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Financial resilience of agricultural and food production companies in Spain: A compositional cluster analysis of the impact of the Ukraine-Russia war (2021-2023)

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  • Mike Hernandez Romero
  • Germ`a Coenders

Abstract

This study analyzes the financial resilience of agricultural and food production companies in Spain amid the Ukraine-Russia war using cluster analysis based on financial ratios. This research utilizes centered log-ratios to transform financial ratios for compositional data analysis. The dataset comprises financial information from 1197 firms in Spain's agricultural and food sectors over the period 2021-2023. The analysis reveals distinct clusters of firms with varying financial performance, characterized by metrics of solvency and profitability. The results highlight an increase in resilient firms by 2023, underscoring sectoral adaptation to the conflict's economic challenges. These findings together provide insights for stakeholders and policymakers to improve sectorial stability and strategic planning.

Suggested Citation

  • Mike Hernandez Romero & Germ`a Coenders, 2025. "Financial resilience of agricultural and food production companies in Spain: A compositional cluster analysis of the impact of the Ukraine-Russia war (2021-2023)," Papers 2504.05912, arXiv.org.
    • Handle: RePEc:arx:papers:2504.05912
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    References listed on IDEAS

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    1. Boungou, Whelsy & Yatié, Alhonita, 2022. "The impact of the Ukraine–Russia war on world stock market returns," Economics Letters, Elsevier, vol. 215(C).
    2. Cowen, Scott S. & Hoffer, Jeffrey A., 1982. "Usefulness of financial ratios in a single industry," Journal of Business Research, Elsevier, vol. 10(1), pages 103-118, March.
    3. Sharif, Arshian & Aloui, Chaker & Yarovaya, Larisa, 2020. "COVID-19 pandemic, oil prices, stock market, geopolitical risk and policy uncertainty nexus in the US economy: Fresh evidence from the wavelet-based approach," International Review of Financial Analysis, Elsevier, vol. 70(C).
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