A case study of agri-food systems in rural Spain: Impacts, responses and institutional lessons

[Abstract]Galicia is one of Spain's leading regions regarding agricultural and livestock production. In the light of the COVID-19 crisis, the permeability to the economic shocks of these sectors led to an unprecedented recession, given the heterogeneity of their characteristics, resulting in widespread losses. The main objective of this article is to ana- lyze the impact of COVID-19 in the agricultural and livestock sectors in Galicia and, at the same time, identify the degree of affectation in each of these sectors, determine the impact of the pandemic in each province and study the institu- tional responses to the COVID-19 crisis. For this purpose, financial analysis of these sectors will be carried out through a sample of 998 companies. The results show a variation in operating income of –16.41% in the agricultural sector and –9.15% in the livestock sector in Galicia, although they are mixed across the different provinces of the region. Despite the articulation of a network of public aids and the adoption of new commercialization strategies, there are sub-sectors with high losses, such as the ornamental plant industry and the subsector dedicated to the production of beef.Supported by the Spanish Ministry of Science and Technology (MCIN) (Project No. RTI2018-099225-B-100), Consellería de Cultura, Educación e Ordenación Universitaria of the Xunta de Galicia (Grants No. ED481A-2018/341, ED481B2018/095, ED431C2018/48, and ED431E2018/07

Multilevel governance, PV solar energy, and entrepreneurship: the generation of green hydrogen as a fuel of renewable origin

In Spain, the institutional framework for photovoltaic energy production has experienced distinct stages. From 2007 to 2012, the feed-in-tariff system led to high annual growth rates of this renewable energy, but after the suppression of the policy of public subsidies, the sector stagnated. In recent years, green hydrogen, an innocuous gas in the atmosphere, has become a driving force that stimulates photovoltaic energy production. Since 2020, encouraged by the European energy strategies and corresponding funds, Spain has established a regulation to promote green hydrogen as a form of energy resource. Adopting the new institutional economics (NIE) approach, this article investigates the process of changing incentives for the energy business sector and its impact on photovoltaic energy production. The results show an increase in the number of both projects, approved or on approval, and companies involved in green hydrogen, that are planning to use photovoltaic energy in Spain, thus engendering the creation of a new photovoltaic business environment based on innovation and sustainability.Xunta de Galicia | Ref. ED431C2018/48Xunta de Galicia | Ref. ED431E2018/07Xunta de Galicia | Ref. ED481B2018/095Agencia Estatal de Investigación | Ref. RTI2018-099225-B-10

Small companies facing the mobility policy in Spain: Is it profitable to remain in the market?

The parking sector in Spain has experienced a growing trend in recent years. At the same time, the level of market concentration has increased. One of the main reasons behind this phenomenon is due to the mobility policy established both at the national (Spain) and supranational (European Union) levels, which is based on environmental sustainability criteria. Increasingly, the possession of environmental certificates, widespread among large companies but not among small ones, is increasingly decisive to obtain a public parking tender. The objective of this work is to analyze whether small companies, which are a large number in the sector, have possibilities of continuing their activity in the market in the face of an increase in the degree of sustainability in mobility policies. For this purpose, the Real Options methodology will be used, applying an abandonment option for a period of 10 years. The results provide a high NPV value (€598,491.2) and a Real Options value, together with the exit option, of €630,341.9. The exit option contributes a growth of only 5.32% with respect to the NPV. Therefore, the option to stay in the market is an appropriate choice for decision-makers.Xunta de Galicia | Ref. ED481A-2018/341Xunta de Galicia | Ref. ED481B2018/095Xunta de Galicia | Ref. ED431C2018/48Xunta de Galicia | Ref. ED431E2018/07Agencia Estatal de Investigación | Ref. RTI2018-099225-B-10

Environmental strategy and the petroleum industry: a sustainability balanced scorecard approach

