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Solvency and Performance of French Wineries in Times of Declining Sales: Co-operatives and Corporations

Author

Listed:
  • Francis Declerck

    (ESSEC Business School)

  • Jean-Laurent Viviani

    (CREM - Centre de recherche en économie et management - UNICAEN - Université de Caen Normandie - NU - Normandie Université - UR - Université de Rennes - CNRS - Centre National de la Recherche Scientifique)

Abstract

The paper assesses the ability of French wineries to prevail over the crisis of French wine in the years 2000. Corporations are distinguished from co-operatives: Over the 2000-2006 period in spite of sales fluctuations, French wineries did not increase their financial debt level substantially. Such result supports the traditional static trade-off theory (TOT). Co-operatives were able to absorb part of the impact of the wine crisis at the expense of their members, in increasing account payables to member. Corporations have not increased trade account payables to vine growers. In the mid-2000s, the French wine crisis has not been strong enough to shake the financial structure of co-operatives and corporations. But co-operatives look more affected. However, sales of French wines dropped a lot more in 2009 and financial data are not yet available to observe the consequences.

Suggested Citation

  • Francis Declerck & Jean-Laurent Viviani, 2012. "Solvency and Performance of French Wineries in Times of Declining Sales: Co-operatives and Corporations," Post-Print halshs-00816119, HAL.
    • Handle: RePEc:hal:journl:halshs-00816119
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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 : Montpellier Interdisciplinary center on Sustainable Agri-food systems (social and nutritional sciences): CIHEAM-IAMM, CIRAD, INRAE, L'Institut Agro, Montpellier SupAgro, IRD - Montpellier, France.
    2. Marco Fazzini & Antonella Russo, 2014. "Profitability in the Italian Wine Sector: An Empirical Analysis of Cooperatives and Investor-Owned Firms," International Journal of Academic Research in Accounting, Finance and Management Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Accounting, Finance and Management Sciences, vol. 4(3), pages 130-137, July.
    3. Saïsset, L.A. & Couderc, J.P. & Bou Saba, M., 2011. "Cooperative performance measurement proposal (a test with the cooperfic© tool for wine cooperatives in Languedoc-Roussillon)," Working Papers MoISA 201104, UMR MoISA : Montpellier Interdisciplinary center on Sustainable Agri-food systems (social and nutritional sciences): CIHEAM-IAMM, CIRAD, INRAE, L'Institut Agro, Montpellier SupAgro, IRD - Montpellier, France.

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