A partial adjustment model was formulated to compare financial ratios between cooperatives and investor‐owned firms from a dynamic perspective. Empirical results from a sample of Spanish fruit and vegetable firms for the period between 2009 and 2012 reveal different adjustment processes of current, debt, and return on assets ratios between cooperatives and IOFs. We find significant differences between these firms, with slower adjustment rates for current and debt ratios in cooperatives. These findings may arise from the weakness associated with ownership structure in cooperatives, which reduces their adjustment processes compared to those of IOFs. The identification of differences in adjustment processes between cooperatives and IOFs may provide us with additional information regarding the specific management characteristics of these agri‐food firms, thus identifying those firms that are most dependent on external market conditions. [EconLit citations: C33, G30, Q13].

This paper analyses the spatial effects infl uence on the convergence process in Spanish industrial SME´s productivity. In order to do this: 1. We use an absolute convergence model considering the technological intensity of each sector; 2. From a statistical point of view, we determine the existence and composition of convergence clubs in productivity levels; 3. Finally, we test if the convergence clubs are affecting to the convergence process. To do this, we use accounting information with a microdata source composed by 35.042 fi rms over the period 1996-2004. The results show that there is a regional convergence process in fi rms belonging to high and low technological intensity. Moreover, in high technology sector there is not a spatial structure while this structure is evident in low technology sector. In this last case the spatial structure is infl uencing on the convergence process.RESUMEN Este trabajo analiza la infl uencia de los efectos espaciales en el proceso de convergencia regional en la productividad de las Pymes industriales españolas. Para ello utilizamos un modelo de convergencia absoluta, determinamos estadísticamente la existencia y composición de clubes de convergencia en niveles de productividad, y fi nalmente, contrastamos si existen diferencias en el proceso de convergencia determinadas por la existencia de los clubes detectados. En estudio trabajamos con la información contable de una muestra compuesta por 35.042 empresas para el periodo 1996-2004. Los resultados obtenidos indican, que existe un proceso de convergencia en la productividad de empresas con alta y baja intensidad tecnológica. Además, en alta intensidad tecnológica no existe una estructura espacial claramente defi nida, mientras que en baja intensidad detectamos un patrón espacial compuesto por dos clubes de convergencia, para los cuales existen diferencias signifi cativas en el proceso analizado.