Mercedes Teruel, Victòria Soldevila-Lafon and Mònica Martin-Bofarull
This paper aims to establish the determinants of production in the Spanish Designation of Origin (DO) area for Cava wine and forecasts sales to establish vineyard area variations…
Abstract
Purpose
This paper aims to establish the determinants of production in the Spanish Designation of Origin (DO) area for Cava wine and forecasts sales to establish vineyard area variations that maintain market equilibrium.
Design/methodology/approach
By applying a vector autoregressive (VAR) model, the authors forecast demand and the consequent requirements for base wine production.
Findings
The results show that Cava sales determine the base wine supply. After forecasting demand and the consequent requirements for base wine, the authors’ results show that, to avoid oversupply, the vineyard area for Cava wine should not be increased.
Practical implications
The paper develops a simple and effective method for DOs affected by the current European wine plantation regulations to forecast from a supply and demand perspective and their surface needs in response to market changes.
Originality/value
This study contributes to the literature because, to the best of the authors’ knowledge, no other study has investigated the determinants of Cava supply and demand or defines a model to assess the effects of changes in growing areas. The model is applicable to other European protected designations of origin wines and would help policymakers to accurately establish vine planting authorizations.
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Alex Coad, Peter Bauer, Clemens Domnick, Peter Harasztosi, Rozália Pál and Mercedes Teruel
The authors explore how did the COVID shock hit European firms at the upper quantiles (high-growth superstars) and the lower quantiles (rapidly declining firms).
Abstract
Purpose
The authors explore how did the COVID shock hit European firms at the upper quantiles (high-growth superstars) and the lower quantiles (rapidly declining firms).
Design/methodology/approach
The authors analyze the European Investment Bank Investment Survey (2016–2020). This exploratory paper applies graphical techniques and quantile regression to evaluate the COVID shock along the growth rates distribution.
Findings
Regarding growth of sales and growth of value added, COVID had a negative effect on growth across the growth rates distribution. The negative COVID effect is larger at the lower quantiles. Employment growth shows no effect for many firms that have zero employment growth, but at the extreme quantiles, the authors can observe that some declining firms were adversely affected by COVID. For labour productivity growth, the COVID effect is small. Analysis of subsamples, and quantile regressions with interaction terms, emphasize that firms receiving policy support were relatively strongly affected by COVID, consistent with interpretations that COVID policy support was reaching the intended recipients. Finally, fully digitalized firms may have been somewhat shielded from the harmful effects of COVID.
Originality/value
First, previous studies have focused on the average effect of COVID on the growth performance. Our research contributes to understanding how the COVID shock affected the entire growth rates distribution, ranging to high-growth firms and declining firms. Second, governments devoted financial support to firms. Our analysis explores if COVID policy support was given to companies more affected by this shock. Third, previous digitalization may have boosted resilience by shielding firms from COVID’s harmful effects on firm growth.
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Abstract
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Godfred Adjapong Afrifa and Ernest Gyapong
The purpose of this paper is to extend the literature on trade receivables and trade payables by examining the determinants of net trade credit.
Abstract
Purpose
The purpose of this paper is to extend the literature on trade receivables and trade payables by examining the determinants of net trade credit.
Design/methodology/approach
To do that, a sample of 67,047 firms in the UK with 443,190 firm year observations is used.
Findings
The results are robust to unobserved heterogeneity and industry effects. The evidence suggests that firms with more inventories, market share and are financially distressed invest less in trade credit. Moreover, higher operating cash flow, annual sales growth, export propensity, access to bank credit and larger firms lead to higher investment in trade credit.
Originality/value
Additionally, the paper broadens the scope of the literature by analysing the determinants of net trade credit around the financial crisis and industry competitiveness.
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Enrique Claver-Cortés, Patrocinio Carmen Zaragoza-Sáez, Hipólito Molina-Manchón and Mercedes Úbeda-García
Based on the literature devoted to family firms and the intellectual capital-based view of the firm, the purpose of this paper is not only to identify the most important human…
Abstract
Purpose
Based on the literature devoted to family firms and the intellectual capital-based view of the firm, the purpose of this paper is not only to identify the most important human capital intangibles owned by family firms but also to show a number of indicators that can help measure them.
Design/methodology/approach
A qualitative case-study-based research approach was adopted taking as reference: 25 family firms belonging to different sectors; previous works existing in the literature; and the intellectus model.
Findings
The present study identifies ten intangibles associated with the human capital of family firms and shows 60 indicators that can be used to measure them. It additionally provides empirical evidence and gives examples of these intangibles through the analysis of 25 international family firms.
Research limitations/implications
The difficulty in collecting all the human capital intangibles of family firms; the problems associated with the creation of accurate indicators; and those specific to the research methodology adopted.
Practical implications
Identifying the human capital intangibles of family firms and their indicators can help managers become aware of their importance, and this will consequently help them improve their management. This could be an interesting starting point to value these intangibles in the balance sheet as well as to draw comparisons between family and non-family organisations.
Originality/value
The framework provided by family firms sheds light on several intangibles specific to these firms – precisely for their condition as “family” firms. Those intangibles – human capital intangibles being especially highlighted in this study – provide the basis for the achievement of competitive advantages.
