PECKING ORDER VERSUS TRADE-OFF: AN EMPIRICAL APPROACH TO THE SMALL AND MEDIUM ENTERPRISE CAPITAL STRUCTURE

In this paper, we explore two of the most relevant theories that explain financial policy in small and medium enterprises (SMEs): pecking order theory and trade-off theory. Panel data methodology is used to test the empirical hypotheses over a sample of 6482 Spanish SMEs during the five-year period 1994?1998. The results suggest that both theoretical approaches contribute to explain capital structure in SMEs. However, while we find evidence that SMEs attempt to achieve a target or optimum leverage (trade-off model), there is less support for the view that SMEs adjust their leverage level to their financing requirements (pecking order model). En este trabajo, exploramos dos de las teorías más relevantes que explican lapolítica de financiación de la pequeña y mediana empresa: la selección jerárquica y elequilibrio estático. El contraste de hipótesis se lleva a cabo con metodología de datos depanel, a partir de una muestra de 6482 pymes españolas, que presentan informaciónfinanciera a lo largo del periodo 1994-1998. Los resultados indican que ambos enfoquescontribuyen a explicar la estructura de capital de las pymes, si bien mientras que seconfirma la existencia de un endeudamiento objetivo u óptimo que estas empresas tratande alcanzar (modelo de equilibrio estático), no parece quedar claro que ajusten su nivelde deuda a sus necesidades de financiación (modelo de selección jerárquica).selección jerárquica, equilibrio estático, estructura de capital, pymes, datos de panel. Pecking Order, Trade-off, Capital Structure, Small and Medium Enterprises, Panel Data.

Quantitative determination of five hydroxy acids, precursors of relevant wine aroma compounds in wine and other alcoholic beverages

A method for the quantitative determination of 2-hydroxy-2-methylbutanoic (2OH2MB), 2-hydroxy-3-methylbutanoic (2OH3MB), 3-hydroxy-3-methylbutanoic (3OH3MB), 2-hydroxy-4-methylpentanoic (2OH4MP) and 3-hydroxybutanoic (3OHB) acids has been optimized, validated and applied to a set of wines and other alcoholic beverages. The analytes were preconcentrated in a solid phase extraction cartridge and derivatized with 2, 3, 4, 5, 6-pentafluorobenzyl bromide at room temperature for 30 min, followed by GC-MS analysis. Detection limits were between 0.5 and 29 µg L-1, and linearity was maintained up to 3 or 12 mg L-1, depending on the analyte. Recovery values were between 85 and 106 %, and reproducibility was better than 12 % RSD in most cases. The first specific study of these analytes in wine and other alcoholic beverages is herein reported. Concentrations ranged from the method detection limits to 7820, 519, 8510, 3470 and 2500 µg L-1 for 2OH2MB, 2OH3MB, 3OH3MB, 2OH4MP and 3OHB, respectively, which may have relevant sensory effects. These products were not found in distillates (except 3OHB) but were all present in beer. 2OH2MB, 3OH3MB and 3OHB were found in unfermented grape derivatives. Sherry wines had the highest levels of all except for 3OHB

Optically addressable single-use microfluidic valves by laser printer lithography

We report the design, fabrication, and characterization of practical optofluidic valves fabricated using laser printer lithography. Valves are opened by directing optical energy from a solid-state laser, with similar power characterisitcs to those used in CD/DVD drives, to a spot of printed toner where localized heating melts an orifice in the polymer layer in as little as 500 ms, connecting previously isolated fluidic components or compartments. Valve functionality, response time, and laser input energy dependence of orifice size are reported for cyclo-olefin copolymer (COC) and polyethylene terephthalate (PET) films. Implementation of these optofluidic valves is demonstrated on pressure-driven and centrifugal microfluidic platforms. In addition, these “one-shot” valves comprise a continuous polymer film that hermetically isolates on-chip fluid volumes within fluidic devices using low-vapor-permeability materials; we confirmed this for a period of one month. The fabrication and integration of optofluidic valves is compatible with a range of polymer microfabrication technologies and should facilitate the development of fully integrated, reconfigurable, and automated lab-on-a-chip systems, particularly when reagents must be stored on chip for extended periods, e.g. for medical diagnostic devices, lab-on-a-chip synthetic systems, or hazardous biochemical analysis platforms

