibliográfica hemos constatado que no existen estudios detallados que analicen la viabilidad económico-financiera de todos los CEEs en España. Debido a la crisis económica, muchas de estas empresas están viendo reducidas sus ayudas públicas y, a pesar de las constricciones del mercado, siguen funcionando y creciendo. Nos preguntamos cuáles son las claves de su supervivencia mientras cada año entran en proceso concursal miles de empresas de todos los sectores. Desde un punto de vista teórico, hay dos críticas principales sobre la gestión de estas empresas: primero que las subvenciones públicas son las que determinan la viabilidad económica de los CEEs y segundo que la baja profesionalización de la gestión puede poner en duda su rentabilidad. Sobre la base de estas dos críticas, el objetivo principal de este estudio este estudio se divide en seis objetivos específicos, que son los siguientes: Primer objetivo de esta tesis: estudiar la relevancia de los CEEs en la sociedad y en la economía actual así como en la literatura académica. Para ello se realiza un análisis descriptivo de este tipo de empresas según su evolución, forma jurídica, localización, tamaño y sector de actividad, además de una revisión de la literatura. Segundo objetivo de este estudio: analizar la supervivencia de los CEEs, determinando cuáles serían las variables clave que condicionan su supervivencia en el mercado competitivo o por el contrario su fracaso. Tercer objetivo de esta tesis: analizar si la rentabilidad de los CEEs depende de las ayudas públicas recibidas para la integración laboral de las personas con discapacidad. Para conseguir este objetivo se analizan diferentes CEEs con y sin ayudas públicas...Fac. de Ciencias Económicas y EmpresarialesTRUEunpu