Analysis of explanatory factors of profitability for wine firms in Castilla-La Mancha

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.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.Fil: Castillo Valero, Juan Sebastián. Universidad de Castilla-La ManchaFil: García Cortijo, María del Carmen. Universidad de Castilla-La Manch

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 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

Cooperatives and sustainability drivers in the Spanish wine sector. What differences do we find with investor owner firms?

The fight against climate change has become a basic vector for agri-food business strategies. In Spain, commercial wineries (Investor Owner Firms, IOFs) and cooperatives are facing major challenges in adapting to the most stringent environmental requirements and in becoming sustainable and environmentally responsible companies. The European winemaking model, unlike its “new world” competitors, has a very distinct configuration with the predominance of the social economy in parallel with capitalist enterprises. However, these two forms of business organization are different in terms of objectives, position in the value chain, type of organization and form of management. The purpose of this paper is to determine whether these two types of companies have a different orientation towards sustainability, and which are the drivers that facilitate a greater approach to sustainability in each group. With a sample of 411 wineries, the results of the study show a lower orientation towards sustainability among the cooperatives, without a relevant alignment of their resources towards this objective. However, IOFs orient their resources towards sustainability in a consistent and strategic way. This may infer that the European model, with a clear advantage in the social component, could be somewhat more limited in the environmental aspect

Centroamérica: lo impostergable de una diversificación comercial coherente

Se presenta un análisis del comportamiento del comercio exterior centroamericano, en el cual se determinará cómo su estructura productiva y la concentración geográfica y mercantil de sus exportaciones condicionan su comercio. El principal objetivo de esta investigación es, utilizando una adaptación de modelos econométricos de datos de panel, analizar el panorama actual del comercio de Centroamérica con variables fundamentales como el grado de diversificación, la articulación con sus principales socios y el papel del comercio intrarregional, y evaluar la correlación con la principal macromagnitud económica. Los primeros resultados muestran que la diversificación geográfica y el comercio intrarregional son pilares básicos del crecimiento económico de la región

Sustainability hedonic environmental models applied to wineries

This study introduced the application of a new methodology to the assessment of sustainability for wineries in Spain. It adapted Rosen’s hedonic models, developed in other areas of the economy, to explain the environmental commitment of wineries in terms of trends in their attributes, considering: a) resources and capabilities; b) development variables; c) commercial factors. The database for the empirical analysis was drawn up from two surveys; the first was performed in 2016, and the second occurred between 2020 and 2021. Using the Box-Cox technique, the results showed that improving the companies' attributes, especially in human resources and management, exports and distribution via Horeca, promotes a greater valorization of sustainability by the wineries

Material docente con un enfoque práctico dirigido a la caracterización de compuestos inorgánicos

Se han elaborado una coleccón de ejercicios utilizando las técnicas de caracterizacion de materiales inorgánicos Además se incluyen un tutorial en el que se dirige al estudiante como es la manera de identificar las bandas caracteristicas de los compuestos, y tambien hay conocimientos generales de EDS. Los ejercicios propuestos tambien se presentan resueltos paso a paso para que se puedan seguir de manera sencilla su desarrollo

Epidemiologic Features and Control Measures during Monkeypox Outbreak, Spain, June 2022

During June 2022, Spain was one of the countries most affected worldwide by a multicountry monkeypox outbreak with chains of transmission without identified links to disease-endemic countries. We provide epidemiologic features of cases reported in Spain and the coordinated measures taken to respond to this outbreak.S

Combined Immune Defect in B-Cell Lymphoproliferative Disorders Is Associated with Severe Infection and Cancer Progression

This research received no external funding. K.G.-H is supported by The European Social Fund (ESF) through a Río Ortega Grant for Health Research Projects by the Carlos III Health Institute (ISCIII) (CM20/00098).B cell chronic lymphoproliferative diseases (B-CLPD) are associated with secondary antibody deficiency and other innate and adaptive immune defects, whose impact on infectious risk has not been systematically addressed. We performed an immunological analysis of a cohort of 83 B-CLPD patients with recurrent and/or severe infections to ascertain the clinical relevance of the immune deficiency expression. B-cell defects were present in all patients. Patients with combined immune defect had a 3.69-fold higher risk for severe infection (p = 0.001) than those with predominantly antibody defect. Interestingly, by Kaplan–Meier analysis, combined immune defect showed an earlier progression of cancer with a hazard ratio of 3.21, than predominantly antibody defect (p = 0.005). When B-CLPD were classified in low-degree, high-degree, and plasma cell dyscrasias, risk of severe disease and cancer progression significantly diverged in combined immune defect, compared with predominantly antibody defect (p = 0.001). Remarkably, an underlying primary immunodeficiency (PID) was suspected in 12 patients (14%), due to prior history of infections, autoimmune and granulomatous conditions, atypical or variegated course and compatible biological data. This first proposed SID classification might have relevant clinical implications, in terms of predicting severe infections and cancer progression, and might be applied to different B-CLPD entities.Depto. de Inmunología, Oftalmología y ORLFac. de MedicinaTRUEpu

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Los distritos rurales: un nuevo concepto de desarrollo territorial. Modelos Centro-Periferia en Castilla-La Mancha

The population movement and the decentralization of urban areas and their outskirts are shaping, in the last thirty years, a different process of spatial distribution and the definition of a new population establishment model. Traditionally, displacements were rural-urban and the major reason was the economic one. Nevertheless, recently this process is more complex and triangular: rural-rural displacements and intern urban migrations in which the population moves from small cores (outskirts) to the capital (urban centre). The economic angle is not able anymore to explain most of the displacements: the biggest rural cores are concentrating the migration flows of outskirt areas, shaping, instead of a traditional marshallian industrial district, a social district that we have named Rural District, which becomes a new concept for territorial development.El movimiento demográfico y la desconcentración en las áreas urbanas y sus áreas periféricas, conforman, en los últimos treinta años, un proceso distinto de distribución espacial y la definición de un nuevo modelo de asentamiento de la población. Tradicionalmente, eran desplazamientos rural-urbano y la principal razón era la económica. Sin embargo, el proceso más reciente es más complejo y más triangular: movimientos rural-rural y corredores urbanos, el movimiento de la población se realiza de los núcleos más pequeños (periferia) a la cabecera comarcal (centro), la dimensión económica no logra explicar la mayor parte de los desplazamientos, sino que aparecen los núcleos rurales más grandes como concentradores de la población absorbida de los núcleos periféricos, conformando un distrito social frente al tradicional distrito industrial de tradición marshalliana, y que nosotros denominamos como Distrito Rural que se convierte, así, en un nuevo concepto para el desarrollo territorial