Essec\Faculty\Model\Contribution {#2216
  #_index: "academ_contributions"
  #_id: "4444"
  #_source: array:26 [
    "id" => "4444"
    "slug" => "champagne-wineries-in-crisis-time-risk-of-financial-leverage"
    "yearMonth" => "2010-06"
    "year" => "2010"
    "title" => "Champagne Wineries in Crisis Time: Risk of Financial Leverage"
    "description" => "DECLERCK, F. (2010). Champagne Wineries in Crisis Time: Risk of Financial Leverage. Dans: <i>Proceedings of the 4th International Annual Meeting of the American Association of Wine Economists</i>. American Association of Wine Economists (AAWE)."
    "authors" => array:1 [
      0 => array:3 [
        "name" => "DECLERCK Francis"
        "bid" => "B00000143"
        "slug" => "declerck-francis"
      ]
    ]
    "ouvrage" => "Proceedings of the 4th International Annual Meeting of the American Association of Wine Economists"
    "keywords" => array:6 [
      0 => "AACSB"
      1 => "Champagne"
      2 => "Leviers"
      3 => "Risque financier"
      4 => "Vin"
      5 => "Vinicole"
    ]
    "updatedAt" => "2021-04-19 17:57:25"
    "publicationUrl" => null
    "publicationInfo" => array:3 [
      "pages" => null
      "volume" => null
      "number" => null
    ]
    "type" => array:2 [
      "fr" => "Actes d'une conférence"
      "en" => "Conference Proceedings"
    ]
    "support_type" => array:2 [
      "fr" => "Editeur"
      "en" => "Publisher"
    ]
    "countries" => array:2 [
      "fr" => null
      "en" => null
    ]
    "abstract" => array:2 [
      "fr" => """
        La recherche porte sur la structure fi nancière et l’effet de levier pour les maisons de Champagne et les coopératives sur la période 2000-2008. Les résultats sont plus cohérents avec la théorie sur la structure fi nancière de l’échange « trade-off theory (TOT) » qu’avec les autres théories. The maisons ont un endettement plus élevé que les coopératives. Elles visent la maximisation du rendement des fonds propres.\n
        Les coopératives ne le sont pas. La crise de 2008 n’a pas été assez forte pour modifi er de manière très importante la structure financière des entreprises. Mais l’année 2009 a été plus sévère pour les maisons car elles exportent beaucoup et les exportations de Champagne ont chuté de 20% en volume et 28% en valeur. Davantage de recherche peut être menée sur les conséquences de la crise en 2009.
        """
      "en" => """
        The research assesses the fi nancial structure and the risk of fi nancial leverage for Champagne houses (corporations) and co-ops over the period 2000-2008. Results are more consistent with static trade-off theory (TOT) than they are with other theories. Corporations have a higher gearing than co-ops. They are focused on maximizing ROE. Co-operatives are not.\n
        The 2008 crisis was not strong enough to shake the fi nancial structure wineries. But the year 2009 was tougher for house. House export a lot and Champagne exports have declined by 20% in volume and 28% in value in 2009. Further research may be done about the impact of the crisis in 2009.\n
        Champagne - Wine - Winery - Financial Risk - Leverage - Gearing
        """
    ]
    "authors_fields" => array:2 [
      "fr" => "Finance"
      "en" => "Finance"
    ]
    "indexedAt" => "2024-11-21T15:21:45.000Z"
    "docTitle" => "Champagne Wineries in Crisis Time: Risk of Financial Leverage"
    "docSurtitle" => "Conference Proceedings"
    "authorNames" => "<a href="/cv/declerck-francis">DECLERCK Francis</a>"
    "docDescription" => "<span class="document-property-authors">DECLERCK Francis</span><br><span class="document-property-authors_fields">Finance</span> | <span class="document-property-year">2010</span>"
    "keywordList" => "<a href="#">AACSB</a>, <a href="#">Champagne</a>, <a href="#">Leviers</a>, <a href="#">Risque financier</a>, <a href="#">Vin</a>, <a href="#">Vinicole</a>"
    "docPreview" => "<b>Champagne Wineries in Crisis Time: Risk of Financial Leverage</b><br><span>2010-06 | Conference Proceedings </span>"
    "docType" => "research"
    "publicationLink" => "<a href="#" target="_blank">Champagne Wineries in Crisis Time: Risk of Financial Leverage</a>"
  ]
  +lang: "en"
  +"_type": "_doc"
  +"_score": 9.119175
  +"parent": null
}