Gilthead seabream price dynamics in the Spanish market: The role of retailers and international trade on price linkages

Capital structure and firm performance: Agency theory application to Mediterranean aquaculture firms

“…After the crises in the sector at the beginning of 2000 due to increased supply and falling prices and the financial crises in 2008, Mediterranean aquaculture firms seems to be on a path to improving their economic performance (Llorente et al, 2020;Nielsen et al, 2021;STECF, 2018). One of the reasons for this improvement is that firms are increasing farm size, engaging in mergers and vertical integrations to exploit economies of scale (Fern andez-Polanco et al, 2021;Guillen et al, 2019;Llorente et al, 2020;Rad & K€ oksal, 2000;Rad, 2007;STECF, 2014;Wagner & Young, 2009). Despite improved efficiency the results have shown that there is still room for improved technical efficiency in the production of seabream and seabass.…”

“…The combined total aquaculture production of Gilthead seabream and European seabass was under 8.000 ton in 1990. It increased to 158.000 ton in 2000 and reaching 464.000 ton in 2018 valued at 2,247 million dollars, what represented an increase of 71% and 29% in quantities and value, respectively in the period -2018(FAO, 2020. The seabream and seabass aquaculture production in the Mediterranean Sea covers 95% of the global production in 2018.…”

“…Together with Egypt, Spain, and Tunisia they cover 88% of production volume in 2018. Most producers have increased production since 2014 led by Turkey, Egypt and Tunisia, while production among European producers Greece, Spain and Italy grows at a lower rate (FAO, 2020). In 1990, the real price per kilo was more than 16 dollars, falling to an all-time low in 2002 of 4 dollars per kilo.…”

“…There is increasing evidence that firm structure is changing in Mediterranean aquaculture, a sector that is primarily producing gilthead seabream (Sparus aurata) and European seabass (Dicentrarchus labrax) (Fern andez-Polanco et al, 2021;Llorente et al, 2020;Nielsen et al, 2021). In the 1990s, large-scale aquaculture production of seabream and seabass was started in several countries around the Mediterranean Sea.…”

“…However, during the 2000s, the industry faced serious setbacks due to falling prices of their product caused by the increased volumes of supply (Llorente & Luna, 2014;Llorente et al, 2020). This led to bankruptcies of firms and longer periods of market instability, with high volatility in supply and prices (Fern andez-Polanco et al, 2021;STECF, 2016STECF, , 2018, strongly affecting the firms' operational margins (Llorente et al, 2020).…”