Towards Data-driven Software-defined Infrastructures

Abstract The abundance of computing technologies and devices imply that we will live in a data-driven society in the next years. But this data-driven society requires radically new technologies in the data center to deal with data manipulation, transformation, access control, sharing and placement, among others. We advocate in this paper for a new generation of Software Defined Data Management Infrastructures covering the entire life- cycle of data. On the one hand, this will require new extensible programming abstractions and services for data-management in the data center. On the other hand, this also implies opening up the control plane to data owners outside the data center to manage the data life cycle. We present in this article the open challenges existing in data-driven software defined infrastructures and a use case based on Software Defined Protection of data

JERARQUIA DE PREFERENCIAS Y ESTRATEGIA EMPRESARIAL EN LA DETERMINACION DE LA ESTRUCTURA DE CAPITAL DE LA PYME: UN ENFOQUE CON DATOS DE PANEL

This paper studies the determinants of the capital structure of small and medium sized companies. In a second step, this analysis is extended to large companies. The research is based on two financial theories (i) pecking order theory (TPO) and (ii) management strategy theory (TEP), with different principles to explain the capital structure of a company. Focussed on these two theories, a set of hypotheses have been defined and tested using panel data methodology. The results of estimated models , using a sample of 2169 companies from the Fundación Empresa Pública (ESEE) data base, strongly confirm the validity of TPO for small companies but only partially for larger companies. As far as strategy is concerned, results cannot yet be considered conclusive: El objetivo fundamental de esta investigación consiste en explorar los factores que determinan la estructura de capital de las pymes. En un segundo escenario, el análisis se extiende al colectivo de empresas grandes. El trabajo analiza las teorías financieras de (i) selección jerárquica o pecking order theory (TPO) y (ii) estrategia empresarial (TEP), que postulan diferentes principios para explicar la estructura de capital. En torno a estos dos enfoques, se define un conjunto de hipótesis que son contrastadas a través de una metodología de datos de panel. La estimación de los modelos diseñados a tal efecto, a partir de una muestra de 2169 empresas, obtenida de la base de datos ESEE (Fundación Empresa Pública), arroja una fuerte evidencia del cumplimiento de la teoría TPO en el ámbito de las pymes y sólo parcial en el de las grandes empresas. Por su parte, la teoría TEP presenta resultados de estimación que, por el momento, no pueden considerarse concluyentes.jerarquía de preferencias, pyme, estructura de capital, estrategia. pecking order theory, strategy, capital structure, small and medium sized companies.

A wake-integral method for drag prediction

This paper describes the theoretical development and implementation issues of a far field induced drag extraction tool based on the Maskell integral. Far field methods provide an alternative to classical near field approach, offering the possibility of decompose drag contributions based on their physical source and improves prediction accuracy on coarse meshes. Instead of classical triangulation of intersection nodes contained in the cutting plane, a more regular adaptive mesh is implemented in order to improve flow reconstruction smoothness and accuracy. Both meshes results are compared and the influence of generation parameters of the bidimensional adaptive mesh is discussed. Numerical diffusion plays a major role in vortex decay, and because of that phenomena, a correction factor is needed in order to back as much as possible the cutting plane without loosing precision. Finally, Onera M6 tests are conducted, showing acceptable precision in drag prediction until seven or more chords downstream

Solving semantic ambiguity to improve semantic web based ontology matching

A new paradigm in Semantic Web research focuses on the development of a new generation of knowledge-based problem solvers, which can exploit the massive amounts of formally specified information available on the Web, to produce novel intelligent functionalities. An important example of this paradigm can be found in the area of Ontology Matching, where new algorithms, which derive mappings from an exploration of multiple and heterogeneous online ontologies, have been proposed. While these algorithms exhibit very good performance, they rely on merely syntactical techniques to anchor the terms to be matched to those found on the Semantic Web. As a result, their precision can be affected by ambiguous words. In this paper, we aim to solve these problems by introducing techniques from Word Sense Disambiguation, which validate the mappings by exploring the semantics of the ontological terms involved in the matching process. Specifically we discuss how two techniques, which exploit the ontological context of the matched and anchor terms, and the information provided by WordNet, can be used to filter out mappings resulting from the incorrect anchoring of ambiguous terms. Our experiments show that each of the proposed disambiguation techniques, and even more their combination, can lead to an important increase in precision, without having too negative an impact on recall

Reversible Covalent Immobilization of Cinnamaldehyde on Chitosan Films via Schiff Base Formation and Their Application in Active Food Packaging

