Pub Date : 2021-11-24DOI: 10.1080/13657305.2021.2003483
P. Ngoc, Vu-Hoang Le, T. Pham, H. Pham, T. C. Le, A. Oude Lansink
Abstract Intensive shrimp production is a potential pathway to increasing export quantity and meeting Vietnamese national export targets set for the 2020–2030 period. Vietnamese farmers need to efficiently manage their shrimp farming to compete in global markets. This study aims to investigate input- and output-specific technical and scale inefficiencies in Vietnamese shrimp farming practice and their determinants. The research used a survey among 200 shrimp farmers from Ca Mau, Kien Giang, and Soc Trang provinces in Vietnam, and applied a two-stage approach with a Russell-type (input–output) directional distance function for measuring input- and output-specific technical inefficiency, and a bootstrap truncated regression for exploring the determinants of inefficiencies. Results show that main drivers of technical inefficiencies in Vietnamese intensive white-leg shrimp farms are inappropriate management of energy (inefficiency of 32%), seed (inefficiency of 22%) and shrimp yield production (88%). Furthermore, male farmers experienced in shrimp farming, with proper training and applied plastic-lined ponds are generally better in managing pond areas, use of seed, feed, and labor. Technological innovations, better post larvae quality and their stocking management can help to improve shrimp farming performance.
{"title":"Technical and scale efficiency of intensive white-leg shrimp (Litopenaeus vannamei) farming in Vietnam: A data envelopment analysis","authors":"P. Ngoc, Vu-Hoang Le, T. Pham, H. Pham, T. C. Le, A. Oude Lansink","doi":"10.1080/13657305.2021.2003483","DOIUrl":"https://doi.org/10.1080/13657305.2021.2003483","url":null,"abstract":"Abstract Intensive shrimp production is a potential pathway to increasing export quantity and meeting Vietnamese national export targets set for the 2020–2030 period. Vietnamese farmers need to efficiently manage their shrimp farming to compete in global markets. This study aims to investigate input- and output-specific technical and scale inefficiencies in Vietnamese shrimp farming practice and their determinants. The research used a survey among 200 shrimp farmers from Ca Mau, Kien Giang, and Soc Trang provinces in Vietnam, and applied a two-stage approach with a Russell-type (input–output) directional distance function for measuring input- and output-specific technical inefficiency, and a bootstrap truncated regression for exploring the determinants of inefficiencies. Results show that main drivers of technical inefficiencies in Vietnamese intensive white-leg shrimp farms are inappropriate management of energy (inefficiency of 32%), seed (inefficiency of 22%) and shrimp yield production (88%). Furthermore, male farmers experienced in shrimp farming, with proper training and applied plastic-lined ponds are generally better in managing pond areas, use of seed, feed, and labor. Technological innovations, better post larvae quality and their stocking management can help to improve shrimp farming performance.","PeriodicalId":48854,"journal":{"name":"Aquaculture Economics & Management","volume":"27 1","pages":"50 - 65"},"PeriodicalIF":3.9,"publicationDate":"2021-11-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43539545","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-11-22DOI: 10.1080/13657305.2021.2000517
Struan Coleman, D. Morse, W. C. Brayden, D. Brady
Abstract Aquaculture is the fastest growing food production sector in the world and is quickly diversifying. In the Northwest Atlantic, interest in sea scallop (Placopecten magellanicus) (hereafter scallop) aquaculture has grown substantially. However, technical and economic challenges have hindered industry growth. We conducted bioeconomic simulations for various sized farms that targeted either live “whole” scallops or the shucked adductor muscle “meat.” The majority of farms selling whole scallops were profitable. However, all farms selling meats generated negative returns. Labor made up the greatest portion of costs in model simulations and increased linearly with farm size, representing a significant bottleneck. Whole scallop farm value was most sensitive to changes in (1) market price and (2) time to market. Our analysis suggests four strategies to increase farmed scallop production in the Northwest Atlantic: (1) mechanize low density net culture, (2) optimize net stocking densities, (3) build site selection tools, and (4) invest in consumer education, end-markets, and biotoxin testing for whole scallops. The sector will require a combination of regulatory, industry, and research cooperation to overcome these pressing challenges, but holds the potential to profitably diversify the bivalve aquaculture industry.
