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Intangible expenses: a solution to increase the French wine industry performance?


  • Paul Amadieu
  • Jean Laurent Viviani


This paper presents an empirical investigation of the link between intangible expenses of French wine companies and their financial performance. A flexible moment-based approach is used to analyse the impact of tangible and intangible expenses on the mean, variance and skewness of profit. Econometric evidence shows that a high level of intangible expenses has a positive impact on performance by increasing the expected profit and reducing variance risk. A lower level of intangible expenses reduces risk and mean of profit of corporations. This study provides insights on the use of intangible expenses as a risk management tool. , Oxford University Press.

Suggested Citation

  • Paul Amadieu & Jean Laurent Viviani, 2011. "Intangible expenses: a solution to increase the French wine industry performance?," European Review of Agricultural Economics, Foundation for the European Review of Agricultural Economics, vol. 38(2), pages 237-258, June.
  • Handle: RePEc:oup:erevae:v:38:y:2011:i:2:p:237-258

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    References listed on IDEAS

    1. R. Edwards & A. Parikh, 1976. "A Stochastic Policy Simulation of the World Coffee Economy," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 58(2), pages 152-160.
    2. Kawai, Masahiro, 1983. "Price Volatility of Storable Commodities under Rational Expectations in Spot and Futures Markets," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 24(2), pages 435-459, June.
    3. Bray, Margaret M, 1981. "Futures Trading, Rational Expectations, and the Efficient Markets Hypothesis," Econometrica, Econometric Society, vol. 49(3), pages 575-596, May.
    4. Turnovsky, Stephen J, 1983. "The Determination of Spot and Futures Prices with Storable Commodities," Econometrica, Econometric Society, vol. 51(5), pages 1363-1387, September.
    5. Danthine, Jean-Pierre, 1978. "Information, futures prices, and stabilizing speculation," Journal of Economic Theory, Elsevier, vol. 17(1), pages 79-98, February.
    6. Alan H. Gelb, 1977. "Optimal Control and Stabilization Policy: An Application to the Coffee Economy," Review of Economic Studies, Oxford University Press, vol. 44(1), pages 95-109.
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    Cited by:

    1. Saïsset, L.A. & Couderc, J.P., 2013. "Les trois dimensions de la gouvernance coopérative : à la recherche d'un équilibre instable. Le cas des caves coopératives en Languedoc-Roussillon [France]," Working Papers MOISA 201302, UMR MOISA : Marchés, Organisations, Institutions et Stratégies d'Acteurs : CIHEAM-IAMM, CIRAD, INRA, Montpellier SupAgro - Montpellier, France.

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