Solvency and Performance of French Wineries in Times of Declining Sales: Co‐operatives and Corporations

Francis Declerck & Jean-Laurent Viviani
The paper assesses the ability of French wineries to prevail over the crisis of French wine in the years 2000. Corporations are distinguished from co operatives: Over the 2000/2006 period in spite of sales fluctuations, French wineries did not increase their financial debt level substantially. Such result supports the traditional static tradeoff theory (TOT). Cooperatives were able to absorb part of the impact of the wine crisis at the expense of their members, in increasing...
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