[EN] In this work, cinnamaldehyde was reversibly anchored to chitosan films via imino-covalent bonding. The Schiff base was synthesized in solid phase employing neutralized chitosan films immersed in acidified 95 % (v/v) ethanolic solution in which the aldehyde was dissolved. The substitution degree (%) of cinnamaldehyde to the amine group was close to 70 %. Attenuated total reflectance-Fourier transform infrared spectroscopy (ATR-FTIR) analysis revealed the formation of the chitosan-cinnamaldehyde Schiff base. The hydrolysis of the imino bond and subsequent release of cinnamaldehyde were studied after the films had been subjected to different combinations of temperature/time treatments simulating food preservation methods. The amount of aldehyde that remained covalently attached to the films was monitored by ATR-FTIR, and the substitution degree was determined by elemental analysis. Surface contact angle and colour parameters of cinnamaldehyde-imine-chitosan films and these films subjected to different treatments were also evaluated. The antimicrobial properties of chitosan-Schiff base films were tested in vitro against Staphylococcus aureus and Escherichia coli and in milk inoculated with Listeria monocytogenes. The antimicrobial activity varied depending on the treatment applied and consequently the degree of imino bond hydrolysis achieved and cinnamaldehyde released. Films of Schiff base-chitosan derivative subjected to different time/temperature treatments inhibited the growth of L. monocytogenes for 12 days under refrigeration conditions, which may extend the microbiological shelf life of such products. Sensory analysis of milk in contact with the films showed that a cinnamon smell does not cause any rejection among potential consumers. These novel films could be used in the design of antimicrobial food packaging and in various other technological areas where sustained-release systems are requiredThe authors wish to thank the financial support provided by the Spanish Ministry of Science and Innovation (project AGL2012-39920-C03-01) and Spanish Research Council (CSIC, JAE-Predoc L.H. fellowship).Higueras-Contreras, L.; Lopez-Carballo, G.; Gavara Clemente, R.; Hernández-Muñoz, P. (2015). Reversible Covalent Immobilization of Cinnamaldehyde on Chitosan Films via Schiff Base Formation and Their Application in Active Food Packaging. Food and Bioprocess Technology. 8(3):526-538. https://doi.org/10.1007/s11947-014-1421-8S52653883Abreu, F. O., Oliveira, E. F., Paula, H. C., & de Paula, R. (2012). Chitosan/cashew gum nanogels for essential oil encapsulation. Carbohydrate Polymers, 89(4), 1277–1282.Balaguer, M. P., Gómez-Estaca, J., Gavara, R., & Hernández-Muñoz, P. (2011a). Biochemical properties of bioplastics made from wheat gliadins cross-linked with cinnamaldehyde. Journal of Agricultural and Food Chemistry, 59(24), 13212–13220.Balaguer, M. P., Gómez-Estaca, J., Gavara, R., & Hernández-Muñoz, P. (2011b). Functional properties of bioplastics made from wheat gliadins modified with cinnamaldehyde. Journal of Agricultural and Food Chemistry, 59(12), 6689–6695.Belletti, N., Lanciotti, R., Patrignani, F., & Gardini, F. (2008). Antimicrobial efficacy of citron essential oil on spoilage and pathogenic microorganisms in fruit-based salads. Journal of Food Science, 73(7), M331–M338.Burt, S. (2004). Essential oils: their antibacterial properties and potential applications in foods—a review. International Journal of Food Microbiology, 94(3), 223–253.Cocchiara, J., Lalko, J., Lapczynski, A., Letizia, C. S., & Api, A. M. (2005). Fragrance material review on cinnamaldehyde. Food and Chemical Toxicology, 43(6), 867–923.Coma, V., Martial-Gros, A., Garreau, S., Copinet, A., Salin, F., & Deschamps, A. (2002). Edible antimicrobial films based on chitosan matrix. Journal of Food Science, 67(3), 1162–1169.Damodaran, S., & Kinsella, J. E. (1980). Flavor protein interactions. Binding of carbonyls to bovine serum-albumin: thermodynamic and conformational effects. Journal of Agricultural and Food Chemistry, 28(3), 567–571.dos Santos, J. E., Dockal, E. R., & Cavalheiro, E. T. G. (2005). Synthesis and characterization of Schiff bases from chitosan and salicylaldehyde derivatives. Carbohydrate Polymers, 60(3), 277–282.Doyle, M. P., & Beuchat, L. R. (2007). Food microbiology: fundamentals and frontiers. Washington: ASM Press.Fleming, D. W., Cochi, S. L., MacDonald, K. L., Brondum, J., Hayes, P. S., Plikaytis, B. D., Holmes, M. B., Audurier, A., Broome, C. V., & Reingold, A. L. (1985). Pasteurized milk as a vehicle of infection in an outbreak of listeriosis. New England Journal of Medicine, 312(7), 404–407.Foster, L. J. R., & Butt, J. (2011). Chitosan films are not antimicrobial. Biotechnology Letters, 33(2), 417–421.Gallstedt, M., & Hedenqvist, M. S. (2006). Packaging-related mechanical and barrier properties of pulp-fiber-chitosan sheets. Carbohydrate Polymers, 63(1), 46–53.Gill, A., & Holley, R. (2004). Mechanisms of bactericidal action of cinnamaldehyde against Listeria