Financial-Economic Analysis of Cultural Companies in Small and Medium-Sized Cities in Spain
Abstract
:1. Introduction
2. The Cultural Sector in Spain: Urban Concentration and Neglect of Small and Medium Cities
3. Data, Methodology and Hypotheses
- (1)
- Distinctive financial-economic characteristics of companies will exist depending on the sub-sector in which they operate.
- (2)
- Certain financial-economic variables of the companies will permit profiles of the various culture sub-sectors to be drawn.
- (3)
- Significant differences in the financial-economic variables will be found between intra- and extra-metropolitan cities.
4. Financial-Economic Analysis of Cultural Companies
5. Differentiating Features in the Financial-Economic Structure of Cultural Companies
5.1. Results of the Factor Analysis
5.2. The Intra–Extra-Metropolitan Situation as a Factor of Differentiation
6. Conclusions
Author Contributions
Funding
Institutional Review Board Statement
Informed Consent Statement
Data Availability Statement
Conflicts of Interest
Appendix A
Province | Municipality | Extra- vs. Intra-Metropolitan City |
---|---|---|
A Coruña | FERROL | Extra |
SANTIAGO DE COMPOSTELA | Extra | |
Albacete | ALBACETE | Extra |
Alicante | ALCOY/ALCOI | Extra |
BENIDORM | Extra | |
ELDA | Extra | |
ORIHUELA | Extra | |
TORREVIEJA | Extra | |
Almería | ALMERIA | Extra |
EL EJIDO | Extra | |
ROQUETAS DE MAR | Extra | |
Asturias | AVILES | Intra |
SIERO | Intra | |
Avila | AVILA | Extra |
Badajoz | BADAJOZ | Extra |
MERIDA | Extra | |
Barcelona | CASTELLDEFELS | Intra |
CERDANYOLA DEL VALLES | Intra | |
CORNELLA DE LLOBREGAT | Intra | |
EL PRAT DE LLOBREGAT | Intra | |
GRANOLLERS | Intra | |
MANRESA | Extra | |
MATARO | Intra | |
MOLLET DEL VALLES | Intra | |
RUBI | Intra | |
SANT BOI DE LLOBREGAT | Intra | |
SANT CUGAT DEL VALLES | Intra | |
SANTA COLOMA DE GRAMENET | Intra | |
SITGES | Intra | |
VILADECANS | Intra | |
VILANOVA I LA GELTRU | Extra | |
Burgos | BURGOS | Extra |
Cáceres | CACERES | Extra |
Cádiz | ALGECIRAS | Extra |
CADIZ | Intra | |
CHICLANA DE LA FRONTERA | Intra | |
EL PUERTO DE SANTA MARIA | Intra | |
LA LINEA DE LA CONCEPCION | Extra | |
SAN FERNANDO | Intra | |
SANLUCAR DE BARRAMEDA | Extra | |
Cantabria | SANTANDER | Extra |
TORRELAVEGA | Extra | |
Castellón | VILA-REAL | Extra |
Ciudad Real | CIUDAD REAL | Extra |
Cuenca | CUENCA | Extra |
Girona | GIRONA | Extra |
TORRENT | Intra | |
Granada | MOTRIL | Extra |
Guadalajara | GUADALAJARA | Extra |
Guipuzcoa | DONOSTIA-SAN SEBASTIAN | Extra |
IRUN | Extra | |
Huelva | HUELVA | Extra |
Huesca | HUESCA | Extra |
Jaen | JAEN | Extra |
LINARES | Extra | |
La Rioja | LOGROÑO | Extra |
Las Palmas de Gran Canaria | ARRECIFE | Extra |
SAN BARTOLOME DE TIRAJANA | Extra | |
SANTA LUCIA DE TIRAJANA | Extra | |
TELDE | Intra | |
León | LEON | Extra |
PONFERRADA | Extra | |
Lleida | LLEIDA | Extra |
Lugo | LUGO | Extra |
Madrid | ALCALA DE HENARES | Intra |
ALCOBENDAS | Intra | |
ALCORCON | Intra | |
ARANJUEZ | Extra | |
ARGANDA DEL REY | Intra | |
BOADILLA DEL MONTE | Intra | |
COLLADO VILLALBA | Intra | |
COSLADA | Intra | |
FUENLABRADA | Intra | |
GETAFE | Intra | |
LAS ROZAS DE MADRID | Intra | |
LEGANES | Intra | |
MAJADAHONDA | Intra | |
PARLA | Intra | |
PINTO | Intra | |
POZUELO DE ALARCON | Intra | |
RIVAS-VACIAMADRID | Intra | |
SAN SEBASTIAN DE LOS REYES | Intra | |
