Manuel Luna

@uniovi.es

Associate Professor, Department of Business Management, Polytechnic School of Engineering
University of Oviedo

Manuel Luna


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https://researchid.co/lunamanuel

RESEARCH, TEACHING, or OTHER INTERESTS

Management Science and Operations Research, Management of Technology and Innovation, Artificial Intelligence
25

Scopus Publications

569

Scholar Citations

12

Scholar h-index

12

Scholar i10-index

Scopus Publications

  • Forecasting and managing price volatility in salmon production: A hybrid system using conformal prediction and dynamic hedging
    Manuel Luna, Olaya Pérez-Mon, João Luiz Becker
    International Journal of Production Economics, 2026
    Risk awareness has become critical for effective, data-driven decision-making, particularly in current volatile business environments. However, as the technological transformation of production systems evolves, forecasting and quantifying risk remain challenging. Such a challenge is especially relevant in food production systems, particularly in aquaculture, an industry characterized by volatility and underdeveloped risk management, despite its potential as a sustainable alternative to fisheries. To respond to this need, this study proposes a hybrid framework for forecasting and adaptively managing price volatility, tailored to the operational context of the salmon production industry. There are, though, both technical and practical challenges: although machine learning methods have proven effective for time series forecasting in many contexts, they often lack actionable measures of uncertainty, and their application in aquaculture remains limited. Thus, we develop a two-step approach, that first applies a forecasting model enhanced with Conformal Prediction, a model-agnostic technique that generates prediction intervals with valid coverage in finite samples. Secondly, we use those prediction intervals to inform an adaptive hedging strategy based on the Dynamic Portfolio Insurance method applied to the estimated production value. Results show that, when applied to the Atlantic salmon industry using actual spot and futures data, the proposed approach effectively mitigates downside risks while preserving upside potential. This way, we unify predictive modeling and risk mitigation in a framework tailored to the sector’s operations. This makes short-term price forecasts actionable and, when embedded within classical aquaculture growth simulations, supports volatility-informed adaptive hedging, contributing to more resilient, risk-aware, and data-driven production strategies.
  • Do ESG index inclusions create shareholder value? Evidence from European firms
    Rita Rodriguez-Arrojo, Manuel Luna, Camilo José Vázquez-Ordás, Myriam García-Olalla
    Applied Economics Letters, 2026
  • Challenges in Transitioning from Industry 4.0 to Industry 5.0: A Multicriteria Analysis
    Omar León, Javier Puente, Isabel Fernandez, Manuel Luna
    Journal of Industrial Integration and Management, 2025
    In this study, we evaluate the transition from Industry 4.0 (I4.0) to Industry 5.0 (I5.0) using a multicriteria approach that integrates the Analytic Hierarchy Process (AHP) and Fuzzy Inference Systems (FISs). Key criteria identified through a comprehensive literature review include sustainability, human factors, resilience and organizational management, which are critical for the successful implementation of I5.0. AHP is utilized to rank these criteria and assign relative weights, reflecting their importance in the overall evaluation. FIS is employed to manage the inherent uncertainty and imprecision in decision-making within the context of I5.0. The results provide a holistic view of how companies navigate this transition, highlighting their strengths and weaknesses. This study offers valuable insights into the challenges and opportunities associated with adopting I5.0, emphasizing the utility of combining multicriteria approaches for strategic decision-making in dynamic industrial environments. These findings aim to support organizations in making informed decisions, fostering a more innovative, sustainable and human-centric industry. The combination of these methodologies provides a robust foundation for future research and practical applications in advancing I5.0.
  • Enhancing Supply Chain Operations with Machine Learning Forecasts
    Pablo Rodriguez, Pelayo Gonzalez, Manuel Luna, Borja Ponte
    Communications in Computer and Information Science, 2025
  • When real business meets the metaverse: assessing the financial impact of European firms’ virtual world innovations
