How to cite this paper
Arimany-Serrat, N., Farreras-Noguer, M & Coenders, G. (2022). New developments in financial statement analysis. Liquidity in the winery sector.Accounting, 8(3), 355-366.
Refrences
Aitchison, J. (1986). The statistical analysis of compositional data. Monographs on statistics and applied probability. London: Chapman and Hall.
Almamy, J., Aston, J., & Ngwa, L.N. (2016). An evaluation of Altman's Z-score using cash flow ratio to predict corporate failure amid the recent financial crisis: Evidence from the UK. Journal of Corporate Finance, 36, 278–285.
Alonso, A.D., & Liu, Y. (2012). Coping with changes in a sector in crisis: the case of small Spanish wineries. Journal of Wine Research, 23(1), 81–95.
Arimany-Serrat, N., & Farreras-Noguer, M.A. (2020). A comparison of the wine sectors in Catalonia, La Rioja, Languedoc-Roussillon and Emilia-Romagna. Journal of Intelligent & Fuzzy Systems, 38(5), 5553–5563.
Arimany-Serrat, N., Farreras-Noguer, M.A., & Rabaseda-Tarrés, J. (2016). Economic and financial analysis of Rioja wine sector. Intangible Capital, 12(1), 268–294.
van den Boogaart, K.G., & Tolosana-Delgado, R. (2013). Analyzing compositional data with R. Berlin: Springer.
Boonen, T., Guillén, M., & Santolino, M. (2019). Forecasting compositional risk allocations. Insurance Mathematics and Economics, 84, 79–86.
Bresciani, S., Giacosa, E., Broccardo, L., & Culasso, F. (2016). The family variable in the French and Italian wine sector. EuroMed Journal of Business, 11(1), 101–118.
Carreras-Simó, M., & Coenders, G. (2020). Principal component analysis of financial statements. A compositional approach. Revista de Métodos Cuantitativos para la Economía y la Empresa, 29(1), 18–37.
Carreras-Simó, M., & Coenders, G. (2021). The relationship between asset and capital structure: a compositional approach with panel vector autoregressive models. Quantitative Finance and Economics, 5(4), 571–590.
Casey, C., & Bartczak, N. (1985). Using operating cash flow data to predict financial distress: Some extensions. Journal of Accounting Research, 23(1), 384-401.
Coenders, G., & Ferrer-Rosell, B. (2020). Compositional data analysis in tourism. Review and future directions. Tourism Analysis, 25(1), 153–168.
Cowen, S.S., & Hoffer, J.A. (1982). Usefulness of financial ratios in a single industry. Journal of Business Research, 10(1), 103–118.
Creixans-Tenas, J., Coenders, G., & Arimany-Serrat, N. (2019). Corporate social responsibility and financial profile of Spanish private hospitals. Heliyon, 5(10), e02623.
Croissant, Y., & Millo, M. (2019). Panel data econometrics with R. Hoboken: Wiley.
Das, S. (2019). Cash flow ratios and financial performance: A comparative study. Accounting, 5(1), 1–20.
Davis, B.C., Hmieleski, K.M., Webb, J.W., & Coombs, J.E. (2017). Funders' positive affective reactions to entrepreneurs' crowdfunding pitches: The influence of perceived product creativity and entrepreneurial passion. Journal of Business Venturing, 32(1), 90–106.
Egozcue, J.J., & Pawlowsky-Glahn, V. (2019). Compositional data: the sample space and its structure. TEST, 28(3), 599–638.
Egozcue, J.J., Pawlowsky-Glahn, V., Mateu-Figueras, G., & Barceló-Vidal, C. (2003). Isometric logratio transformations for compositional data analysis. Mathematical Geology, 35(3), 279–300.
Eurostat (2008). NACE Rev. 2 – Statistical classification of economic activities in the European Community. Eurostat methodologies and working papers. Luxembourg: European Communities.
Faello, J. (2015). Understanding the limitations of financial ratios. Academy of Accounting and Financial Studies Journal, 19(3), 75–85.
Filzmoser, P., Hron, K., & Templ, M. (2018). Applied compositional data analysis with worked examples in R. New York: Springer.
Frecka, T.J., & Hopwood, W.S. (1983). The effects of outliers on the cross-sectional distributional properties of financial ratios. Accounting Review, 58(1), 115–128.