monocytogenes and of eugenol against L. monocytogenes and Lactobacillus sakei. Applied and Environmental Microbiology, 70(10), 5750–5755.Guinesi, L. S., & Cavalheiro, E. T. G. (2006). Influence of some reactional parameters on the substitution degree of biopolymeric Schiff bases prepared from chitosan and salicylaldehyde. Carbohydrate Polymers, 65(4), 557–561.Guo, Z. Y., Xing, R. E., Liu, S., Zhong, Z. M., Ji, X., Wang, L., & Li, P. C. (2007). Antifungal properties of Schiff bases of chitosan, N-substituted chitosan and quaternized chitosan. Carbohydrate Research, 342(10), 1329–1332.Gutierrez, J., Barry-Ryan, C., & Bourke, R. (2008). The antimicrobial efficacy of plant essential oil combinations and interactions with food ingredients. International Journal of Food Microbiology, 124(1), 91–97.Higueras, L., López-Carballo, G., Cerisuelo, J. P., Gavara, R., & Hernández-Muñoz, P. (2013). Preparation and characterization of chitosan/HP-beta-cyclodextrins composites with high sorption capacity for carvacrol. Carbohydrate Polymers, 97(2), 262–268.Holley, R. A., & Patel, D. (2005). Improvement in shelf-life and safety of perishable foods by plant essential oils and smoke antimicrobials. Food Microbiology, 22(4), 273–292.Hosseini, S., Zandi, M., Rezaei, M., & Farahmandghavi, F. (2013). Two-step method for encapsulation of oregano essential oil in chitosan nanoparticles: preparation, characterization and in vitro release study. Carbohydrate Polymers, 95(1), 50–56.Huang, Z.H., Wan, D.C. & Huang, J.L. (2001). Hydrolysis of Schiff bases promoted by UV light. Chemistry Letters, (7), 708–709.Inukai, Y., Chinen, T., Matsuda, T., Kaida, Y., & Yasuda, S. J. (1998). Selective separation of germanium (IV) by 2,3-dihydroxypropylchitosan resin. Analytica Chimica Acta, 371(2–3), 187–193.Ji, C., & Shi, J. (2013). Thermal-crosslinked porous chitosan scaffolds for soft tissue engineering applications. Materials Science and Engineering: C, 33(7), 3780–3785.Jin, X., Wang, J., & Bai, J. (2009). Synthesis and antimicrobial activity of the Schiff base from chitosan and citral. Carbohydrate Research, 344(6), 825–829.Junttila, J. R., Niemela, S. I., & Hirn, J. (1988). Minimum growth temperatures of Listeria monocytogenes and non-haemolytic Listeria. Journal of Applied Bacteriology, 65(4), 321–327.Kasaai, M. R., Arul, J., Chin, S. L., & Charlet, G. (1999). The use of intense femtosecond laser pulses for the fragmentation of chitosan. Journal of Photochemistry and Photobiology, A: Chemistry, 120(3), 201–205.Kirdant, A. S., Shelke, V. A., Shankarwar, S. G., Shankarwar, A. G., & Chondhekar, T. K. (2011). Kinetic study of hydrolysis of N-salicylidene-m-methyl aniline spectrophotomerically. Journal of Chemical and Pharmaceutical Research, 3(4), 790–796.Kuhn, J., Considine, T., & Singh, H. (2006). Interactions of milk proteins and volatile flavor compounds: implications in the development of protein foods. Journal of Food Science, 71(5), R72–R82.Li, X., Shao, T., Shi, Q., & Hu, M. (2013). A diaryl Schiff base as a photo- and pH-responsive bifunctional molecule. RSC Advances, 3(45), 22877–22881.Lovett, J., Francis, D. W., & Hunt, J. M. (1987). Listeria monocytogenes in raw milk: detection, incidence, and pathogenicity. Journal of Food Protection, 50(3), 188–192.Mohamad, A. (2013). Reactivity of base catalysed hydrolysis of 2-pyridinylmethylene-8-quinolinyl-Schiff base iron(II) iodide complexes: solvent effects. Chemické zvesti, 67(4), 464–476.Muhamad, S. G. (2011). First photolysis of benzidine Schiff base in non aqueous solvents. International Journal of Chemistry, 1(3), 142–145.Muriel-Galet, V., López-Carballo, G., Gavara, R., & Hernández-Muñoz, P. (2012). Antimicrobial food packaging film based on the release of LAE from EVOH. International Journal of Food Microbiology, 157(2), 239–244.Nazzaro, F., Fratianni, F., De Martino, L., Coppola, R., & De Feo, V. (2013). Effect of essential oils on pathogenic bacteria. Pharmaceuticals, 6(12), 1451–1474.Renault, F., Sancey, B., & Crini, G. (2009). Chitosan for coagulation/flocculation processes—an eco-friendly approach. European Polymer Journal, 45(5), 1337–1348.Sashiwa, H., & Aiba, S. I. (2004). Chemically modified chitin and chitosan as biomaterials. Progress in Polymer Science, 29(9), 887–908.Shahidi, F., Arachchi, J. K. V., & Jeon, Y. J. (1999). Food applications of chitin and chitosans. Trends in Food Science & Technology, 10(2), 37–51.Vallapa, N., Wiarachai, O., Thongchul, N., Pan, J. S., Tangpasuthadol, V., Kiatkamjornwong, S., & Hoven, V. P. (2011). Enhancing antibacterial activity of chitosan surface by heterogeneous quaternization. Carbohydrate Polymers, 83(2), 868–875.Wang, J. T., Lian, Z. R., Wang, H. D., Jin, X. X., & Liu, Y. J. (2012). Synthesis and antimicrobial activity of Schiff base of chitosan and acylated chitosan. Journal of Applied Polymer Science, 123(6), 3242–3247.Zivanovic, S., Chi, S., & Draughon, A. F. (2005). Antimicrobial activity of chitosan films enriched with essential oils. Journal of Food Science, 70(1), M45–M51

