HAL (Le Centre pour la Communication Scientifique Directe), 2006
La présente étude est destinée à contribuer au débat parlementaire, en réponse à la proposition d... more La présente étude est destinée à contribuer au débat parlementaire, en réponse à la proposition de réforme de l'organisation commune du marché du vin émise par la Commission des Communautés européennes. Elle présente une brève synthèse de la situation du marché du vin dans l'Europe à vingt-cinq, au cours des dernières années, évalue les défauts des mécanismes de l'actuelle OCM, analyse les propositions de la Commission et présente des propositions concrètes pour la réforme de l'OCM.
The wine market has experienced major transformations in the past thirty years, with a consumptio... more The wine market has experienced major transformations in the past thirty years, with a consumption collapse per capita in the historical Southern European producing countries and the emergence of new actors in America and Oceania. The result of this was a structural gap between supply and demand, generating wine-growing prices and income instability, mainly in the European Union and, more recently, in Australia. This alteration goes with a restructuring of the supply, with the emergence of an oligopoly with fringes1 already observed in other agrifood sectors. A dominant group of powerful multinational firms has settled in, based on a high-scale strategy, strong marketing of products and the capture of distribution networks. This strategy finds its financial resources in the growing financialisation of corporate governance. It appeals to public authorities, especially European ones, for a reform of the institutional sector-based framework.
The study analyses the theme of production potential regulation and of the planned abolishment of... more The study analyses the theme of production potential regulation and of the planned abolishment of the planting rights regime considering the constraints defined by the CAP evolution, the current situation of the market, the role in the market of different regions and the structural complexity of the European wine industry. The study, starting from the analysis of the implementation of the planting rights regime across the EU and through an investigation of what could be the effects of the abolishment of the planting rights regime, defines which should be the policies to: a) counterbalance the effects of the liberalization of plantation; b) improve the functioning of the planting rights regime by implementing a new mechanism of functioning.
The purpose of this paper is to explore the main profiles of tourist segments in the agavetequila... more The purpose of this paper is to explore the main profiles of tourist segments in the agavetequila industry in Mexico. The blue agave landscape and the ancient tequila facilities are part of the UNESCO's World Cultural Heritage. Heritage sites may operate as a brand and generate tourism externalities. Investigations combining heritage and sustainable tourism are a promising research field, still underexplored, particularly in emerging destinations. This study contributes to the debate on heritage and sustainable tourism through the identification of different tourist profiles visiting the Tequila region. The study applies a market segmentation approach grounded in the concept of 'involvement'. Involvement is a good predictor of tourist behavior. Therefore, our investigation identifies distinctive homogenous segments with different levels of tourist involvement. The data in the empirical study was collected through a questionnaire applied to a sample of 700 domestic and international visitors to the city of Tequila. The questionnaire was directly administered to collect data during a 6-month period in order to avoid seasonal issues. Cluster analysis was performed to identify three distinct segments on the basis of the degree of tourists' 'involvement'. Findings suggest that the agave landscape and knowledge about tequila are the most salient attributes for high-and low-involved visitors. As those factors are closely related to cultural heritage, the study provides guidance for policy makers and marketers protecting and/or promoting the agave-tequila industry. This research project is an initial attempt to segment agave-tequila tourists and creates a pathway for further investigations into this area.
This work explores the financing choices in a broad sample of 528 mergers and acquisitions (M&A) ... more This work explores the financing choices in a broad sample of 528 mergers and acquisitions (M&A) deals by firm acquirers of publicly and privately held targets in the transportation and infrastructure industries in Latin America (1990-2012). The transportation and infrastructure industries are an ideal venue for studying the importance of corporate governance in making M&A financing choices, given the large number of closely held firms. One interesting question of whether similar differences are observed in the methods of payment in M&A in the different countries in the region. Furthermore, our dataset allows for a wide range of institutional differences in regulations and taxes affecting the financing of M&A activity. We find a dominance of ‘cash’ as a method of payment in Latin America. The motives for the dominance of cash are discussed.
The opinions expressed in this document are those of the authors and do not necessarily represent... more The opinions expressed in this document are those of the authors and do not necessarily represent the official position of the European Parliament. Reproduction and translation for non-commercial purposes are authorised, provided the source is acknowledged and the publisher is given prior notice and sent a copy.