[Abstract] The institutional framework designed to protect the environment demands a growing involvement of companies. The new environmental paradigm drives the business community to embrace corporate sustainability more broadly and effectively. This trend is especially pronounced in the petroleum sector since, to a greater degree than in other industries, modern society demands that wealth creation be conducted while guaranteeing social and environmental wellbeing. To achieve this aim, it is necessary to implement an environmental management model that links sustainability planning with a control and supervision system. One of the most effective is the Sustainability Balanced Scorecard approach. This method will be used in this article to evaluate the sustainable performance of a Spanish company whose activity is focused on the marketing and distribution of petroleum products. The objective of this article is to analyze the environmental management of the hydrocarbon company and whether the four perspectives of its strategic vision have satisfactorily incorporated variables that promote sustainability. 2021 is the reference year for the indicator values, which will be compared with the target values for 2022. The results show that, while financial performance reveals a margin for improvement, as well as staff education and training in sustainability, the degree of environmental satisfaction of consumers is acceptable.Xunta de Galicia; ED481B2018/095Xunta de Galicia; ED431C2018/48Xunta de Galicia; ED431E2018/07Ministerio de Ciencia e Innovación; RTI2018-099225-B-10

Operanting Cash Flow and Earnings under ifrs/gaap: Evidence from Australia, France & UK

[Abstract]: The purpose of this paper is to investigate the difference in the value relevance of operating cash Flow and earnings in stock price before and after the mandatory IFRS adoption. The study basically uses Feltham and Ohlson (1995), Joos (1997) and other related studies aluation model. Using a sample of firms from 3 IFRS countries from 2003 to 2012, we find that operating cash flows seem to be more value relevance than earnings within and across country border after a switch to IFRS in Australia and the UK, and earnings seem to be more value relevance than operating cash flows in France. Additionally, Operating cash flow and earnings convey incremental explanatory power to explain share prices in Australia, France and the UK. After a switch to IFRS in 2005, our study shows that the difference in account number operating cash flows and earnings) reduces across country border but increases within country when both the IFRS and local accounting standards are used. Taken together, our findings suggests that after a swift to the mandatory IFRS adoption, even though income statement and the statement of cash flow are very vital for strategic decisions, investors in Australia and UK are more likely to pay more value relevance to the statement of cash flow than income statement whereas in France, income state is more required than statement of cash flow

Sustainability, Investment Strategy, and Governance: Evaluation of Wind Energy Sector in North-West Spain

[Abstract]: Climate change is one of the greatest challenges humanity faces globally. For this reason, governmental efforts to reduce emissions of polluting gases have multiplied in the last decade. Against this panorama, petroleum companies have adopted a strategic policy focused on energy diversification, intending to contribute to sustainable development. In the case of Spain, wind energy has been one of the renewable energies that have attracted the most investment from petroleum companies. In particular, this trend is especially acute in Galicia (a region located in the northwest of Spain), since its biophysical conditions and, above all, its institutional framework for the promotion of photovoltaic energy has aroused the interest of petroleum companies. The objective of this article is to perform a feasibility análisis of an average wind project in Galicia. through the calculation of the initial investment, the necessary financing, and the preparation of balance sheets and profit and loss accounts. For this purpose, the methodology used is based on the preparation of a feasibility plan, through which the necessary investment is analyzed and the flows of receipts and payments generated by the company are considered. In this way, this analysis is intended to be useful for companies that are considering the appropriateness/inappropriateness to carry out this type of investment. The results show a high internal rate of return, which indicates the high profitability of the project.Xunta de Galicia; ED431C2018/48Xunta de Galicia; ED431E2018/07This research has been funded by the Conseller ıa de Cultura, Educaci on e Ordenaci on Universitaria of the Xunta de Galicia in Spain the postdoctoral grant ED481B2018/095 and the following grants: ED431C2018/48 and ED431E2018/07. In addition, this publication is part of the Spanish R&D&I project RTI2018-099225-B-I00, funded by MCIN/AEI/10.13039/501100011033/and FEDER ‘A way of doing Europe’. The authors are also grateful for the valuable contributions made by Juan Carlos López Rodríguez.España; FEDER ‘A way of doing Europe’España; MCIN/AEI/10.13039%2F501100011033

Forest management communities’ participation in bioenergy production initiatives: a case study for Galicia (Spain)