{"title":"Developing a bioeconomic framework for scallop culture optimization and product development","authors":"Struan Coleman, D. Morse, W. C. Brayden, D. Brady","doi":"10.1080/13657305.2021.2000517","DOIUrl":"https://doi.org/10.1080/13657305.2021.2000517","url":null,"abstract":"Abstract Aquaculture is the fastest growing food production sector in the world and is quickly diversifying. In the Northwest Atlantic, interest in sea scallop (Placopecten magellanicus) (hereafter scallop) aquaculture has grown substantially. However, technical and economic challenges have hindered industry growth. We conducted bioeconomic simulations for various sized farms that targeted either live “whole” scallops or the shucked adductor muscle “meat.” The majority of farms selling whole scallops were profitable. However, all farms selling meats generated negative returns. Labor made up the greatest portion of costs in model simulations and increased linearly with farm size, representing a significant bottleneck. Whole scallop farm value was most sensitive to changes in (1) market price and (2) time to market. Our analysis suggests four strategies to increase farmed scallop production in the Northwest Atlantic: (1) mechanize low density net culture, (2) optimize net stocking densities, (3) build site selection tools, and (4) invest in consumer education, end-markets, and biotoxin testing for whole scallops. The sector will require a combination of regulatory, industry, and research cooperation to overcome these pressing challenges, but holds the potential to profitably diversify the bivalve aquaculture industry.","PeriodicalId":48854,"journal":{"name":"Aquaculture Economics & Management","volume":"27 1","pages":"25 - 49"},"PeriodicalIF":3.9,"publicationDate":"2021-11-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43917873","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-11-13DOI: 10.1080/13657305.2021.1996480
T. Meng, Chunxiao Wang, W. Florkowski, Zhengyong Yang
Abstract Consumption of aquatic products in China continues to grow and encourages the expansion of aquaculture farms. The examination of factors influencing expenditures on all aquatic products, freshwater fish, squid/octopus, and shellfish uses survey data collected from residents of Shanghai, China. The use of the Tobit modeling approach identified socio-demographic variables such as income, aquatic product safety perceptions, and preferences for quality as significant determinants of expenditures on aquatic product categories. Expenditures tend to increase with age, but the effect of education varies with regard to specific categories, suggesting distinct choices of educated consumers. Wives tend to spend substantially less on aquatic products than husbands. Knowledge of past sickness due to ingestion of aquatic products causes expenditures to drop in all categories, while quality certification, certified organic origin, and certified aquaculture products increase expenditure in selected categories. Monitoring consumer socio-demographic profiles and establishing transparent quality certification systems will benefit aquaculture farms and aquatic product marketers.
{"title":"Determinants of urban consumer expenditure on aquatic products in Shanghai, China","authors":"T. Meng, Chunxiao Wang, W. Florkowski, Zhengyong Yang","doi":"10.1080/13657305.2021.1996480","DOIUrl":"https://doi.org/10.1080/13657305.2021.1996480","url":null,"abstract":"Abstract Consumption of aquatic products in China continues to grow and encourages the expansion of aquaculture farms. The examination of factors influencing expenditures on all aquatic products, freshwater fish, squid/octopus, and shellfish uses survey data collected from residents of Shanghai, China. The use of the Tobit modeling approach identified socio-demographic variables such as income, aquatic product safety perceptions, and preferences for quality as significant determinants of expenditures on aquatic product categories. Expenditures tend to increase with age, but the effect of education varies with regard to specific categories, suggesting distinct choices of educated consumers. Wives tend to spend substantially less on aquatic products than husbands. Knowledge of past sickness due to ingestion of aquatic products causes expenditures to drop in all categories, while quality certification, certified organic origin, and certified aquaculture products increase expenditure in selected categories. Monitoring consumer socio-demographic profiles and establishing transparent quality certification systems will benefit aquaculture farms and aquatic product marketers.","PeriodicalId":48854,"journal":{"name":"Aquaculture Economics & Management","volume":"27 1","pages":"1 - 24"},"PeriodicalIF":3.9,"publicationDate":"2021-11-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48967563","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-11-05DOI: 10.1080/13657305.2021.1996481
J. L. Fernández Sánchez, Ignacio Llorente, B. Basurco, C. Aguilera
Abstract The aim of this work is to evaluate how changes in a set of different key operational factors (e.g., the unit sales price, the fingerling unit cost, the feed unit cost, and so on) would impact on the economic performance of a typical grow-out farm producing European sea bass in the Mediterranean under different scenarios of production related to the farm size (production volume) and production strategy (size of the produced fish). A what-if analysis using a deterministic static model to simulate the annual income statement of a typical grow-out farm was carried out. Data was obtained from ten European facilities located in the Mediterranean Sea. Our findings show the importance of the farm’s scale and the production of larger fish to obtain better economic results. Another important conclusion is that increase in fish growth and survival rates, innovating in feed and improving the breeding and health conditions, could compensate the reductions in the sea bass sales prices more efficiently than using other alternatives.