Gámez-Velázquez, D., & Coenders, G. (2020). Identification of exchange rate shocks with compositional data and written press. Finance, Markets and Valuation, 6(1), 99–113.
Goldstein, H., & Healy, M.J. (1995). The graphical presentation of a collection of means. Journal of the Royal Statistical Society: Series A (Statistics in Society), 158(1), 175–177.
Greenacre, M. (2018). Compositional data analysis in practice. New York: Chapman and Hall/CRC press.
Guariglia, A., Liu, X., & Song, L. (2011). Internal finance and growth: Microeconometric evidence on Chinese firms. Journal of Development Economics, 96(1), 79–94.
Isles, P.D.F. (2020). The misuse of ratios in ecological stoichiometry. Ecology, 01(11), e03153.
Kirkham, R. (2012). Liquidity analysis using cash flow ratios and traditional ratios: The telecommunications sector in Australia. Journal of New Business Ideas and Trends, 10(1), 1–13.
Lev, B., & Sunder, S. (1979). Methodological issues in the use of financial ratios. Journal of Accounting and Economics, 1(3), 187–210.
Linares-Mustarós, S., Coenders, G., & Vives-Mestres, M. (2018). Financial performance and distress profiles. From classification according to financial ratios to compositional classification. Advances in Accounting, 40, 1–10.
Maldonado, W.L., Egozcue. J.J., & Pawlowsky–Glahn, V. (2019). No-arbitrage matrices of exchange rates: Some characterizations. International Journal of Economic Theory. doi: 10.1111/ijet.12249
Maldonado, W.L., Egozcue, J.J., & Pawlowsky-Glahn, V. (2021). Compositional analysis of exchange rates, in: Daouia, A., Ruiz-Gazen, A. (Eds.), Advances in contemporary statistics and econometrics. Festschrift in honor of Christine Thomas-Agnan. Springer Nature, Cham, pp. 489–507.
Ortells, R., Egozcue, J.J., Ortego, M.I., & Garola, A. (2016). Relationship between popularity of key words in the Google browser and the evolution of worldwide financial indices, in: Martín-Fernández, J.A., Thió-Henestrosa, S. (Eds.), Compositional data analysis. Springer proceedings in mathematics & statistics, Vol. 187. Springer, Cham, pp. 145–166.
Pawlowsky-Glahn, V., Egozcue, J.J., & Tolosana-Delgado, R. (2015). Modeling and analysis of compositional data. Chichester: Wiley.
Rondós Casas, E., Linares Mustarós, S., & Farreras Noguer, M.A. (2018). Expansion of the current methodology for the study of the short-term liquidity problems in a sector. Intangible Capital, 14(1), 25–34.
Saus-Sala, E., Farreras-Noguer, M.À., Arimany-Serrat, N., & Coenders, G. (2021). Compositional DuPont analysis. A visual tool for strategic financial performance assessment, in: Filzmoser, P., Hron, K., Martín-Fernández, J.A., Palarea-Albaladejo, J. (Eds.), Advances in compositional data analysis. Festschrift in honour of Vera Pawlowsky-Glahn. Springer Nature, Cham, pp. 189–206.
Sellers-Rubio, R. (2010). Evaluating the economic performance of Spanish wineries. International Journal of Wine Business Research, 22(1), 73–84.
Shakatreh, M. (2021). The effect of liquidity ratios management on the profitability of industrial companies listed on the Amman Stock Exchange. Accounting, 7(5), 1131–1138.
Simon-Elorz, K., Castillo-Valero, J.S., & Garcia-Cortijo, M.C. (2015). Economic performance and the crisis: strategies adopted by the wineries of Castilla-La Mancha (Spain). Agribusiness, 31(1), 107–131.
So, J.C. (1987). Some empirical evidence on the outliers and the non-normal distribution of financial ratios. Journal of Business Finance & Accounting, 14(4), 483–496.
Stevens, S.S. (1946). On the theory of scales of measurement. Science, 103(2684), 677–680.
Verbelen, R., Antonio, K., & Claeskens, G. (2018). Unravelling the predictive power of telematics data in car insurance pricing. Journal of the Royal Statistical Society: Series C (Applied Statistics), 67(5), 1275–1304.