Antimicrobial Effectiveness of Lauroyl Arginate Incorporated into Ethylene Vinyl Alcohol Copolymers to Extend the Shelf-Life of Chicken Stock and Surimi Sticks

[EN] This study was designated to determine the antimicrobial effect of ethyl-N-alpha-dodecanoyl-l-arginate hydrochloride (LAE) incorporated into ethylene vinyl alcohol copolymers (EVOH) films on chicken stock and ready-to-eat surimi sticks. Firstly, the effect of LAE against Listeria monocytogenes and Escherichia coli was studied by using flow cytometry and scanning electron microscopy. Next, film-forming solutions of ethylene vinyl alcohol copolymers EVOH29 and EVOH44 (29 and 44 % molar percentage of ethylene, respectively) containing 0, 5 and 10 % w/w of LAE were cast into films. Several experiments were conducted to determine the antimicrobial activity of the films in vitro and also in vivo with the above-mentioned food products. The outcome of the tests showed a high impact on the viability of bacteria treated with LAE, with dramatic damage to the membrane. The films were able to inhibit the microbiota of the food products studied for 10 days under storage at 4 A degrees C, showing a significant antibacterial effect against L. monocytogenes and E. coli. These films show great potential as systems for sustained release of active molecules to improve the safety and quality of packaged food products.The authors acknowledge the financial support of the Spanish Ministry of Economy and Competitiveness, project AGL2012-39920-C03-01, and fellowship funding for V. M.-G.Muriel Galet, V.; Lopez-Carballo, G.; Gavara Clemente, R.; Hernández-Muñoz, P. (2015). Antimicrobial Effectiveness of Lauroyl Arginate Incorporated into Ethylene Vinyl Alcohol Copolymers to Extend the Shelf-Life of Chicken Stock and Surimi Sticks. Food and Bioprocess Technology. 8(1):208-216. https://doi.org/10.1007/s11947-014-1391-xS20821681Adams MR & Moss MO (2008) Food microbiology. The Royal Society of Chemistry Cambrigde, UKAppendini, P., & Hotchkiss, J. H. (2002). Review of antimicrobial food packaging. Innovative Food Science and Emerging Technologies, 3(2), 113–126.Bakal G & Diaz A (2005) The lowdown on lauric arginate. Food quality(Feb./March), 60-61.Fellows PJ (2009) Food processing technology: principle and practice. Third edn.Guo, M., Jin, T., Wang, L., Scullen, O. J., & Sommers, C. (2014). Antimicrobial films and coatings for inactivation of Listeria innocua on ready-to-eat deli turkey meat. Food Control, 40, 64–70.Han JH (2013) Innovations in food packaging.Hawkins, D. R., Rocabayera, X., Ruckman, S., Segret, R., & Shaw, D. (2009). Metabolism and pharmacokinetics of ethyl N-alpha-lauroyl-L-arginate hydrochloride in human volunteers. Food and Chemical Toxicology, 47(11), 2711–2715.Higueras, L., Lopez Carballo, G., Hernandez Munoz, P., Gavara, R., Rollini, M., López Carballo, G., & Hernández Muñoz, P. (2013). Development of a novel antimicrobial film based on chitosan with LAE (ethyl-N)-dodecanoyl-l-arginate) and its application to fresh chicken. International Journal of Food Microbiology, 165(3), 339–345.Kilcast D & Subramaniam P (2000) The stability and shelf-life of food. Woodhead Publishing CambridgeMuriel-Galet, V., Lopez-Carballo, G., Gavara, R., & Hernandez-Munoz, P. (2012). Antimicrobial food packaging film based on the release of LAE from EVOH. International Journal of Food Microbiology, 157(2), 239–244.Muriel-Galet, V., López-Carballo, G., Hernández-Muñoz, P., & Gavara, R. (2013). Characterization of ethylene-vinyl alcohol copolymer containing lauril arginate (LAE) as material for active antimicrobial food packaging. Food Packaging and Shelf Life, 1, 10–17.Rodriguez, E., Seguer, J., Rocabayera, X., & Manresa, A. (2004). Cellular effects of monohydrochloride of L-arginine, N-alpha-lauroyl ethylester (LAE) on exposure to Salmonella typhimurium and Staphylococcus aureus. Journal of Applied Microbiology, 96(5), 903–912.Sallam, & Ibrahim, K. (2007). Antimicrobial and antioxidant effects of sodium acetate, sodium lactate, and sodium citrate in refrigerated sliced salmon. Food Control, 18(5), 566–575.Sung, S.-Y., Sin, L. T., Tee, T.-T., Bee, S.-T., Rahmat, A. R., Rahman, W. A. W. A., Tan, A.-C., & Vikhraman, M. (2013). Antimicrobial agents for food packaging applications. Trends in Food Science & Technology, 33(2), 110–123.Theinsathid, P., Visessanguan, W., Kruenate, J., Kingcha, Y., & Keeratipibul, S. (2012). Antimicrobial activity of lauric arginate-coated polylactic acid films against Listeria monocytogenes and Salmonella typhimurium on cooked sliced ham. Journal of Food Science, 77(2), M142–149

