Corporations are distinguished from co-operatives. Over the 2000-2006 period in spite of sales fl uctuations, French wineries did not increase their fi nancial debt level substantially. Such a 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 cooperatives and corporations. But co-operatives look more affected. However, sales of French wines dropped a lot more in 2009 and fi nancial data are not yet available to observe the consequences.
DECLERCK, F. and VIVIANI, J.L. (2010). Solvency and Performance of French Wineries in Times of Declining Sales: Co-operatives and Corporations. In: Proceedings of the 4th International European Forum on System Dynamics and Innovation in Food Networks. University of Bonn.