Voltes-Dorta, A., Jiménez, J.L., & Suárez-Alemán, A. (2014). An initial investigation into the impact of tourism on local budgets: A comparative analysis of Spanish municipalities. Tourism Management, 45, 124–133.
Almamy, J., Aston, J., & Ngwa, L.N. (2016). An evaluation of Altman's Z-score using cash flow ratio to predict corporate failure amid the recent financial crisis: Evidence from the UK. Journal of Corporate Finance, 36, 278–285.
Alonso, A.D., & Liu, Y. (2012). Coping with changes in a sector in crisis: the case of small Spanish wineries. Journal of Wine Research, 23(1), 81–95.
Arimany-Serrat, N., & Farreras-Noguer, M.A. (2020). A comparison of the wine sectors in Catalonia, La Rioja, Languedoc-Roussillon and Emilia-Romagna. Journal of Intelligent & Fuzzy Systems, 38(5), 5553–5563.
Arimany-Serrat, N., Farreras-Noguer, M.A., & Rabaseda-Tarrés, J. (2016). Economic and financial analysis of Rioja wine sector. Intangible Capital, 12(1), 268–294.
van den Boogaart, K.G., & Tolosana-Delgado, R. (2013). Analyzing compositional data with R. Berlin: Springer.
Boonen, T., Guillén, M., & Santolino, M. (2019). Forecasting compositional risk allocations. Insurance Mathematics and Economics, 84, 79–86.
Bresciani, S., Giacosa, E., Broccardo, L., & Culasso, F. (2016). The family variable in the French and Italian wine sector. EuroMed Journal of Business, 11(1), 101–118.
Carreras-Simó, M., & Coenders, G. (2020). Principal component analysis of financial statements. A compositional approach. Revista de Métodos Cuantitativos para la Economía y la Empresa, 29(1), 18–37.
Carreras-Simó, M., & Coenders, G. (2021). The relationship between asset and capital structure: a compositional approach with panel vector autoregressive models. Quantitative Finance and Economics, 5(4), 571–590.
Casey, C., & Bartczak, N. (1985). Using operating cash flow data to predict financial distress: Some extensions. Journal of Accounting Research, 23(1), 384-401.
Coenders, G., & Ferrer-Rosell, B. (2020). Compositional data analysis in tourism. Review and future directions. Tourism Analysis, 25(1), 153–168.
Cowen, S.S., & Hoffer, J.A. (1982). Usefulness of financial ratios in a single industry. Journal of Business Research, 10(1), 103–118.
Creixans-Tenas, J., Coenders, G., & Arimany-Serrat, N. (2019). Corporate social responsibility and financial profile of Spanish private hospitals. Heliyon, 5(10), e02623.
Croissant, Y., & Millo, M. (2019). Panel data econometrics with R. Hoboken: Wiley.
Das, S. (2019). Cash flow ratios and financial performance: A comparative study. Accounting, 5(1), 1–20.
Davis, B.C., Hmieleski, K.M., Webb, J.W., & Coombs, J.E. (2017). Funders' positive affective reactions to entrepreneurs' crowdfunding pitches: The influence of perceived product creativity and entrepreneurial passion. Journal of Business Venturing, 32(1), 90–106.
Egozcue, J.J., & Pawlowsky-Glahn, V. (2019). Compositional data: the sample space and its structure. TEST, 28(3), 599–638.
Egozcue, J.J., Pawlowsky-Glahn, V., Mateu-Figueras, G., & Barceló-Vidal, C. (2003). Isometric logratio transformations for compositional data analysis. Mathematical Geology, 35(3), 279–300.
Eurostat (2008). NACE Rev. 2 – Statistical classification of economic activities in the European Community. Eurostat methodologies and working papers. Luxembourg: European Communities.
Faello, J. (2015). Understanding the limitations of financial ratios. Academy of Accounting and Financial Studies Journal, 19(3), 75–85.
Filzmoser, P., Hron, K., & Templ, M. (2018). Applied compositional data analysis with worked examples in R. New York: Springer.
Frecka, T.J., & Hopwood, W.S. (1983). The effects of outliers on the cross-sectional distributional properties of financial ratios. Accounting Review, 58(1), 115–128.
Gámez-Velázquez, D., & Coenders, G. (2020). Identification of exchange rate shocks with compositional data and written press. Finance, Markets and Valuation, 6(1), 99–113.
