Financial resilience of Spanish wineries during the COVID-19 lockdown
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| Název: | Financial resilience of Spanish wineries during the COVID-19 lockdown |
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| Autoři: | Arimany Serrat, Núria, Farreras Noguer, M. Àngels, Coenders, Germà |
| Přispěvatelé: | Agencia Estatal de Investigación |
| Zdroj: | © International Journal of Wine Business Research, 2023, vol. 35, núm. 2, p. 346-364 Articles publicats (D-EC) Arimany Serrat, Núria Farreras Noguer, M. Àngels Coenders, Germà 2023 Financial resilience of Spanish wineries during the COVID-19 lockdown International Journal of Wine Business Research 35 2 346 364 DUGiDocs – Universitat de Girona instname |
| Informace o vydavateli: | Emerald, 2023. |
| Rok vydání: | 2023 |
| Témata: | Vi -- Indústria i comerç, Financial statements, Anàlisi financera, Business enterprises -- Finance, 05 social sciences, Estats financers, Pandèmia de COVID-19, 2020- -- Aspectes econòmics, 3. Good health, COVID-19 Pandemic, 2020- -- Economic aspects, Wine industry, 8. Economic growth, 0502 economics and business, Investment analysis, Empreses -- Finances |
| Popis: | PurposeThis study aims to focus on the impact of COVID-19 on the Spanish wine sector and the financial resilience of Spanish wineries in the period 2019–2020.Design/methodology/approachThe data set contains 355 limited companies of the Spanish wine sector which were active in the period 2019–2020. The explanatory variables used are size and age of the company, exports, subsidies and gender distribution in the workforce. The financial statements of the companies are treated as compositional data, using log-ratios for asset structure, leverage, margin, turnover and debt maturity. The first-difference estimator is used for the panel-data model relating the differences in the log-ratios between 2020 and 2019 to the explanatory variables.FindingsIn average terms, margin and turnover have significantly worsened between 2019 and 2020, while debt maturity has increased. A larger firm size, a greater age, a higher share of women in the workforce and subsidies have made wineries more resilient between 2019 and 2020.Originality/valueTo the best of the authors’ knowledge, this is the first financial statement analysis of the impact of COVID-19 in the winery sector. |
| Druh dokumentu: | Article |
| Popis souboru: | application/pdf |
| Jazyk: | English |
| ISSN: | 1751-1062 |
| DOI: | 10.1108/ijwbr-03-2022-0012 |
| Přístupová URL adresa: | http://hdl.handle.net/10256/23055 |
| Rights: | Emerald Insight Site Policies CC BY NC |
| Přístupové číslo: | edsair.doi.dedup.....169ff0c1bb3f11a9baec08d73b41cb03 |
| Databáze: | OpenAIRE |
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Nájsť tento článok vo Web of Science | Abstrakt: | PurposeThis study aims to focus on the impact of COVID-19 on the Spanish wine sector and the financial resilience of Spanish wineries in the period 2019–2020.Design/methodology/approachThe data set contains 355 limited companies of the Spanish wine sector which were active in the period 2019–2020. The explanatory variables used are size and age of the company, exports, subsidies and gender distribution in the workforce. The financial statements of the companies are treated as compositional data, using log-ratios for asset structure, leverage, margin, turnover and debt maturity. The first-difference estimator is used for the panel-data model relating the differences in the log-ratios between 2020 and 2019 to the explanatory variables.FindingsIn average terms, margin and turnover have significantly worsened between 2019 and 2020, while debt maturity has increased. A larger firm size, a greater age, a higher share of women in the workforce and subsidies have made wineries more resilient between 2019 and 2020.Originality/valueTo the best of the authors’ knowledge, this is the first financial statement analysis of the impact of COVID-19 in the winery sector. |
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| ISSN: | 17511062 |
| DOI: | 10.1108/ijwbr-03-2022-0012 |