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).