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The purpose of this work is to analyze the differences in profitability between European aquaculture firms of the Nordic and Mediterranean-EU regions, as well as the factors that are relevant to explain these differences. In addition to traditional factors proposed by theory to explain profitability differences among firms such as size, efficiency, or capital structure, we also include in this analysis the strategies of product differentiation and diversification through vertical integration. A sample of aquaculture firms of the Nordic and Mediterranean-EU regions that were operating over the 2012–2019 period are identified in the Orbis database and selected for this research, employing an unbalanced panel made up of 5,427 observations. To carry out this analysis, we propose a random-effects model of firm profitability that allows to test the effect of the different explanatory variables as well as their regional differences. The findings of this research support that Nordic and Mediterranean-EU aquaculture are two business models with different characteristics, what is reflected in the economic performance of their firms.

Profitability differences in aquaculture firms of the Nordic and Mediterranean-EU regions