    Rita Rodriguez-Arrojo, Manuel Luna, Camilo Vazquez-Ordas, Myriam García-Olalla
    Technology Analysis and Strategic Management, 2025
    This study investigates the risk-benefit assessments of economic agents towards metaverse innovations. Employing event-study methodology and analyzing a dataset comprising 72 news articles and press releases from companies listed in the STOXX All Europe 100 index, our research focuses on how European firms’ metaverse entry strategies affect investor reactions. We distinguish between strategic investments in metaverse technologies and vague announcements or minor ventures primarily for promotional purposes. Initially, we observe slightly and significantly negative extraordinary returns in aggregate. However, our analysis reveals a significant contrast in market responses; strategic investments generate positive market responses, whereas vague announcements lead to negative reactions. This study contributes new insights to the sparse literature on metaverse innovations, emphasising the importance of a company's strategic approach to entering the metaverse.
  • From Accuracy to Performance: Advanced Demand Forecasting in Supply Chains
    Pelayo González, Pablo Rodríguez, Manuel Luna, Borja Ponte
    Lecture Notes on Data Engineering and Communications Technologies, 2025
  • Comparing SARSA and Q-Learning in Reinforcement Learning-Based Vehicle Routing
    Pelayo González, Pablo Rodríguez, Manuel Luna, Borja Ponte, Raúl Pino
    Lecture Notes on Data Engineering and Communications Technologies, 2025
  • Mapping research on corporate misconduct in banking: Lessons from literature on preventive and punitive actions
    Rita Rodríguez‐Arrojo, Manuel Luna, Camilo J. Vázquez‐Ordás, Myriam García‐Olalla
    Global Policy, 2024
    Advanced societies are increasingly concerned about corporate misconduct. Citizens are more willing to penalize it, and regulators are punishing companies more significantly than ever before. In particular, while reputation is a key asset for any business, corporate conduct has proven to be especially relevant in the banking industry. The present paper explores the main research efforts carried out on this topic, aiming to learn lessons from a comparison of studies focused on preventive and punitive actions. To accomplish this, we selected relevant corporate misconduct papers from the Web of Science, conducted a comprehensive bibliometric analysis to understand the role of banking industry‐oriented research, and finally, performed a systematic review to distinguish between articles addressing impact measurement and those focusing on prevention. The results allowed us to respond to the unanswered questions regarding the particularities of the banking industry that make it require further and independent analysis and to the debate about whether the current regulation led to certain unwanted effects. Among those many lessons, one is strikingly important as most studies coincide in the conclusion that, instead of the current actions, more effort should be put into efficient prevention methods, such as education for more ethical corporate and individual behavior.
  • A blockchain-based approach to the challenges of EU's environmental policy compliance in aquaculture: From traceability to fraud prevention
    Manuel Luna, Simon Fernandez-Vazquez, Emilio Tereñes Castelao, Álvaro Arias Fernández
    Marine Policy, 2024
    In light of the current global scenario, regulatory requirements, and stakeholder expectations for the aquaculture supply chain are more demanding than ever. The latest EU strategies for aquaculture aim to ensure its economic, environmental, and social long-term sustainability through green, technological, and social transformations. This objective is as ambitious as it is complex, involving not only the enhancement of key sustainability aspects but also the assurance of transparency, trust, and security standards across the entire supply chain. In this context, the present paper proposes a novel blockchain framework, along with the strategic implementation of smart contracts, specifically designed to effectively address the prevalent environmental challenges within the aquaculture supply chain.
  • A fuzzy approach to decision-making in sea-cage aquaculture production
    Manuel Luna, Ignacio Llorente, Angel Cobo
    International Transactions in Operational Research, 2023
