The trade credit in the Spanish agrofood industry

Selling on credit is rather frequent in Mediterranean countries. Its generalized use can lead to excessive enlargements of the payment periods and consequently can deteriorate the profitability of firms. In spite of the relevance of this problem there are few empirical researches. This work intends to fill this gap and to shed light on the factors related to the extension of trade credit. In the theoretical and empirical literature, different motives have been proposed to explain this issue: a mechanism to reduce transaction costs, a financial alternative to the bank system and an additional tool to improve commercial activities. To contrast these ideas a panel of 388 firms of the Spanish agrofood industry has been taken, and static and dynamic regression models have been estimated by using robust methods to heteroskedasticity, autocorrelation and endogeneity of the explanatory variables. The results confirm that trade credit receivable is associated with more active firms and with cheaper bank financing. Other factors with positive relationships are short-term bank debts and accounts payable. These findings are consistent with commercial motives, rather than a pure financial view, in the sense that financial distressed producers extend trade credit as a way of promoting their products and in turn increasing their sales.

Study of packing lines for stone fruits and citrus using two instrumented spheres in some cooperatives in the region of Murcia (Spain).

Two instrumented spheres IS 100 were used to evaluate the quality of post-harvest operations. Results obtained from measurements made with both IS (8.8 cm 0 and 6.2 cm 0) show significant differences. Both IS measure the same values of the same variables for soft materials, but not for hard surfaces. Four packing lines belonging to different cooperatives of the region of Murcia (two for stone fruits and two for citrus) were tested. IS values obtained in transfers belonging to the tested lines lay well above 50 g's in most of them Much higher impact intensities are registered in citrus lines than in stone fruit packing lines. To study the incidence of a certain packing line on different products an interaction fruit-packing line test was perf01med. In all cases, more than 50% of fruits belonging to the post-handling sample showed some kind of damage. Bruises evolve after 48 hours storage at room temperature.