Due to the type of mathematical construction, the use of standard financial ratios in studies analyzing the financial health of a group of firms leads to a series of statistical problems that can invalidate the results obtained. These problems originate from the asymmetry of financial ratios. The present article justifies the use of a new methodology using Compositional Data (CoDa) to analyze the financial statements of an industry, improving analyses using conventional ratios, since the new methodology enables statistical techniques to be applied without encountering any serious drawbacks, such as skewness and outliers, and without the results depending on the arbitrary choice as to which of the accounting figures is the numerator of the ratio and which is the denominator. An example with data on the wine industry is provided. The results show that when using CoDa, outliers and skewness are much reduced, and results are invariant to numerator and denominator permutation.

El objeto de estudio es el turismo rural a partir de los datos contables que se obtienen de la base de datos SABI (Iberian Balance Sheet Analysis System). Se ha delimitado el estudio a dos comunidades españolas, en concreto Catalunya y Galicia, durante los años 2014 y 2018. Se ha analizado la viabilidad económica de las explotaciones a nivel agregado, a través de las ratios financieras aplicando la metodología CoDa (Datos Composicionales), que soluciona los problemas de asimetría, no linealidad y valores atípicos que presenta el análisis sectorial tradicional, a través de las ratios. Los datos se han clasificado en tres grupos (clústeres), analizando las divergencias que presentan respecto a la rentabilidad financiera, descomponiendo esta variable en rotación, margen y apalancamiento. También se ha utilizado el biplot composicional que permite hacer diagnósticos de empresas individuales y trazar sus trayectorias en el tiempo. Se concluye que, en todos los clústeres, el sector presenta márgenes y rentabilidades mayoritariamente negativos, aunque la situación mejora algo en 2018. Se identifica un grupo con grandes problemas de endeudamiento situado mayoritariamente en Galicia.

Expansion of the current methodology for the study of the short-term liquidity problems in a sector

Purpose: The present study reflects the economic and financial analysis of major wine production firms in the Rioja 2008-2013. This work reflects the economic and financial analysis major wine production firms in the Rioja in 2008-2013. The study presents the main economic and financial indicators to diagnose the economic health of those companies in 2008-2013 by analyzing short and long term, an analysis of the results and an analysis of changes in equity and cash flows of the wineries. It also presents a comparison with the Catalan wineries to mime period. Design/methodology/approach: The data used comes from the statements of the wine industry in the period 2008-2013 in the Rioja (the SABI database) and in particular it contains a sample of wine producing companies considered large-level accounting (according to the General Accounting Plan). The Rioja companies have a minimum income of € 5.7 million and have minimum assets of € 2,85 million in the sample carried out using descriptive statistics and analysis of results and conclusions have been reached. Findings: The study identifies economic and financial health of the Rioja wineries that concentrate large part of sales, to assess whether they follow a balanced economic growth in the 2008-2013 period analyzed. Research limitations/implications: It would be desirable to extend the sample to small wineries and to get present data to confirm trend changes in economic and financial analysis. Practical implications: It allows us to assess the projection of this sector in recent years in the Rioja in order to take the appropriate economic decisions in this regard. Social implications: The results show that changes are needed in the sector so that Rioja wine companies can maintain their good position. Originality / value: For partnerships, cooperatives and wine companies to give relevant economic information and financial health of wine businesses in this difficult period with instructions to help meet the challenges of the future.

The primary aim of this article is to demonstrate that using the average of ratios as a representative value for measuring the health of a sector does not constitute a valid procedure. After mathematically demonstrating this objective, the article will then focus on introducing a new index for estimating the potential debt return value for a sector or group of companies. Next, the article details the start of the process for creating a new index to improve investors’ understanding of the risk associated with a sector or a group of companies meeting short-term obligations based on assigned probabilities of future sales. Given that said value is intended to represent an indicator of expected liquid solvency, its construction will take treasury tensions into account. An Ordered Weighted Average type of aggregation function is used to aggregate the magnitudes in this scenario. Consequently, the second objective of the present work is the creation of this index, which provides an initial estimate of how much money can be recovered from a sector’s debt.