Return to results
Conference Proceedings (2010), Proceedings of the 4th International Annual Meeting of the American Association of Wine Economists, American Association of Wine Economists (AAWE)

Champagne Wineries in Crisis Time: Risk of Financial Leverage

DECLERCK Francis

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. 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. Champagne - Wine - Winery - Financial Risk - Leverage - Gearing

DECLERCK, F. (2010). Champagne Wineries in Crisis Time: Risk of Financial Leverage. In: Proceedings of the 4th International Annual Meeting of the American Association of Wine Economists. American Association of Wine Economists (AAWE).

Keywords : #AACSB, #Champagne, #Leviers, #Risque-financier, #Vin, #Vinicole