Suchergebnisse

The study uses firm level panel data to determine perform-ance-leverage relationships among Mediterranean aquaculture production firms in Croatia, Italy, Spain, France and Greece. Astochastic frontier production function is used to determine and define performance through firm level efficiency estimates. The multilevel internal instrument variable approach is employed to identify the causal relation ships between performance and leverage. Our results show that technical efficiency has been increasing across all firms over the period 2008-2016. The agency-cost hypothesis holds such that leverage has an inverted U-shaped relationship with performance.This implies that leverage increases with efficiency, but efficiency begins to decrease at sufficiently higher levels of leverage. The reverse relationship confirms the franchise-value hypothesis, which states that firms with high efficiency will try to protect the value of their high income by holding more equity capital. Implications for the results are drawn for the Mediterranean region. ; The authors would like to thank the MedAID (Mediterranean Aquaculture Integrated Development) project, under which this research was conducted.The MedAID project has received funding from the European Union's Horizon 2020 Research and Innovation Programme under grant agreement [no. 727315] (http://www.medaid-h2020.eu/).

Economic criteria have traditionally been taken into account as the most important factor for the selection of the most suitable feed in aquaculture. However, currently, management decisions have become increasingly complex, taking into account issues such as environmental sustainability and product quality. In this regard, there is growing recognition that the quality of the environment in which an organization operates has a direct effect on its financial results. Unfortunately, the complex integration of all these factors, which are sometimes opposing, limits the ability of aquaculture producers to adapt their production strategy to cleaner production systems. In this context, the aim of this work is to address this problem with the development of a novel, multiple-criteria decision-making optimization methodology that allows producers to include different preferences in the design of feeding strategies. Here, this methodology is applied to gilthead seabream production. The results obtained show the utility of this methodology for integrating numerous criteria in the evaluation of various alternatives and for carrying out an efficient sensitivity analysis which test the impact of different hypotheses on stakeholders' preferences. ; This research was undertaken under the MedAID project, which has received funding from the European Union's Horizon 2020 Research and Innovation Programme under grant agreement no 727315 (http://www.medaid-h2020.eu/). The authors wish to thank the Ibero-American Program for the Development of Science and Technology (CYTED) and the Red Iberoamericana BigDSSAgro (Ref. P515RT0123) for their support of this work, and Juan B. Cabral for the package scikit-criteria for MCDM.

Since the 1990s, fishing production has stagnated and aquaculture has experienced an exponential growth thanks to the production on an industrial scale. One of the major challenges facing aquaculture companies is the management of breeding activity affected by biological, technical, environmental and economic factors. In recent years, decision-making has also become increasingly complex due to the need for managers to consider aspects other than economic ones, such as product quality or environmental sustainability. In this context, there is an increasing need for expert systems applied to decision-making processes that maximize economic efficiency of the operational process. One of the production planning decisions more affected by these changes is the feeding strategy. The selection of the feed determines the growth of the fish, but also generates the greatest impact of the activity on the environment and determines the quality of the product. In addition, feed is the main production cost in finfish aquaculture. In order to address all these problems, the present work integrates a multiple-criteria methodology with a genetic algorithm that allows determining the best sequence of feeds to be used throughout the fattening period, depending on multiple optimization objectives. Results show its utility to generate and evaluate different alternatives and fulfill the initial hypothesis, demonstrating that the combination of several feeds at precise times may improve the results obtained by one feed strategies. ; This paper is part of the MedAID project which has received funding from the European Union's H2020 program under grant agreement 727315. The authors also wish to thank the Ibero-American Program for the Development of Science and Technology, CYTED, and the Red Iberoamericana BigDSSAgro (Ref. P515RT0123) for their support of this work.

The entry of Pangasius into the E.U. market changed the equilibrium for imported frozen fish fillets. Pangasius is displacing traditional species like cod and hake. In a study, the largest levels of cointegration among species and exporting countries were found in a group including the five top non-European exporters of fish fillets to the E.U. Exports from the U.S. and Russia showed the highest level of significance in the interaction of their prices with those from Vietnam.

In Europe, most frozen white fish fillets operate in an undifferentiated market. Although differences in quality and processing affect pricing, there is also competition across species and exporting countries. Analysis showed that prices for tilapia from the leading exporter China were not affected by any competitor, but pricing for tilapia from other countries was highly related. Low Pangasius prices affected the market share of tilapia, which may help explain why Pangasius is a most popular fish in the European Union.

Production of gilthead seabream (Sparus aurata) and European seabass (Dicentrarchus labrax) is the second most important aquaculture industry in the European Union in value terms. During the last 10 years, the industry has experienced a process of industry concentration with the aim to overcome efficiency and profitability issues. However, the economic performance of the companies is still in general rather poor. The present work analyzes the economic performance of EU seabream and seabass companies in the period 2008?2016. The work is the first study to analyze companies? profitability in the EU as a whole, by country and company size, using economic and financial data extracted from companies? annual accounts. Based on the results, the study discusses the improvement of production and business profitability in recent years and the different factors that may have caused it, as well as the challenges and threats that seabream and seabass companies will have to face in order to achieve economic sustainability. ; This research was undertaken under the MedAID project, which has received funding from the European Union's Horizon 2020 Research and Innovation Programme under grant agreement no 727315 (http://www.medaid-h2020.eu/).

ABSTRATC: In contrast to the increasing aquaculture production of mussels worldwide, production in the European Union (EU) has shown a decreasing trend over the last two decades. Aquaculture production of mussels in the EU peaked in the late 1990s at more than 600 000 tonnes; by 2016, production volume had dropped by 20% to 480 000 tonnes. As mussel production represents more than 1/3 of EU aquaculture production, this decrease is an important contributor to the stagnation of EU aquaculture. Previous studies have suggested diseases, lack of mussel seed (spat), and low profitability as the main causes of the EU mussel production decrease. In this study, we investigate how economic and environmental factors have contributed. Moreover, we examine if the different mussel production techniques (raft, longline, on-bottom, and "bouchot") have been differently affected, by analysing the economic performance and cost structure evolution for the period 2010-2016. We complement these results with a SWOT (strengths, weaknesses, opportunities, and threats) analysis of the EU mussel sector based on expert knowledge.