Modelling the impacts of climate change on skipjack tuna (Katsuwonus pelamis) in the Mozambique Channel

Skipjack tuna play a significant role in global marine fisheries and are of particular interest for socio economy in the tropical waters of the Mozambique Channel. However, human-induced climate change has been leading to a reduction and reallocation of biomass, along with other ecological changes, thereby creating a feedback loop with negative socioeconomic consequences for fisheries-reliant coastal communities. The objective of this study was to predict the potential skipjack tuna fishing grounds by 2050 and 2100. To that end, skipjack tuna catch data were collected from Spanish purse seine fleets and subsequently Generalized Additive Models were used to model these data against a combination of environmental variables and future pathway projections from BIO-ORACLE models under optimistic (RCP2.6) and pessimistic (RCP8.5) scenarios. Both optimistic and pessimistic scenarios by 2050 predicted. 11 that the potential fishing grounds will relocate southward from tropical to more temperate waters, with 12 moderate shifts in the potential fishing grounds of purse seines to the latitude >16ºS. Whereas the 13 pessimistic scenario predicted higher displacement catches of purse seines in the southernmost part (>24ºS) 14 and moderate to high catches in northern (>20ºS) of the Mozambique Channel by the end of the century 15 Despite the degree of uncertainty surrounding the climate change impacts on skipjack tuna we argue that 16 fisheries stakeholders, administrators and regional tuna fisheries management organizations should work 17 toward building resilience and ensuring sustainability while reducing or mitigating vulnerability and 18 climate change impacts on local and regional communities and their livelihoodsEn prensa2,04