    Despite the rapid growth in productivity and scale of business production of aquaculture companies in the last few years, their economic results have still experienced very high volatility. This can be partly explained by the increasing complexity of management issues and the strong changes in seafood consumption patterns. But, above all else, companies' results are affected by the conditions of high uncertainty in the decision‐making processes, due to the large number of biological, technical, economic, and environmental influencing factors, many of them beyond the control of managers. In this context, the number of variables, scenarios, and the volume of data to be considered in decision‐making is increasing and, therefore, technological advances are becoming much more accepted and requested. This work presents a fuzzy model that allows aquaculture producers to easily manage the uncertainty regarding climate change and market price scenarios when they are facing production decisions, such as the choice between traditional or ecological production. To that end, this novel approach uses the fuzzy pay‐off method to estimate the companies' economic performance and a discrete multicriteria decision‐making technique (fuzzy TOPSIS) to integrate economic, environmental, and product quality criteria in the selection of the most appropriate production alternative.
  • Parallelisation of decision-making techniques in aquaculture enterprises
    Mario Ibáñez, Manuel Luna, Jose Luis Bosque, Ramón Beivide
    Journal of Supercomputing, 2023
  • A conceptual framework for risk management in aquaculture
    Manuel Luna, Ignacio Llorente, Ladislao Luna
    Marine Policy, 2023
  • Production Scheduling in the Aquaculture Industry Based on Bio-economic Simulation and Genetic Algorithms
    Manuel Luna, David de la Fuente, José Parreño, Omar León
    Lecture Notes on Data Engineering and Communications Technologies, 2023
  • Reinforcement Learning Based Production Planning in the Aquaculture Industry
    Manuel Luna, Olaya Perez-Mon, Rafael Rosillo, Alberto Gomez
    Proceedings 2023 Congress in Computer Science Computer Engineering and Applied Computing Csce 2023, 2023
  • Determination of feeding strategies in aquaculture farms using a multiple-criteria approach and genetic algorithms
    Manuel Luna, Ignacio Llorente, Angel Cobo
    Annals of Operations Research, 2022
  • Development and Planning of the Strategy against Food Waste in the Spanish Region of Cantabria
    Elisa Baraibar-Diez, María D. Odriozola, Ladislao Luna, Ignacio Llorente, Antonio Martín, José Luis Fernández, Ángel Cobo, José Manuel Fernández, Manuel Luna
    Management for Professionals, 2022
  • Market reaction to supranational banking supervision in Europe: Do firm- and country-specific factors matter?
    Myriam García-Olalla, Manuel Luna
    Empirica, 2021
  • How do investors value firms’ decisions on obtaining an eco-label? Evidence from the fishing industry
    Manuel Luna, Myriam García-Olalla, José L. Fernández Sánchez
    Marine Resource Economics, 2021
  • Mapping social impact: A bibliometric analysis
    Elisa Baraibar-Diez, Manuel Luna, María D. Odriozola, Ignacio Llorente
    Sustainability Switzerland, 2020
  • Aquaculture production optimisation in multi-cage farms subject to commercial and operational constraints
    Manuel Luna, Ignacio Llorente, Angel Cobo
    Biosystems Engineering, 2020
  • Assessment of the economic performance of the seabream and seabass aquaculture industry in the European Union
    Ignacio Llorente, José Fernández-Polanco, Elisa Baraibar-Diez, María D. Odriozola, Trond Bjørndal, Frank Asche, Jordi Guillen, Lamprakis Avdelas, Rasmus Nielsen, Maria Cozzolino, Manuel Luna, José L. Fernández-Sánchez, Ladislao Luna, Cristóbal Aguilera, Bernardo Basurco
    Marine Policy, 2020
  • Technical efficiency of sea bass and sea bream farming in the Mediterranean Sea by European firms: A stochastic production frontier (SPF) approach
    José Luis Fernández Sánchez, Ignacio Llorente García, Manuel Luna
    Aquaculture Economics and Management, 2020
  • How Corporate Governance Mechanisms of Banks Have Changed After the 2007–08 Financial Crisis
    José L. Fernández Sánchez, María D. Odriozola Zamanillo, Manuel Luna
    Global Policy, 2020
  • A decision support system for fish farming using particle swarm optimization
    Ángel Cobo, Ignacio Llorente, Ladislao Luna, Manuel Luna
    Computers and Electronics in Agriculture, 2019
  • Integration of environmental sustainability and product quality criteria in the decision-making process for feeding strategies in seabream aquaculture companies
    Manuel Luna, Ignacio Llorente, Ángel Cobo
    Journal of Cleaner Production, 2019