{"title":"Assessing the economic impact of key operational factors on grow-out farms producing European sea bass under different scenarios of production","authors":"J. L. Fernández Sánchez, Ignacio Llorente, B. Basurco, C. Aguilera","doi":"10.1080/13657305.2021.1996481","DOIUrl":"https://doi.org/10.1080/13657305.2021.1996481","url":null,"abstract":"Abstract The aim of this work is to evaluate how changes in a set of different key operational factors (e.g., the unit sales price, the fingerling unit cost, the feed unit cost, and so on) would impact on the economic performance of a typical grow-out farm producing European sea bass in the Mediterranean under different scenarios of production related to the farm size (production volume) and production strategy (size of the produced fish). A what-if analysis using a deterministic static model to simulate the annual income statement of a typical grow-out farm was carried out. Data was obtained from ten European facilities located in the Mediterranean Sea. Our findings show the importance of the farm’s scale and the production of larger fish to obtain better economic results. Another important conclusion is that increase in fish growth and survival rates, innovating in feed and improving the breeding and health conditions, could compensate the reductions in the sea bass sales prices more efficiently than using other alternatives.","PeriodicalId":48854,"journal":{"name":"Aquaculture Economics & Management","volume":"26 1","pages":"232 - 250"},"PeriodicalIF":3.9,"publicationDate":"2021-11-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43569920","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-10-19DOI: 10.1080/13657305.2021.1988004
J. R. Chico, Mercedes Jiménez García, Antonio Rafael Peña Sánchez, José Antonio López Sánchez
Abstract At present, aquaculture is still subject to social debate. This paper analyzes its social acceptance compared to traditional fishing, mainly by applying the structural equations methodology. This technique has been widely used in recent times in social sciences but is minor in this field. We propose a model in which we break down its acceptance in two dimensions: Product and company. We also try to see if there are differences in the perception of men and women. To this end, we have carried out 803 personal surveys in several Spanish coastal provinces. Among the results, we can highlight the good level of acceptance of its products, positively influencing their companies' perception. We can recommend the development of synergies between the different agents involved to improve their acceptance. By gender, general acceptance is higher in men than in women; however, we have not detected significant differences in both groups' perceptions when analyzed using structural equations.
