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Profitability determinants of the natural stone industry: Evidence from Spain and Italy

PloS one, 2022-12, Vol.17 (12), p.e0276885-e0276885 [Peer Reviewed Journal]

Copyright: © 2022 Zambrano Farías et al. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited. ;COPYRIGHT 2022 Public Library of Science ;2022 Zambrano Farías et al. This is an open access article distributed under the terms of the Creative Commons Attribution License: http://creativecommons.org/licenses/by/4.0/ (the “License”), which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited. Notwithstanding the ProQuest Terms and Conditions, you may use this content in accordance with the terms of the License. ;2022 Zambrano Farías et al 2022 Zambrano Farías et al ;ISSN: 1932-6203 ;EISSN: 1932-6203 ;DOI: 10.1371/journal.pone.0276885 ;PMID: 36477461

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  • Title:
    Profitability determinants of the natural stone industry: Evidence from Spain and Italy
  • Author: Zambrano Farías, Fernando José ; Martínez, María Del Carmen Valls ; Martín-Cervantes, Pedro Antonio
  • Gherghina, Stefan Cristian
  • Subjects: Aquaculture ; Construction industry ; Corporate profits ; Current liabilities ; Dependency theory ; Dependent variables ; Economic conditions ; Economic crisis ; Economic growth ; Economics ; Europe ; Evaluation ; GDP ; Gender ; Globalization ; Gross Domestic Product ; Industry - economics ; Italy ; Management ; Natural stone ; People and places ; Profit ; Profitability ; Sand, gravel and stone industry ; Social Sciences ; Sovereign debt ; Spain ; Stone & clay industries ; Variables
  • Is Part Of: PloS one, 2022-12, Vol.17 (12), p.e0276885-e0276885
  • Description: The natural stone sector is an important driver of the Spanish and Italian economies, which underwent internationalization after the financial crisis of 2008 as part of a survival and development strategy. This article aims to study the financial and economic profitability of this sector in the two leading European production countries, as well as its determinants. For this purpose, the economic-financial data of a sample composed of 453 companies (203 Spanish and 250 Italian) from 2015-2019 were analyzed using the multiple linear regression methodology. To address the problems of possible endogeneity and omission of variables in the model, the dependent variable was used as a regressor with one and two lags, and panel data with fixed effects were considered after performing the Hausman test. The results show significant differences between the two countries, with higher profitability in Italy. Company size, company growth (measured as the change in assets), and the variation in the country's GDP all positively affected profitability. At the same time, the level of indebtedness showed a negative relationship. The country's inflation rate and gender diversity in top management were shown to be non-relevant variables. The research conducted indicates that, to increase profitability, Spanish and Italian companies in the natural stone sector should undergo mergers in order to grow in size, increase efficiency in the use of assets, reduce their dependence on external financing, and promote equity capital. In addition, Italian companies should reduce the average period of payment to suppliers to lower deferral costs, and boost exports to become less dependent on the country's domestic economy.
  • Publisher: United States: Public Library of Science
  • Language: English
  • Identifier: ISSN: 1932-6203
    EISSN: 1932-6203
    DOI: 10.1371/journal.pone.0276885
    PMID: 36477461
  • Source: Open Access: DOAJ Directory of Open Access Journals
    Public Library of Science (PLoS) Journals Open Access
    Open Access: PubMed Central
    AUTh Library subscriptions: ProQuest Central
    GFMER Free Medical Journals
    MEDLINE
    Coronavirus Research Database
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