RECENT SCHOLAR PUBLICATIONS

  • When real business meets the metaverse: assessing the financial impact of European firms’ virtual world innovations
    R Rodriguez-Arrojo, M Luna, C Vazquez-Ordas, M García-Olalla
    Technology Analysis & Strategic Management 37 (13), 4051-4065 , 2025
    2025
    Citations: 1
  • Comparing SARSA and Q-Learning in Reinforcement Learning-Based Vehicle Routing
    P González, P Rodríguez, M Luna, B Ponte, R Pino
    The International Conference on Industrial Engineering and Industrial … , 2025
    2025
  • Forecasting and managing price volatility in salmon production: A hybrid system using conformal prediction and dynamic hedging
    M Luna, O Pérez-Mon, JL Becker
    International Journal of Production Economics, 109726 , 2025
    2025
    Citations: 3
  • Enhancing supply chain operations
    P Rodriguez, P Gonzalez, M Luna, B Ponte
    Artificial Intelligence and Applications: 26th International Conference … , 2025
    2025
    Citations: 2
  • Challenges in transitioning from industry 4.0 to industry 5.0: a multicriteria analysis
    O León, J Puente, I Fernandez, M Luna
    Journal of Industrial Integration and Management 10 (01), 109-151 , 2025
    2025
    Citations: 6
  • Enhancing Supply Chain Operations with Machine Learning Forecasts
    P Rodriguez, P Gonzalez, M Luna, B Ponte
    World Congress in Computer Science, Computer Engineering & Applied Computing … , 2024
    2024
  • From Accuracy to Performance: Advanced Demand Forecasting in Supply Chains
    P González, P Rodríguez, M Luna, B Ponte
    The International Conference on Industrial Engineering and Industrial … , 2024
    2024
  • Exploring the Role of Blockchain in Agrifood: An Application Case in the Aquafarming
    M Luna, R Rosillo, D de la Fuente
    Proceedings of the 17th International Conference on Industrial Engineering … , 2024
    2024
  • Mapping research on corporate misconduct in banking: Lessons from literature on preventive and punitive actions
    R Rodríguez‐Arrojo, M Luna, CJ Vázquez‐Ordás, M García‐Olalla
    Global Policy 15, 62-75 , 2024
    2024
    Citations: 2
  • Capacity and efficiency of the European Fishing Fleet: analysis of the 2008-2018 period
    JL Fernández Sánchez, M Luna
    Instituto Universitario de Estudios Marítimos y Aranzadi , 2024
    2024
  • A blockchain-based approach to the challenges of EU’s environmental policy compliance in aquaculture: From traceability to fraud prevention
    M Luna, S Fernandez-Vazquez, ET Castelao, ÁA Fernández
    Marine Policy 159, 105892 , 2024
    2024
    Citations: 53
  • Reinforcement learning based production planning in the aquaculture industry
    M Luna, O Perez-Mon, R Rosillo, A Gomez
    2023 Congress in Computer Science, Computer Engineering, & Applied Computing … , 2023
    2023
    Citations: 2
  • Exploring the Role of Blockchain in Agrifood: An Application Case in the Aquafarming Industry
    S Fernández-Vázquez, M Luna, R Rosillo, D de la Fuente
    International Conference on Industrial Engineering and Industrial Management … , 2023
    2023
  • Parallelisation of decision-making techniques in aquaculture enterprises: M. Ibáñez et al.
    M Ibáñez, M Luna, JL Bosque, R Beivide
    The Journal of Supercomputing 79 (11), 11827-11843 , 2023
    2023
    Citations: 3
  • A fuzzy approach to decision‐making in sea‐cage aquaculture production
    M Luna, I Llorente, A Cobo
    International Transactions in Operational Research 30 (4), 2000-2024 , 2023
    2023
    Citations: 17
  • A fuzzy approach to decision-making in sea-cage aquaculture production
    M Luna García, I Llorente García, Á Cobo Ortega
    Wiley-Blackwell , 2023
    2023
  • Parallelisation of decision-making techniques in aquaculture enterprises
    M Ibáñez Bolado, M Luna García, JL Bosque Orero, R Beivide Palacio
    Kluwer Academic Publishers , 2023
    2023
  • Production scheduling in the aquaculture industry based on bio-economic simulation and genetic algorithms
    M Luna García, J Parreño Fernández, O León
    Lecture Notes on Data Engineering and Communications Technologies , 2023
    2023
  • A conceptual framework for risk management in aquaculture
    M Luna, I Llorente, L Luna
    Marine Policy 147, 105377 , 2023
    2023
    Citations: 36
  • Development and Planning of the Strategy against Food Waste in the Spanish Region of Cantabria
    E Baraibar-Diez, MD Odriozola, L Luna, I Llorente, A Martín, ...
    Case Studies on Sustainability in the Food Industry: Dealing With a Rapidly … , 2022
    2022