{"title":"Socioeconomic acceptance of aquaculture measured through structural equations modeling. Are there discrepancies between men and women in Spain?","authors":"J. R. Chico, Mercedes Jiménez García, Antonio Rafael Peña Sánchez, José Antonio López Sánchez","doi":"10.1080/13657305.2021.1988004","DOIUrl":"https://doi.org/10.1080/13657305.2021.1988004","url":null,"abstract":"Abstract At present, aquaculture is still subject to social debate. This paper analyzes its social acceptance compared to traditional fishing, mainly by applying the structural equations methodology. This technique has been widely used in recent times in social sciences but is minor in this field. We propose a model in which we break down its acceptance in two dimensions: Product and company. We also try to see if there are differences in the perception of men and women. To this end, we have carried out 803 personal surveys in several Spanish coastal provinces. Among the results, we can highlight the good level of acceptance of its products, positively influencing their companies' perception. We can recommend the development of synergies between the different agents involved to improve their acceptance. By gender, general acceptance is higher in men than in women; however, we have not detected significant differences in both groups' perceptions when analyzed using structural equations.","PeriodicalId":48854,"journal":{"name":"Aquaculture Economics & Management","volume":"26 1","pages":"439 - 461"},"PeriodicalIF":3.9,"publicationDate":"2021-10-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45175688","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-10-07DOI: 10.1080/13657305.2021.1979122
Md. Takibur Rahman, R. Nielsen, M. Khan
Abstract The continuous growth of the aquaculture sector has motivated numerous empirical studies investigating farm productivity and technical performance over time. However, empirical works focusing on low-value species in developing countries are scarcer due to the lack of data. This paper investigates the sources of productivity changes over time using a meta-frontier Malmquist productivity index. The dataset contains 2,100 observations in an unbalanced panel data set for pangas and tilapia in Bangladesh. The results indicate that the overall productivity index and its components increase over time but at a decreasing rate. The technology change effect has the largest impact, followed by technical efficiency change. The scale effects are less than one, indicating that farms are scale inefficient. Nevertheless, the convergence toward the technology frontier seems to level off due to a declining ability to minimize the efficiency change and technological change gaps over time. The results also show a larger disparity among the farms in recent years, lowering the mean technical efficiency, with a few farms driving the frontier outward and the average farms lagging.
{"title":"Pond aquaculture performance over time: A perspective of small-scale extensive pond farming in Bangladesh","authors":"Md. Takibur Rahman, R. Nielsen, M. Khan","doi":"10.1080/13657305.2021.1979122","DOIUrl":"https://doi.org/10.1080/13657305.2021.1979122","url":null,"abstract":"Abstract The continuous growth of the aquaculture sector has motivated numerous empirical studies investigating farm productivity and technical performance over time. However, empirical works focusing on low-value species in developing countries are scarcer due to the lack of data. This paper investigates the sources of productivity changes over time using a meta-frontier Malmquist productivity index. The dataset contains 2,100 observations in an unbalanced panel data set for pangas and tilapia in Bangladesh. The results indicate that the overall productivity index and its components increase over time but at a decreasing rate. The technology change effect has the largest impact, followed by technical efficiency change. The scale effects are less than one, indicating that farms are scale inefficient. Nevertheless, the convergence toward the technology frontier seems to level off due to a declining ability to minimize the efficiency change and technological change gaps over time. The results also show a larger disparity among the farms in recent years, lowering the mean technical efficiency, with a few farms driving the frontier outward and the average farms lagging.","PeriodicalId":48854,"journal":{"name":"Aquaculture Economics & Management","volume":"26 1","pages":"192 - 214"},"PeriodicalIF":3.9,"publicationDate":"2021-10-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44677286","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-10-06DOI: 10.1080/13657305.2021.1983069
Sandip Mitra, M. Khan, R. Nielsen, Md. Takibur Rahman
Abstract This study examines the impact of land tenure systems on aquaculture farm productivity, efficiency, and profitability based on information obtained from interviews with 517 randomly selected aquaculture farms across Bangladesh. Propensity score matching (PSM) is used to estimate productivity variation, and the stochastic frontier production function (SFPF) is employed to analyze efficiency variation depending on aquaculture farms’ land ownership. The results reveal that the productivity and efficiency of cash tenant farms are significantly higher than those of self-owned farms, but that the land-owner extracts most of the associated profits through the rent. Furthermore, the efficiency of self-owned farms decreases with farm size, while the opposite is true for cash tenant farms.