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Luis Juarez-Rojas, Aldo Alvarez-Risco, Nilda Campos-Dávalos, Maria de las Mercedes Anderson-Seminario and Shyla Del-Aguila-Arcentales
Food insecurity in the Latin American region has become a complex problem that significantly impacts people's physical and mental well-being. The factors causing food insecurity…
Abstract
Food insecurity in the Latin American region has become a complex problem that significantly impacts people's physical and mental well-being. The factors causing food insecurity are varied, ranging from social, political, and economic causes. Ensuring access to food is not a task with limited responsibilities; on the contrary, both public and private institutions must contribute to creating sustainable and innovative solutions. In general, it is necessary to ensure that the food system flows correctly, ensuring the availability of balanced and nutritious food for the diet of the inhabitants of a given nation. Alternative solutions apart from the government's help include sustainable cultivation, finger millet, and close cooperation with the farmers from the agriculture sector. The present research aims to consolidate theoretical information on the Latin American situation and seek the leading solutions of the parties involved.
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Mercedes Marzo‐Navarro and Marta Pedraja‐Iglesias
Wine tourism is emerging as a lucrative industrial sector, capable of generating considerable economic development, and there are numerous wine‐producing regions that would like…
Abstract
Purpose
Wine tourism is emerging as a lucrative industrial sector, capable of generating considerable economic development, and there are numerous wine‐producing regions that would like to become new tourist destinations. To do so the agents involved must know the incentives for and barriers to (the participation of) potential tourists, as well as the significance of those incentives and barriers. This paper seeks to address these issues.
Design/methodology/approach
An analysis of opinions from a sample of residents in Aragón, an important wine‐producing region of Spain, established the main groups of existing incentives. Subsequently, a model of structural equations was considered, to establish what effect the previously‐obtained incentives and different existing barriers have on the intention to generate wine tourism.
Findings
The results indicate that the services offered by wineries and the appeal of the destination are the key incentives. Moreover, personal barriers constitute the main impediment to participating in wine tourism, with structural barriers taking second place.
Practical implications
It is necessary to develop strategies that increase interest in the wine product and in related activities, in order to successfully develop wine tourism, considering that, in the case studied, neither cost nor time nor distance act as barriers for developing wine tourism.
Originality/value
A review of the existing literature shows that, in spite of the growing interest in wine tourism over the last five years in Spain, much remains to be explored. An analysis of the factors that could have an impact on participation in tourism activities related to wine in Spain is among the topics receiving little attention. The tested model includes incentives for, and barriers to, the strategic development of wine tourism. This model represents the first empirical proposal for the Spanish case.
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Opeyemi Femi-Oladunni, Pablo Ruiz-Palomino and Israel Roberto Pérez Jiménez
This study aims to identify how Spanish consumers’ extrinsic preferences for food have evolved by examining the extant literature on food preferences in Spain, focusing on…
Abstract
Purpose
This study aims to identify how Spanish consumers’ extrinsic preferences for food have evolved by examining the extant literature on food preferences in Spain, focusing on food-related attributes and food-related values.
Design/methodology/approach
This study is based on a synthetic review of the extant academic literature on Spanish consumer preferences for food-related attributes and food-related values from the mid-20th to the 21st century. This study uses key economic and social milestones that are most likely to influence food value chain actors to show how consumer preferences have evolved over the study period.
Findings
Spanish consumer food attribute preferences expanded as the food sector of the nation continued to grow, and value preferences showed a similar pattern from the mid-20th to the 21st century. The drivers of these preferences were trust, lifestyle, education (campaigns), sociodemographic factors and purchasing power.
Originality/value
Evaluating the extant literature’s contribution to consumer preferences for food-related attributes and values is important because it can aid in understanding the hierarchy and variety of consumers’ food preferences as well as the factors that drive these preferences. To the best of the authors’ knowledge, this study is the first to explore how Spanish consumer preferences evolved between the mid-20th and 21st centuries.
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There are uncertainties concerning how innovators can successfully venture into disruptive innovations and how incumbents can react to the emergence of such innovations…
Abstract
Purpose
There are uncertainties concerning how innovators can successfully venture into disruptive innovations and how incumbents can react to the emergence of such innovations. Disruptive digital innovations, which use information technology to disrupt business contexts and can evolve rapidly to either successes or failures, have unique challenges. The literature has largely remained silent concerning these. Also, existing studies often focus on innovations originating in developed economies and just on successful cases. There is a lack of comparative focus on successful and failure cases emerging across economies. The purpose of this paper is to fill these gaps.
Design/methodology/approach
This paper assesses the evolution of disruptive digital innovations in various contexts through a financial management-motivated conceptual framework. Contrary to existing works, this paper focuses on both successful and failure cases and regards the influence of various stakeholders further to innovators and incumbents to explain the successes or failures of the innovation.
Findings
There are some common success factors for disruptive digital innovation. These include an inherent focus on social value, alignment to financiers' interests and rivals' actions and strategic collaborations to create a synergy effect.
Research limitations/implications
Innovators can cause effective digital disruption by focusing on social and financial values. Success can also largely depend on strategic partnerships rather than actions by an individual entity. Thus, venturing and managing disruptive digital innovation is not an isolated but a social process.
Originality/value
This paper recommends propositions for innovators and incumbents to venture into and confront disruptive digital innovations effectively. Its originality lies in focusing on both successful and failure cases, unexplored in literature, to develop the propositions.