Determinants of wine firms’ performance: the Iberian case using panel data

Published date07 April 2022
Date07 April 2022
Subject MatterAccounting & finance,Accounting/accountancy,Accounting methods/systems
AuthorElisabete Neves,António Dias,Miguel Ferreira,Carla Henriques
Determinants of wine f‌irms
performance: the Iberian case
using panel data
Elisabete Neves
Polytechnic of Coimbra, Coimbra Business School Research Centre|ISCAC,
Coimbra, Portugal and University of Tras-os Montes and Alto Douro|CETRAD,
Vila Real, Portugal
onio Dias
Department of DESG, School of Human and Social Sciences,
University of Tras-os-Montes and Alto Douro, Vila Real, Portugal
Miguel Ferreira
Escola de Ciencias Humanas e Sociais, Universidade de Tras-os-Montes e Alto Douro,
Vila Real, Portugal, and
Carla Henriques
Polytechnic of Coimbra, Coimbra Business School Research Centre|ISCAC,
Coimbra, Portugal
Purpose In the macroeconomic environment of the Iberian Peninsula, this paper aims to understand
which factors,intrinsic to management, affect the performance of wine companies.
Design/methodology/approach The sample comprises 3,113 wine Iberian companies between 2011
and 2018. This study has used the panel data methodology, specif‌ically the generalized methodof moments
system estimation method of Arellano and Bond (1991);Arellano and Bover (1995); and Blundell and Bond
(1998) to test the hypothesesproposed.
Findings Using return on assets (ROA) and sales growth as measures of corporate performance, this
studys results suggest that salesgrowth is the variable that has the most signif‌icant determining factors,
both specif‌ic to the company and given the macroeconomic environment. Investors and civil society well
understand the meaningof sales growth, namely, in a sector close to the f‌inal consumer. When using ROA as
a dependent variable,the results suggest that because it is a puremanagement variable, the manager tends to
be more concerned with maintaining adequate levels of economic prof‌itability to ensure sustainability and
future solvency,without giving prominence to the macroeconomic environment.
Originality/value To the best of the authorsknowledge, this is the f‌irst time that a study has been
carried out in the Iberian Peninsula on the wine industry using ROA and sales growth as measures of
corporate performance. This study shows that sales growth is a measure traditionally known to external
stakeholders,and to that extent, its determining factors are the variables that these players most value in the
Keywords Performance, Iberian companies, Wine industry, GMM system
Paper type Research paper
This work is supported by national funds, through the FCT Portuguese Foundation for Science and
Technology under the project UIDB/04011/2020. This work was also supported by FCT through
projects UID/MULTI/00308/2020 and UIDB/05037/2020.
of wine f‌irms
Received4 October 2021
Revised16 January 2022
Accepted21 February 2022
InternationalJournal of
Accounting& Information
Vol.30 No. 3, 2022
pp. 325-338
© Emerald Publishing Limited
DOI 10.1108/IJAIM-10-2021-0203
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