Bioenergy is the form of clean energy with the greatest potential for growth in Spain, especially in those regions with a large forest area and a high potential for the utilization of forest resources for energy purposes. This is the case in Galicia (a region located in northwestern Spain), where the communal management of forest resources is widespread. Within this type of management, there is a pioneering case study in which biomass energy use activities have been initiated through an international project. The possible success of this project is of great importance since it could represent an alternative to the main energy activity in the common management of forests: the production of wind energy. In recent years, and with a special increase in 2022, Galician public opinion has expressed its opposition to the implementation of new wind farms in its forests. The aim of this article is to analyze whether or not it is profitable for forest management communities to participate in bioenergy initiatives, which is a novel analysis of the Galician geographical area. For this purpose, the main economic and financial variables of the Galician forest management communities participating in the bioenergy project, SilvaPlus Project, have been analyzed, before and during their participation in the project. In addition, a financial comparison is also made with a group of Galician forest management communities without the energy use of their resources. The evolution of the relevant variables, analyzed between 2011 and 2020, shows a generally positive trend in the values of the forest communities participating in the bioenergy generation project, resulting in a positive experience, both environmentally and financially, for the forest community.Xunta de Galicia | Ref. ED481A-2018/341Xunta de Galicia | Ref. ED481B2018/095Xunta de Galicia | Ref. ED431C2018/48Xunta de Galicia | Ref. ED431E2018/07Ministerio de Ciencia e Innovación | Ref. RTI2018-099225-B-10

Urban mobility trends and climate change: sustainability policies in the parking industry

[Abstract] The concern to create cleaner and more ecosystem-friendly production processes has extended to the parking sector in Spain. Since the creation of the multi-level institutional framework for sustainable mobility management (mainly composed of the Infrastructure, Transport and Housing Plan 2012–2024, the Sustainable Urban Mobility Plans, Law 9/2006, and Law 9/2017), environmental considerations, including sustainable management certificates, have occupied a privileged place in public procedures for the management of parking structures and regulated surface parking facilities. Although there have been previous academic studies on the design and implementation of SUMPs and the growth of the parking sector, this article is novel in that it analyzes the market concentration of the parking sector in a scenario where climate change policies are crucial and the importance of sustainability certificates takes on a new meaning. Therefore, the objective of this article is to analyze whether the growing importance of environmental aspects has led to an increase in the concentration level of the parking sector in Spain. For this purpose, several concentration and stability indices are calculated. The results show that, although there are additional factors, the certification of a cleaner activity is relevant in the process of public tenders in the sector, which has served to strengthen the dominance of the most prominent companies in the sector that are in possession of environmental certificates. This shows that environmental policies can also have negative effects on the market, so the results of this analysis are of great value to policymakers.Xunta de Galicia; ED481B2018/095Xunta de Galicia; ED431C2018/48Xunta de Galicia; ED431E2018/07Ministerio de Economía y Competitividad; RTI2018-099225-B-10

Digitalización para las pequeñas y medianas empresas: estudio de viabilidad de una app dirigida a la fidelización de los clientes

The objective of this article is to know the profitability of the implementation of a loyalty app. This application will offer in Galicia, a region in northwestern Spain, a tool for small and medium enterprises, which have more difficulties to perform a complete digitization of their business, to retain and attract customers in a world in continuous change and technological challenges; and in turn a benefit to consumers, with which they can make their purchases having an added value. To do this, a feasibility analysis will be conducted for the development of a business, making a complete financial projection of 5 years. The results indicate that the project is profitable and worthwhile.El objetivo de este artículo es conocer la rentabilidad de la implantación de una app de fidelización. Dicha aplicación ofrecerá en Galicia, una región al noroeste de España, una herramienta para que las pequeñas y medianas empresas, las que más dificultades tienen para realizar una digitalización completa de su negocio, puedan retener y atraer clientes ante un mundo en continuo cambio y retos tecnológicos; y a su vez un benéfico a los consumidores, con el cual podrán realizar sus compras teniendo un valor añadido. Para ello, se realizará un análisis de viabilidad para la elaboración de un negocio, realizando una completa proyección financiera de cinco años. Los resultados indican que el proyecto es rentable y recomendable

The Augmented and Integrative Model of Economic Growth: Theoretical and Empirical Evidence from USA

[Abstract]: The current nexus between education and economic growth leads us to propose a hybrid and integrated theoretical model. The variables chosen for this research were human capital and labour, and their impact on unemployment and economic growth was considered. In the validation of the theoretical model, different equations were contemplated, and the ARDL cointegration technique for its estimation was chosen. This study emphasizes the importance of technological progress, physical capital and human capital; the latter is measured by educational training and its interactive effect on employment and unemployment in explaining the behaviour of economic growth in the US from 1981-2019. The results show different statistica significance in the short and long term. These results corroborate the premise that there are partial adjustments in the short term, particularly after an economic crisis. In the long term, economic growth is affected by the positive or negative magnitudes of the product elasticity for each of the drivers considered. In terms of policy implications, a combination of structural and demand-driven policies must be implemented to reduce unemployment, in particular, to halt protracted economic recessions