Goldstein, H., & Healy, M.J. (1995). The graphical presentation of a collection of means. Journal of the Royal Statistical Society: Series A (Statistics in Society), 158(1), 175–177.
Greenacre, M. (2018). Compositional data analysis in practice. New York: Chapman and Hall/CRC press.
Guariglia, A., Liu, X., & Song, L. (2011). Internal finance and growth: Microeconometric evidence on Chinese firms. Journal of Development Economics, 96(1), 79–94.
Isles, P.D.F. (2020). The misuse of ratios in ecological stoichiometry. Ecology, 01(11), e03153.
Kirkham, R. (2012). Liquidity analysis using cash flow ratios and traditional ratios: The telecommunications sector in Australia. Journal of New Business Ideas and Trends, 10(1), 1–13.
Lev, B., & Sunder, S. (1979). Methodological issues in the use of financial ratios. Journal of Accounting and Economics, 1(3), 187–210.
Linares-Mustarós, S., Coenders, G., & Vives-Mestres, M. (2018). Financial performance and distress profiles. From classification according to financial ratios to compositional classification. Advances in Accounting, 40, 1–10.
Maldonado, W.L., Egozcue. J.J., & Pawlowsky–Glahn, V. (2019). No-arbitrage matrices of exchange rates: Some characterizations. International Journal of Economic Theory. doi: 10.1111/ijet.12249
Maldonado, W.L., Egozcue, J.J., & Pawlowsky-Glahn, V. (2021). Compositional analysis of exchange rates, in: Daouia, A., Ruiz-Gazen, A. (Eds.), Advances in contemporary statistics and econometrics. Festschrift in honor of Christine Thomas-Agnan. Springer Nature, Cham, pp. 489–507.
Ortells, R., Egozcue, J.J., Ortego, M.I., & Garola, A. (2016). Relationship between popularity of key words in the Google browser and the evolution of worldwide financial indices, in: Martín-Fernández, J.A., Thió-Henestrosa, S. (Eds.), Compositional data analysis. Springer proceedings in mathematics & statistics, Vol. 187. Springer, Cham, pp. 145–166.
Pawlowsky-Glahn, V., Egozcue, J.J., & Tolosana-Delgado, R. (2015). Modeling and analysis of compositional data. Chichester: Wiley.
Rondós Casas, E., Linares Mustarós, S., & Farreras Noguer, M.A. (2018). Expansion of the current methodology for the study of the short-term liquidity problems in a sector. Intangible Capital, 14(1), 25–34.
Saus-Sala, E., Farreras-Noguer, M.À., Arimany-Serrat, N., & Coenders, G. (2021). Compositional DuPont analysis. A visual tool for strategic financial performance assessment, in: Filzmoser, P., Hron, K., Martín-Fernández, J.A., Palarea-Albaladejo, J. (Eds.), Advances in compositional data analysis. Festschrift in honour of Vera Pawlowsky-Glahn. Springer Nature, Cham, pp. 189–206.
Sellers-Rubio, R. (2010). Evaluating the economic performance of Spanish wineries. International Journal of Wine Business Research, 22(1), 73–84.
Shakatreh, M. (2021). The effect of liquidity ratios management on the profitability of industrial companies listed on the Amman Stock Exchange. Accounting, 7(5), 1131–1138.
Simon-Elorz, K., Castillo-Valero, J.S., & Garcia-Cortijo, M.C. (2015). Economic performance and the crisis: strategies adopted by the wineries of Castilla-La Mancha (Spain). Agribusiness, 31(1), 107–131.
So, J.C. (1987). Some empirical evidence on the outliers and the non-normal distribution of financial ratios. Journal of Business Finance & Accounting, 14(4), 483–496.
Stevens, S.S. (1946). On the theory of scales of measurement. Science, 103(2684), 677–680.
Verbelen, R., Antonio, K., & Claeskens, G. (2018). Unravelling the predictive power of telematics data in car insurance pricing. Journal of the Royal Statistical Society: Series C (Applied Statistics), 67(5), 1275–1304.
Voltes-Dorta, A., Jiménez, J.L., & Suárez-Alemán, A. (2014). An initial investigation into the impact of tourism on local budgets: A comparative analysis of Spanish municipalities. Tourism Management, 45, 124–133.