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Comment la structure financière influence-t-elle les choix stratégiques ? Étude de cas dans l'industrie du vin

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  • Saulpic, Olivier
  • Tanguy, Hervé

Abstract

Industrial strategies of growth must be backed by relevant financial structures; but the choice of these structures (level of debt and debt/equity ratio) is restricted by the more or less efficiency of the monitoring systems which can be used by funds providers. Evaluating the potential for value creation as well as understanding the yearly economic performance of wine-traders is dramatically complex in the world of Appellations d'Origine Contrôlée. This could explain why, because of credit rationing, a priori strategically relevant policies which need external funding don't rise up in France. This working assumption is tested through a comparative case study between two well known AOC regions: Burgundy and Champagne.

Suggested Citation

  • Saulpic, Olivier & Tanguy, Hervé, 2004. "Comment la structure financière influence-t-elle les choix stratégiques ? Étude de cas dans l'industrie du vin," Économie rurale, French Society of Rural Economics (SFER Société Française d'Economie Rurale), vol. 281.
    • Handle: RePEc:ags:ersfer:355247
    DOI: 10.22004/ag.econ.355247
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    References listed on IDEAS

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    1. Giraud-Heraud, Eric & Soler, Louis-Georges & Tanguy, Herve, 1999. "Avoiding Double Marginalisation in Agro-Food Chains," European Review of Agricultural Economics, Oxford University Press and the European Agricultural and Applied Economics Publications Foundation, vol. 26(2), pages 179-198, June.
    2. Eric E. Giraud-Heraud & Louis-Georges Soler & Hervé Tanguy, 1999. "Avoiding double marginalisation in agro-food chains [[Eviter la double marginalisation sur la chaîne agro-alimentaire]]," Post-Print hal-02688218, HAL.
    3. Rajan, Raghuram G, 1992. "Insiders and Outsiders: The Choice between Informed and Arm's-Length Debt," Journal of Finance, American Finance Association, vol. 47(4), pages 1367-1400, September.
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