MOST CITED SCHOLAR PUBLICATIONS

  • Assessment of the economic performance of the seabream and seabass aquaculture industry in the European Union
    I Llorente, J Fernández-Polanco, E Baraibar-Diez, MD Odriozola, ...
    Marine Policy 117, 103876 , 2020
    2020
    Citations: 88
  • Mapping social impact: a bibliometric analysis.
    E Baraibar-Diez, M Luna, MD Odriozola, I Llorente
    Sustainability 12 (22), 9389 , 2020
    2020
    Citations: 80
  • Integration of environmental sustainability and product quality criteria in the decision-making process for feeding strategies in seabream aquaculture companies
    M Luna, I Llorente, Á Cobo
    Journal of cleaner production 217, 691-701 , 2019
    2019
    Citations: 57
  • A decision support system for fish farming using particle swarm optimization
    Á Cobo, I Llorente, L Luna, M Luna
    Computers and Electronics in Agriculture 161, 121-130 , 2019
    2019
    Citations: 55
  • A blockchain-based approach to the challenges of EU’s environmental policy compliance in aquaculture: From traceability to fraud prevention
    M Luna, S Fernandez-Vazquez, ET Castelao, ÁA Fernández
    Marine Policy 159, 105892 , 2024
    2024
    Citations: 53
  • How corporate governance mechanisms of banks have changed after the 2007–08 financial crisis
    JL Fernández Sánchez, MD Odriozola Zamanillo, M Luna
    Global Policy 11, 52-61 , 2020
    2020
    Citations: 49
  • Determination of feeding strategies in aquaculture farms using a multiple-criteria approach and genetic algorithms
    M Luna, I Llorente, A Cobo
    Annals of Operations Research, 1-26 , 2022
    2022
    Citations: 48
  • A conceptual framework for risk management in aquaculture
    M Luna, I Llorente, L Luna
    Marine Policy 147, 105377 , 2023
    2023
    Citations: 36
  • Aquaculture production optimisation in multi-cage farms subject to commercial and operational constraints
    M Luna, I Llorente, A Cobo
    Biosystems Engineering 196, 29-45 , 2020
    2020
    Citations: 25
  • A fuzzy approach to decision‐making in sea‐cage aquaculture production
    M Luna, I Llorente, A Cobo
    International Transactions in Operational Research 30 (4), 2000-2024 , 2023
    2023
    Citations: 17
  • Technical efficiency of sea bass and sea bream farming in the Mediterranean Sea by European firms: a stochastic production frontier (SPF) approach
    JL Fernandez Sanchez, I Llorente Garcia, M Luna
    Aquaculture Economics & Management 24 (4), 526-539 , 2020
    2020
    Citations: 16
  • Market reaction to supranational banking supervision in Europe: Do firm-and country-specific factors matter?
    M García-Olalla, M Luna
    Empirica 48 (4), 947-975 , 2021
    2021
    Citations: 14
  • Assessment of Mediterranean aquaculture sustainability
    M Cidad, I Peral, S Ramos, B Basurco, A López-Francos, A Muniesa, ...
    2018
    Citations: 9
  • Challenges in transitioning from industry 4.0 to industry 5.0: a multicriteria analysis
    O León, J Puente, I Fernandez, M Luna
    Journal of Industrial Integration and Management 10 (01), 109-151 , 2025
    2025
    Citations: 6
  • Forecasting and managing price volatility in salmon production: A hybrid system using conformal prediction and dynamic hedging
    M Luna, O Pérez-Mon, JL Becker
    International Journal of Production Economics, 109726 , 2025
    2025
    Citations: 3
  • Parallelisation of decision-making techniques in aquaculture enterprises: M. Ibáñez et al.
    M Ibáñez, M Luna, JL Bosque, R Beivide
    The Journal of Supercomputing 79 (11), 11827-11843 , 2023
    2023
    Citations: 3
  • Enhancing supply chain operations
    P Rodriguez, P Gonzalez, M Luna, B Ponte
    Artificial Intelligence and Applications: 26th International Conference … , 2025
    2025
    Citations: 2
  • Mapping research on corporate misconduct in banking: Lessons from literature on preventive and punitive actions
    R Rodríguez‐Arrojo, M Luna, CJ Vázquez‐Ordás, M García‐Olalla
    Global Policy 15, 62-75 , 2024
    2024
    Citations: 2
  • Reinforcement learning based production planning in the aquaculture industry
    M Luna, O Perez-Mon, R Rosillo, A Gomez
    2023 Congress in Computer Science, Computer Engineering, & Applied Computing … , 2023
    2023
    Citations: 2
  • When real business meets the metaverse: assessing the financial impact of European firms’ virtual world innovations
    R Rodriguez-Arrojo, M Luna, C Vazquez-Ordas, M García-Olalla
    Technology Analysis & Strategic Management 37 (13), 4051-4065 , 2025
    2025
    Citations: 1