This study investigates to what extent intangible investments have a positive impact on French wine companies' financial performance. French wine companies are small- and medium-sized enterprises (SMEs), so the task is (a) to measure their intangible expenses and capital, and (b) to estimate their impact on companies' performances. The authors then analyze the effect of property structures (cooperatives and corporations) and business activities on the intensity of the relationship between intangibility and performance. Relationships between intangibles and performance were tested empirically by means of a questionnaire carried out in 2005-2006. Questionnaire data were completed using financial statements for 207 companies whose activity included one or more stages in the production and marketing of wine. Using MANOVA and the production function approach, the authors found evidence that intangible proxies had a negative impact on the firms' economic performance measurements and a positive impact on commercial performance for intermediate values of intangible ratios. They also found that production functions were very different with regard to legal status and business activity, but that the negative impact of intangible proxies remained. © 2010 Wiley Periodicals, Inc.
Purpose Why do some retail networks operate shop-in-shops along with stand-alone units while others do not? Drawing on a resource-based and intellectual capital (IC) perspective as a broad theoretical lens, the purpose of this paper is to focus on retailer-run shop-in-shops and examine the determinants of their adoption. Design/methodology/approach To gain a comprehensive understanding of shop-in-shop adoption by retail branded networks, a research design mixing a quantitative study (n = 170) and a qualitative study (n = 19) was adopted to test nine hypotheses regarding these determinants of the adoption of retailer-run shop-in-shops and explore in greater depth the processes whereby they actually occur. Findings The main findings show that intangible resources are major determinants of the choice to operate shop-in-shops while tangible resources are minor determinants. The more robust results of the analysis lie in the positive effect of own-label merchandise range, premium pricing strategy, positioning based on symbols, retail concept fast renewal and high sector specialisation on the choice to operate a shop-in-shop. The effect of financial constraints on the decision to expand via shop-in-shops is limited. Research limitations/implications The authors emphasise the importance of marketing-related and company-related characteristics in differentiating the likelihood of retail networks to expand via shop-in-shops. These results lend support to the relevance of a resource-based and IC perspective in explaining the propensity of retailers to develop via shop-in-shops. Practical implications The decision to operate shop-in-shops should depend on the extent to which intangible resources – the most important being retail positioning grounded in symbols, an own-label merchandise range, and a high retail branded network reputation – can be valued and enhanced. Expanding a retail network via shop-in-shops does not appear to be a financially constrained expansion strategy: it must be considered as a relevant first best strategy when an independent and young retail company has intangible resources to value but limited tangible resources. Originality/value The study contributes to channel management and retailing research in four ways. First, it precisely delineates the specific characteristics of shop-in-shops. Second, it provides theoretical explanations – based on a resource and IC perspective – of determinants that influence the choice of shop-in-shops. Third, it empirically tests the influence of marketing-related and company-related characteristics when adopting shop-in-shops. Fourth, it provides insights into how adopting shop-in-shops. To the authors’ knowledge, the research is on the first to analyse theoretically and test the determinants for the choice of retailer-run shop-in-shops.
This article examines the survival rates of cooperatives in the French wine industry. Traditional theory claims that cooperatives are inefficient and consequently are prone to failure, but recent literature suggests a higher resilience. Can cooperatives cope better? We find that French wine cooperatives survive longer than corporations. This result is robust in semi-parametric and parametric models, even when we control for mergers and acquisitions. The higher survival rate of wine cooperatives seems to be associated with their ability to pass changes in their business environments on to their members. (JEL Classifications: C41, G30, Q13)
Intangible assets can play a strategic role in the implementation of differentiated strategies in foreign markets. The literature has addressed the impact of intangible assets on both exports and financial performance and the effects of exports on company financial performance (profit and risk). This article aims to analyze the effect of exports on the relationship between intangibles and company performance in the wine industry. Empirical studies show that intangibles have a positive but diminishing impact on exports. The effect of exports on financial performance differs depending on whether we consider corporations or cooperatives. While intangible expenses reduce company risk in both samples whatever the level of export intensity, the effects are different with profit. In corporations, intangible expenses have a positive impact on profit only when there is a high level of expenses and a high level of export intensity. (JEL Classifications: G32, L25, Q12, Q13)
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