The Irresistible Rise of the Craft-Brewing Sector in Italy: Can We Explain It?
This paper empirically investigates the emergence of microbreweries in Italy over the last 20 years (period 1993-2014). This rise is expressed by the increasing number of entries in the sector actually accompanied, in most recent years, by an increasing number of exits. The paper proposes an empirical investigation of this entry-exit dynamics through a sequence of survival models. Three orders of possible determinants are considered. Beyond idiosyncratic characteristics, the other two order of factors are the exogenous evolution of the beer market and the specific geographical and local context. Estimation results show that, whereas market force and individual features unquestionably affects entry and exit choices, geographical and local factors are of limited relevance, especially for the entry process.
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