<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>2730-5066</journal-id>
<journal-title><![CDATA[Agrociencia Uruguay]]></journal-title>
<abbrev-journal-title><![CDATA[Agrocienc. Urug.]]></abbrev-journal-title>
<issn>2730-5066</issn>
<publisher>
<publisher-name><![CDATA[Facultad de Agronomía - Instituto de Nacional de Investigación Agropecuaria]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S2730-50662023000101307</article-id>
<article-id pub-id-type="doi">10.31285/agro.27.1023</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[Comparison of different ways to measure profitability in the Uruguayan agricultural sector through longitudinal clusters]]></article-title>
<article-title xml:lang="es"><![CDATA[Comparación de diferentes formas de medir la rentabilidad en el sector agropecuario uruguayo mediante clústeres longitudinales]]></article-title>
<article-title xml:lang="pt"><![CDATA[Comparação de diferentes formas de medir a rentabilidade do setor agropecuário uruguaio através de clusters longitudinais]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Kuster]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Álvarez]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Lezcano]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Álvarez-Vaz]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad de la República Facultad de Ciencias Económicas y de Administración Departamento de Contabilidad y Tributaria]]></institution>
<addr-line><![CDATA[Montevideo ]]></addr-line>
<country>Uruguay</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad de la República Facultad de Agronomía Departamento de Ciencias Sociales]]></institution>
<addr-line><![CDATA[Montevideo ]]></addr-line>
<country>Uruguay</country>
</aff>
<aff id="Af3">
<institution><![CDATA[,Universidad de la República Facultad de Ciencias Económicas y de Administración Instituto de Estadística]]></institution>
<addr-line><![CDATA[Montevideo ]]></addr-line>
<country>Uruguay</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>00</month>
<year>2023</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>00</month>
<year>2023</year>
</pub-date>
<volume>27</volume>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.edu.uy/scielo.php?script=sci_arttext&amp;pid=S2730-50662023000101307&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.edu.uy/scielo.php?script=sci_abstract&amp;pid=S2730-50662023000101307&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.edu.uy/scielo.php?script=sci_pdf&amp;pid=S2730-50662023000101307&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract: The use of ROA (Return on Assets) as a profitability indicator is widespread in financial literature; however, there is no agreement on the economic result to be used as a basis for calculation. In the agricultural sector, where financing and land costs are high, the problem takes on great relevance to interpret the economic reality of the farm companies. The study has two objectives: a) to discuss the relevance of using operating ROA -based on economic results without deducting financial and land leasing costs- and financial ROA -which does deduct them- in measuring the evolution of agricultural business profitability; and b) to verify if there are groups of companies that regardless of how their profitability is measured present clear similarities in their evolution. The theoretical framework supporting the use of these indicators is analyzed first, attempting to discern which aspects of profitability they attempt to measure. Then, the results of both indicators are compared in a dynamic analysis using longitudinal cluster methodology on a database composed of the Financial Statements of 713 Uruguayan agricultural companies in the 2010-2017 period. It is concluded, first of all, that there are no relevant differences in the way firms' profitability evolves, whether measured by operating or financial ROA. Secondly, the evidence shows that most firms can be classified into three groups where internal profitability has evolved similarly, regardless of how it is measured, two of them with notable differences in the rate of profitability and some differences in the speed of change of that rate.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen: El uso del ROA (Retorno sobre Activos) como indicador de rentabilidad está generalizado en la literatura financiera, sin embargo, no hay acuerdo en el resultado económico a tomar como base de cálculo. En el ámbito agropecuario, donde el financiamiento y el costo de la tierra son elevados, el problema asume alta relevancia para interpretar la realidad económica de las empresas. El trabajo tiene dos objetivos: a) discutir la pertinencia del uso del ROA operativo -basado en el resultado económico sin deducir los costos financieros y de arrendamiento de la tierra- y el ROA financiero -que sí los deduce- en la medición de la evolución de la rentabilidad empresarial agropecuaria, y b) verificar si existen grupos de empresas que, independientemente de la forma de medir su rentabilidad, presenten similitudes claras en su evolución. Se comienza analizando el marco teórico que respalda el uso de estos indicadores tratando de discernir qué aspectos de la rentabilidad intentan medir. A continuación, se comparan los resultados de uno y otro indicador en un análisis dinámico utilizando la metodología de clústeres longitudinales sobre una base de datos compuesta por los estados contables de 713 empresas agropecuarias uruguayas en el período 2010-2017. Se concluye, en primer lugar, que no hay diferencias relevantes en la forma como evoluciona la rentabilidad de las firmas, ya sea medida por el ROA operativo o financiero. Luego, la evidencia muestra que la mayoría de las firmas se pueden clasificar en tres grupos donde a la interna la rentabilidad ha evolucionado en forma similar, cualquiera sea la forma de medirla, dos de ellos con notoria diferencia en la tasa de rentabilidad y algunas diferencias en la velocidad de cambio de dicha tasa.]]></p></abstract>
<abstract abstract-type="short" xml:lang="pt"><p><![CDATA[Resumo: O uso do ROA (Retorno sobre Ativos) como indicador de rentabilidade é amplamente utilizado na literatura financeira, no entanto, não há acordo sobre o resultado econômico a ser usado como base de cálculo. No setor agropecuário, onde o financiamento e o custo da terra são elevados, o problema assume alta relevância para interpretar a realidade econômica das empresas. O trabalho tem dois objetivos: a) discutir a pertinência do uso do ROA operacional - baseado no resultado econômico sem deduzir os custos financeiros e de arrendamento da terra - e do ROA financeiro - que os deduz - na medição da evolução da rentabilidade empresarial agropecuária, e b) verificar se existem grupos de empresas que, independentemente da forma de medir sua rentabilidade, apresentem similaridades claras em sua evolução. Começa-se analisando o quadro teórico que respalda o uso desses indicadores, tentando discernir quais aspectos da rentabilidade se pretende medir. Em seguida, são comparados os resultados de um e outro indicador em uma análise dinâmica utilizando a metodologia de clusters longitudinais em uma base de dados composta pelos estados contábeis de 713 empresas agropecuárias uruguaias no período de 2010 a 2017. Conclui-se, em primeiro lugar, que não há diferenças relevante na forma como a rentabilidade das empresas evolui, seja medida pelo ROA operacional ou financeiro. Em seguida, a evidência mostra que a maioria das empresas pode ser classificada em três grupos, onde internamente a rentabilidade evoluiu de forma semelhante, independentemente da forma como foi medida, dois deles com uma notável diferença na taxa de rentabilidade e algumas diferenças na velocidade de mudança dessa taxa.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[longitudinal clusters]]></kwd>
<kwd lng="en"><![CDATA[agricultural companies]]></kwd>
<kwd lng="en"><![CDATA[profitability (ROA)]]></kwd>
<kwd lng="es"><![CDATA[clústeres longitudinales]]></kwd>
<kwd lng="es"><![CDATA[empresas agropecuarias]]></kwd>
<kwd lng="es"><![CDATA[rentabilidad (ROA)]]></kwd>
<kwd lng="pt"><![CDATA[clusters longitudinais]]></kwd>
<kwd lng="pt"><![CDATA[empresas agropecuárias]]></kwd>
<kwd lng="pt"><![CDATA[rentabilidade (ROA)]]></kwd>
</kwd-group>
</article-meta>
</front><back>
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