{"title":"Improving aquaculture productivity, efficiency and profitability in Bangladesh: Does land ownership matter?","authors":"Sandip Mitra, M. Khan, R. Nielsen, Md. Takibur Rahman","doi":"10.1080/13657305.2021.1983069","DOIUrl":"https://doi.org/10.1080/13657305.2021.1983069","url":null,"abstract":"Abstract This study examines the impact of land tenure systems on aquaculture farm productivity, efficiency, and profitability based on information obtained from interviews with 517 randomly selected aquaculture farms across Bangladesh. Propensity score matching (PSM) is used to estimate productivity variation, and the stochastic frontier production function (SFPF) is employed to analyze efficiency variation depending on aquaculture farms’ land ownership. The results reveal that the productivity and efficiency of cash tenant farms are significantly higher than those of self-owned farms, but that the land-owner extracts most of the associated profits through the rent. Furthermore, the efficiency of self-owned farms decreases with farm size, while the opposite is true for cash tenant farms.","PeriodicalId":48854,"journal":{"name":"Aquaculture Economics & Management","volume":"26 1","pages":"215 - 231"},"PeriodicalIF":3.9,"publicationDate":"2021-10-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47265647","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-10-02DOI: 10.1080/13657305.2021.2020465
R. Botta, E. Brækkan, W. C. Brayden, Julia Bronnnmann, Carlos Ch avez, Uttam Deb, José M. Fernández-Polanco, T. Garlock, Dan Gordon, Venticia Hukom, Akhtaruzzaman Khan, D. Kidane, D. Knowler, Ignacio Llorente, Dave Love, M. Luna, Sandip Mitra, Oystein Myrland, Rune Nygård, T. Osmundsen, D. Petrolia, I. Pettersen, R. Pincinato, Andrew Ropicki, Leonardo Salazar, G. Shamshak, Geir Sogn-Grundvåg, Hans‐Martin Straume, Prasanna Surathkal, Dengjun Zhang
Robert Botta Eivind Brækkan W. Christian Brayden Julia Bronnnmann Carlos Ch avez Uttam Deb Jose Fernandez-Polanco Taryn Garlock Dan Gordon Venticia Hukom Akhtaruzzaman Khan Dejene Kidane Duncan Knowler Ignacio Llorente Dave Love Manuel Luna Sandip Mitra Oystein Myrland Rune Nygård Tonje Osmundsen Daniel Petrolia Ingrid Pettersen Ruth Pincinato Andrew Ropicki Leonardo Salazar Gina Shamshak Geir Sogn-Grundvag Hans-Martin Straume Prasanna Surathkal Dengjun Zhang
Robert Botta Eivind Brækkan W。Christian Brayden Julia Bronnnmann Carlos Ch avez Uttam Deb Jose Fernandez Polanco Taryn Garlock Dan Gordon Venticia Hukom Akhtaruzzaman Khan Dejene Kidane Duncan Knowler Ignacio Llorente Dave Love Manuel Luna Sandip Mitra Oystein Myrland Rune Nygård Tonje Osmundsen Daniel Petrolia Ingrid Pettersen Ruth Pincinato Andrew Ropicki Leonardo Salazar Gina Shamshak Geir Sogn Grundvag Hans MartinStraume Prasanna Surathkal Dengjun Zhang
{"title":"List of reviewers for Aquaculture Economics & Management 2021","authors":"R. Botta, E. Brækkan, W. C. Brayden, Julia Bronnnmann, Carlos Ch avez, Uttam Deb, José M. Fernández-Polanco, T. Garlock, Dan Gordon, Venticia Hukom, Akhtaruzzaman Khan, D. Kidane, D. Knowler, Ignacio Llorente, Dave Love, M. Luna, Sandip Mitra, Oystein Myrland, Rune Nygård, T. Osmundsen, D. Petrolia, I. Pettersen, R. Pincinato, Andrew Ropicki, Leonardo Salazar, G. Shamshak, Geir Sogn-Grundvåg, Hans‐Martin Straume, Prasanna Surathkal, Dengjun Zhang","doi":"10.1080/13657305.2021.2020465","DOIUrl":"https://doi.org/10.1080/13657305.2021.2020465","url":null,"abstract":"Robert Botta Eivind Brækkan W. Christian Brayden Julia Bronnnmann Carlos Ch avez Uttam Deb Jose Fernandez-Polanco Taryn Garlock Dan Gordon Venticia Hukom Akhtaruzzaman Khan Dejene Kidane Duncan Knowler Ignacio Llorente Dave Love Manuel Luna Sandip Mitra Oystein Myrland Rune Nygård Tonje Osmundsen Daniel Petrolia Ingrid Pettersen Ruth Pincinato Andrew Ropicki Leonardo Salazar Gina Shamshak Geir Sogn-Grundvag Hans-Martin Straume Prasanna Surathkal Dengjun Zhang","PeriodicalId":48854,"journal":{"name":"Aquaculture Economics & Management","volume":"25 1","pages":"504 - 504"},"PeriodicalIF":3.9,"publicationDate":"2021-10-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43194280","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-09-17DOI: 10.1080/13657305.2021.1976884
Isaac Ankamah-Yeboah, R. Nielsen, Ignacio Llorente
Abstract The study uses firm level panel data to determine performance-leverage relationships among Mediterranean aquaculture production firms in Croatia, Italy, Spain, France and Greece. A stochastic 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 relationships 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.
