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Financial resilience of Spanish wineries during the COVID-19 lockdown

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Title: Financial resilience of Spanish wineries during the COVID-19 lockdown
Authors: Arimany Serrat, Núria, Farreras Noguer, M. Àngels, Coenders, Germà
Contributors: Agencia Estatal de Investigación
Source: © 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
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Publisher Information: Emerald, 2023.
Publication Year: 2023
Subject Terms: 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
Description: 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.
Document Type: Article
File Description: application/pdf
Language: English
ISSN: 1751-1062
DOI: 10.1108/ijwbr-03-2022-0012
Access URL: http://hdl.handle.net/10256/23055
Rights: Emerald Insight Site Policies
CC BY NC
Accession Number: edsair.doi.dedup.....169ff0c1bb3f11a9baec08d73b41cb03
Database: OpenAIRE
Description
Abstract: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.
ISSN:17511062
DOI:10.1108/ijwbr-03-2022-0012