TORREJON DE ARDOZ | Intra | |
VALDEMORO | Intra | |
Málaga | BENALMADENA | Extra |
ESTEPONA | Extra | |
FUENGIROLA | Extra | |
MARBELLA | Extra | |
MIJAS | Extra | |
TORREMOLINOS | Extra | |
VELEZ-MALAGA | Extra | |
Murcia | LORCA | Extra |
MOLINA DE SEGURA | Intra | |
Ourense | OURENSE | Extra |
Palencia | PALENCIA | Extra |
Pontevedra | PONTEVEDRA | Extra |
Salamanca | SALAMANCA | Extra |
Santa Cruz de Tenerife | ARONA | Extra |
SAN CRISTOBAL DE LA LAGUNA | Intra | |
Segovia | SEGOVIA | Extra |
Sevilla | ALCALA DE GUADAIRA | Intra |
DOS HERMANAS | Intra | |
UTRERA | Extra | |
Tarragona | REUS | Extra |
TARRAGONA | Extra | |
Toledo | TALAVERA DE LA REINA | Extra |
TOLEDO | Extra | |
Valencia | GANDIA | Extra |
PATERNA | Intra | |
SAGUNTO/SAGUNT | Extra | |
TORRENT | Intra | |
Vizcaya | BARAKALDO | Intra |
GETXO | Intra | |
Zamora | ZAMORA | Extra |
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Indicator (a) | Absolute Value | % of National Total (Spain) |
---|---|---|
Gross Domestic Product (GDP) (b) | €29,432 million (cultural activities) €40,838 million (activities related to intellectual property) | 2.4% (cultural activities) 3.4% (activities related to intellectual property) |
Gross Value Added (GVA) (b) | €28,181 million (cultural activities) €38,631 million (activities related to intellectual property) | 2.6% (cultural activities) 3.3% (activities related to intellectual property) |
Employment | 710,200 persons | 3.6% (of total employment in Spain) |
Number of businesses | 127,581 | 3.8% (of national companies) |
Public investment (liquidated expenditure on culture) (b) | €696 million (Central Administration) €1178 million (Autonomous Community Administrations) €3476 million (Local Administrations) | 0.06% of GDP 0.10% of GDP 0.29% of GDP |
Household cultural consumption expenditure | €12,451.5 million | 2.2% of the total estimated expenditure on goods and services |
Foreign trade of cultural goods | €2054.4 million (Exports) €2165.0 million (Imports) | 0.7% of total Exports 0.7% of total Imports |
Criteria | |||
---|---|---|---|
Balance Sheet | Annual Turnover | Staff | |
Micro | <1,000,000 € | <2,000,000 € | <10 |
Small | <10,000,000 € | <10,000,000 € | <50 |
Medium | <43,000,000 € | <50,000,000 € | <250 |
Large | ≥43,000,000 € | ≥50,000,000 € | ≥250 |
Statistics | Age in Years of the Company | Size of the Company | |||
---|---|---|---|---|---|
Microbusiness | Small | Medium | Large | ||
Mean | 16 | 16 | 23 | 27 | 23 |
Median | 15 | 15 | 22 | 20 | 24 |
Maximum | 100 | 82 | 82 | 100 | 37 |
Minimum | 1 | 1 | 2 | 10 | 3 |
Standard deviation | 10 | 9 | 13 | 20 | 12 |
No. of firms | 2543 | 2318 | 195 | 23 | 7 |
CNAE Code 2009 | |||||
---|---|---|---|---|---|
18 | 59 | 60 | 90 | 91 | |
Leverage coefficient, liquidity, and solvency | |||||
Leverage coefficient (%) | 83.008 | 106.052 | 97.959 | 97.255 | 66.402 |
Cost of Debt ratio (%) | 2.077 | 4.034 | 1.205 | 7.381 | 1.391 |
Guarantee ratio (%) | 1.472 | 1.632 | 2.122 | 1.540 | 2.521 |
Debt Quality ratio (%) | 76.418 | 78.395 | 81.060 | 78.738 | 79.125 |
Financial Expenses on Sales (%) | 1.896 | 114.693 | 18.911 | 2.594 | 1.107 |
Liquidity ratio (%) | 1.080 | 1.254 | 1.685 | 1.241 | 1.171 |
Solvency ratio (%) | 4.965 | 8.314 | 7.461 | 22.641 | 4.386 |
Short-term Solvency (%) | 3.832 | 8.061 | 7.520 | 23.058 | 4.684 |