{"title":"Capital structure and firm performance: Agency theory application to Mediterranean aquaculture firms","authors":"Isaac Ankamah-Yeboah, R. Nielsen, Ignacio Llorente","doi":"10.1080/13657305.2021.1976884","DOIUrl":"https://doi.org/10.1080/13657305.2021.1976884","url":null,"abstract":"Abstract The study uses firm level panel data to determine performance-leverage relationships among Mediterranean aquaculture production firms in Croatia, Italy, Spain, France and Greece. A stochastic 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 relationships 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.","PeriodicalId":48854,"journal":{"name":"Aquaculture Economics & Management","volume":"25 1","pages":"367 - 387"},"PeriodicalIF":3.9,"publicationDate":"2021-09-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43195012","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-09-03DOI: 10.1080/13657305.2021.1970856
M. Sikveland, Ragnar Tveterås, Dengjun Zhang
Abstract Capital requirements increase as aquaculture becomes more industrialized, with firms increasing their scale of production and capital intensity. Public listing at stock exchanges can provide improved access and cheaper financing for firms. Since the public listing is a fairly recent phenomenon and relatively few aquaculture firms have entered stock markets, it is useful to investigate the differences in profitability among listed and private aquaculture firms. Our econometric estimates based on a unique panel dataset of Norwegian salmon companies indicate that the sources of profitability, as measured by return on assets (ROA), are different among the two groups of companies. Listed companies are able to increase profitability through working capital optimization; however, they are more negatively affected by operating leverage and liquidity. This indicates that using liquidity as a risk reduction measure is costly in the industry. Although private firms have historically performed better on average in terms of ROA, the difference is not statistically different.
{"title":"Profitability differences between public and private firms: The case of Norwegian salmon aquaculture","authors":"M. Sikveland, Ragnar Tveterås, Dengjun Zhang","doi":"10.1080/13657305.2021.1970856","DOIUrl":"https://doi.org/10.1080/13657305.2021.1970856","url":null,"abstract":"Abstract Capital requirements increase as aquaculture becomes more industrialized, with firms increasing their scale of production and capital intensity. Public listing at stock exchanges can provide improved access and cheaper financing for firms. Since the public listing is a fairly recent phenomenon and relatively few aquaculture firms have entered stock markets, it is useful to investigate the differences in profitability among listed and private aquaculture firms. Our econometric estimates based on a unique panel dataset of Norwegian salmon companies indicate that the sources of profitability, as measured by return on assets (ROA), are different among the two groups of companies. Listed companies are able to increase profitability through working capital optimization; however, they are more negatively affected by operating leverage and liquidity. This indicates that using liquidity as a risk reduction measure is costly in the industry. Although private firms have historically performed better on average in terms of ROA, the difference is not statistically different.","PeriodicalId":48854,"journal":{"name":"Aquaculture Economics & Management","volume":"26 1","pages":"414 - 438"},"PeriodicalIF":3.9,"publicationDate":"2021-09-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47761561","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
京公网安备 11010802042870号
京ICP备2023020795号-1
扫码关注我们
求助内容：
应助结果提醒方式：