Abstract The parking sector in Spain has experienced a growing trend in recent years. At the same time, the level of market concentration has increased. One of the main reasons behind this phenomenon is due to the mobility policy established both at the national (Spain) and supranational (European Union) levels, which is based on environmental sustainability criteria. Increasingly, the possession of environmental certificates, widespread among large companies but not among small ones, is increasingly decisive to obtain a public parking tender. The objective of this work is to analyze whether small companies, which are a large number in the sector, have possibilities of continuing their activity in the market in the face of an increase in the degree of sustainability in mobility policies. For this purpose, the Real Options methodology will be used, applying an abandonment option for a period of 10 years. The results provide a high NPV value (€598,491.2) and a Real Options value, together with the exit option, of €630,341.9. The exit option contributes a growth of only 5.32% with respect to the NPV. Therefore, the option to stay in the market is an appropriate choice for decision-makers.
Highlights PITVI 2012–2024 and SUMPs determine Spanish mobility policy. Environmental certificates are key to winning a public parking contract. Environmental certifications, more common in large firms, boost market concentration. Real options analysis reveals the potential profitability of small firms. Small firms without environmental certifications lose competitiveness in the market.
Small companies facing the mobility policy in Spain: Is it profitable to remain in the market?
Transport Policy ; 128 ; 113-120
2022-09-19
8 pages
Aufsatz (Zeitschrift)
Elektronische Ressource
Englisch
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