Acid Test (%) | 1.069 | 1.264 | 1.707 | 1.241 | 1.255 |
Payment Period (days) | 149.593 | 637.322 | 767.747 | 392.308 | 153.293 |
Working Capital ratio (%) | 16.050 | 15.600 | 21.850 | 14.200 | 14.950 |
Self-financing ratio generated by Assets (%) | 0.167 | 4.772 | −0.197 | −6.627 | −3.708 |
Self-financing ratio generated by Sales (%) | −0.011 | −151.228 | −284.207 | 1.719 | 2.508 |
Efficiency | |||||
Personnel expenses (%) | 22.299 | 86.229 | 19.641 | 79.608 | 15.303 |
Worker Costs over Operating Income (%) | 36.746 | 61.786 | 141.135 | 69.537 | 48.380 |
Fixed Assets ratio (%) | 32.336 | 326.123 | 8.563 | 74.208 | 143.281 |
Sales ratio over Total Assets (%) | 1.391 | 1.238 | 0.962 | 1.685 | 1.489 |
Ratio of Participation of Current Assets over Total Assets (%) | 61.857 | 60.381 | 62.853 | 62.128 | 54.546 |
Profitability | |||||
Economic Profitability (ROA) (%) | 3.920 | 4.954 | 3.623 | 5.804 | 8.870 |
Operating Profitability (%) | 6.199 | 6.418 | 6.316 | 5.589 | 2.435 |
Financial Profitability (ROE) (%) | 7.941 | 10.406 | 8.025 | 11.331 | 3.607 |
Asset Turnover ratio | 1.089 | 0.718 | 0.614 | 1.095 | 0.829 |
Profit Margin (%) | 0.036 | 0.069 | 0.059 | 0.053 | 0.107 |
Kaiser-Meyer-Olkin Measure of Sampling Adequacy | 0.735 | |
---|---|---|
Bartlett’s test of sphericity | Approx. Chi squared | 65,587.616 |
gl | 231 | |
Sig. | 0.000 |
Variables | Commonality | Factors | Own Value | % of Variation | % Accumulated |
---|---|---|---|---|---|
Leverage coefficient (%) | 0.603 | 1 | 6.037 | 26.246 | 26.246 |
Cost of Debt ratio (%) | 0.793 | 2 | 4.474 | 19.453 | 45.699 |
Guarantee ratio (%) | 0.901 | 3 | 3.296 | 14.331 | 60.031 |
Debt Quality ratio (%) | 0.597 | 4 | 2.167 | 9.421 | 69.452 |
Financial Expenses on Sales (%) | 0.754 | 5 | 1.151 | 5.006 | 74.458 |
Liquidity ratio (%) | 0.969 | 6 | 0.992 | 4.312 | 78.770 |
Solvency ratio (%) | 0.968 | 7 | 0.975 | 4.239 | 83.009 |
Short-term Solvency (%) | 0.968 | 8 | 0.950 | 4.132 | 87.142 |
Acid Test (%) | 0.969 | ||||
Payment Period (days) | 0.760 | ||||
Working Capital ratio (%) | 0.748 | ||||
Personnel expenses (%) | 0.992 | ||||
Worker Costs over Operating Income (%) | 0.831 | ||||
Fixed Assets ratio (%) | 0.934 | ||||
Sales ratio over Total Assets (%) | 0.983 | ||||
Self-financing ratio generated by Assets (%) | 0.945 | ||||
Self-financing ratio generated by Sales (%) | 0.827 | ||||
Ratio of Participation of Current Assets over Total Assets (%) | 0.761 | ||||
Economic Profitability (ROA) (%) | 0.939 | ||||
Operating Profitability (%) | 0.946 | ||||
Financial Profitability (ROE) (%) | 0.968 | ||||
Asset Turnover ratio (%) | 0.983 | ||||
Profit Margin (%) | 0.903 |
Factor 1. Solvency | Factor 2. Profitability | Factor 3. Margins | Factor 4. Rotation | ||||
Liquidity ratio | 0.972 | Operating Profitability | 0.963 | Profit Margin | −0.926 | Sales ratio over Total Assets | 0.962 |
Acid Test | 0.972 | Self-financing ratio generated by Assets | 0.963 | Worker Costs over Operating Income | 0.892 | Asset Turnover ratio | 0.962 |
Solvency ratio | 0.971 | Economic Profitability (ROA) | 0.961 | Self-financing ratio generated by Sales | −0.876 | ||
Short-term Solvency | 0.971 | Working Capital ratio | 0.744 | Payment Period | 0.845 | ||
Guarantee ratio | 0.949 | Leverage coefficient | −0.711 | Financial Expenses on Sales | 0.843 | ||
Cost of Debt ratio | 0.888 | ||||||
Factor 5. Management | Factor 6. Financial Structure | Factor 7. Inmobilization | Factor 8. Personnel | ||||
Ratio of Participation of Current Assets over Total Assets | 0.842 | Financial Profitability (ROE) | 0.981 | Fixed Assets ratio | 0.959 | Personnel expenses | 0.994 |
Debt Quality ratio | 0.735 |
Wilks’ Lambda | F | gl1 | gl2 | Sig. | |
---|---|---|---|---|---|
Solvency | 0.993 | 2.088 | 4 | 1276 | 0.080 |
Profitability | 0.991 | 2.816 | 4 | 1276 | 0.024 |
Margins | 0.987 | 4.360 | 4 | 1276 | 0.002 |
Rotation | 0.964 | 11.844 | 4 | 1276 | 0.000 |
Management | 0.992 | 2.694 | 4 | 1276 | 0.030 |
Financial Structure | 0.997 | 1.111 | 4 | 1276 | 0.350 |
Immobilization | 0.987 | 4.345 | 4 | 1276 | 0.002 |
Personnel | 0.991 | 2.832 | 4 | 1276 | 0.024 |
CNAE Code 2009 | Predicted Group Membership | ||||||
---|---|---|---|---|---|---|---|
18 | 59 | 60 | 90 | 91 | |||
Original | % | 18 | 99.4 | 0.0 | 0.0 | 0.1 | 0.4 |
59 | 95.7 | 0.4 | 1.2 | 1.6 | 1.2 | ||
60 | 93.9 | 0.0 | 5.1 | 1.0 | 0.0 | ||
90 | 94.9 | 0.0 | 0.4 | 4.3 | 0.4 | ||
91 | 91.3 | 0.0 | 0.0 | 0.0 | 8.7 |
Variables | CNAE Code 2009 | ||||
---|---|---|---|---|---|
18 | 59 | 60 | 90 | 91 | |
Rotation | 0.0315 (4.656%) | −0.076 (4.64%) | −0.572 (20.42%) | 0.254 (14.46%) | −0.170 (3.91%) |
Immobilization | −0.068 (10.42%) | 0.103 (6.25%) | −0.121 (4.31%) | 0.072 (4.12%) | 0.644 (14.77%) |
Personnel | −0.076 (11.56%) | 0.0364 (2.21%) | 0.011 (0.38%) | 0.178 (10.12%) | −0.042 (0.96%) |
Management | 0.015 (2.25%) | −0.102 (6.17%) | 0.152 (5.44%) | 0.051 (2.92%) | −0.485 (11.12%) |
Margins | −0.074 (11.30%) | 0.130 (7.88%) | 0.313 (11.19%) | −0.052 (2.96%) | −0.088 (2.01%) |
Profitability | −0.053 (8.12%) | 0.118 (7.17%) | −0.199 (7.11%) | 0.101 (5,76%) | 0.077 (1.77%) |
(Constant) | −0.656 (51.69%) | −1.647 (65.68%) | −2.801 (51.15%) | −1.756 (59.66%) | −4.361 (65.47%) |
Tests of Equality of Group Means | |||||
---|---|---|---|---|---|
Location | Variables | F | df1 | df2 | Sig. |
Extra | Solvency | 1481 | 4 | 554 | 0.207 |
Profitability | 2948 | 4 | 554 | 0.020 | |
Margins | 6996 | 4 | 554 | 0.000 | |
Rotation | 6328 | 4 | 554 | 0.000 | |
Management | 1891 | 4 | 554 | 0.110 | |
Financial Structure | 0.151 | 4 | 554 | 0.963 | |
Immobilization | 0.896 | 4 | 554 | 0.466 | |
Personnel | 0.892 | 4 | 554 | 0.468 | |
Intra | Solvency | 2264 | 4 | 717 | 0.061 |
Profitability | 0.344 | 4 | 717 | 0.848 | |
Margins | 1559 | 4 | 717 | 0.183 | |
Rotation | 6222 | 4 | 717 | 0.000 | |
Management | 2379 | 4 | 717 | 0.050 | |
Financial Structure | 5777 | 4 | 717 | 0.000 | |
Immobilization | 15,632 | 4 | 717 | 0.000 | |
Personnel | 3512 | 4 | 717 | 0.008 |
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Cea-D’Ancona, F.; Sáez-Cala, A.; Palacios, A. Financial-Economic Analysis of Cultural Companies in Small and Medium-Sized Cities in Spain. Sustainability 2022, 14, 6524. https://doi.org/10.3390/su14116524
Cea-D’Ancona F, Sáez-Cala A, Palacios A. Financial-Economic Analysis of Cultural Companies in Small and Medium-Sized Cities in Spain. Sustainability. 2022; 14(11):6524. https://doi.org/10.3390/su14116524
Chicago/Turabian StyleCea-D’Ancona, Francisca, Antonia Sáez-Cala, and Antonio Palacios. 2022. "Financial-Economic Analysis of Cultural Companies in Small and Medium-Sized Cities in Spain" Sustainability 14, no. 11: 6524. https://doi.org/10.3390/su14116524