The Palgrave Handbook of Wine Industry Economics, 2019
This chapter introduces the issue of vertical integration backwards in the wine industry and make... more This chapter introduces the issue of vertical integration backwards in the wine industry and makes a contribution to the advancement of the strategies of wine firms. It provides an understanding of the motivations and debates related to vertical integration backwards, through international examples or practical cases. We introduce and discuss hereafter the causes and consequences that lead firms to practice vertical integration backwards. We show how different factors in the New World wineries—where there is no legal system or institutional system to manage the production potential—and the scheme of vine planting rights in Europe impacts backwards vertical integration.
Resumen es: El objetivo de este trabajo es presentar una sintesis de los principales problemas re... more Resumen es: El objetivo de este trabajo es presentar una sintesis de los principales problemas relacionados con la accion colectiva en el cluster del tequila (Mexic...
This paper analyses the main differences and convergence between the governance systems and organ... more This paper analyses the main differences and convergence between the governance systems and organization structures in wine co-operatives from Italy, Portugal, France, and Spain. Our methodology combines the administration of an international survey with secondary data on the governance systems and organization structures of the Southern European wine co-operatives. Results demonstrate the dominance of two main governance systems (full vs. partial vertical integration). Furthermore, we find a significant increase of functional convergence however formal convergence is not significant. Therefore, further research on the institutions promoting functional convergence between wine cooperatives in different countries will help us to understand better the drivers impacting their competitiveness
HAL (Le Centre pour la Communication Scientifique Directe), 2006
La présente étude est destinée à contribuer au débat parlementaire, en réponse à la proposition d... more La présente étude est destinée à contribuer au débat parlementaire, en réponse à la proposition de réforme de l'organisation commune du marché du vin émise par la Commission des Communautés européennes. Elle présente une brève synthèse de la situation du marché du vin dans l'Europe à vingt-cinq, au cours des dernières années, évalue les défauts des mécanismes de l'actuelle OCM, analyse les propositions de la Commission et présente des propositions concrètes pour la réforme de l'OCM.
The wine market has experienced major transformations in the past thirty years, with a consumptio... more The wine market has experienced major transformations in the past thirty years, with a consumption collapse per capita in the historical Southern European producing countries and the emergence of new actors in America and Oceania. The result of this was a structural gap between supply and demand, generating wine-growing prices and income instability, mainly in the European Union and, more recently, in Australia. This alteration goes with a restructuring of the supply, with the emergence of an oligopoly with fringes1 already observed in other agrifood sectors. A dominant group of powerful multinational firms has settled in, based on a high-scale strategy, strong marketing of products and the capture of distribution networks. This strategy finds its financial resources in the growing financialisation of corporate governance. It appeals to public authorities, especially European ones, for a reform of the institutional sector-based framework.
The study analyses the theme of production potential regulation and of the planned abolishment of... more The study analyses the theme of production potential regulation and of the planned abolishment of the planting rights regime considering the constraints defined by the CAP evolution, the current situation of the market, the role in the market of different regions and the structural complexity of the European wine industry. The study, starting from the analysis of the implementation of the planting rights regime across the EU and through an investigation of what could be the effects of the abolishment of the planting rights regime, defines which should be the policies to: a) counterbalance the effects of the liberalization of plantation; b) improve the functioning of the planting rights regime by implementing a new mechanism of functioning.
The purpose of this paper is to explore the main profiles of tourist segments in the agavetequila... more The purpose of this paper is to explore the main profiles of tourist segments in the agavetequila industry in Mexico. The blue agave landscape and the ancient tequila facilities are part of the UNESCO's World Cultural Heritage. Heritage sites may operate as a brand and generate tourism externalities. Investigations combining heritage and sustainable tourism are a promising research field, still underexplored, particularly in emerging destinations. This study contributes to the debate on heritage and sustainable tourism through the identification of different tourist profiles visiting the Tequila region. The study applies a market segmentation approach grounded in the concept of 'involvement'. Involvement is a good predictor of tourist behavior. Therefore, our investigation identifies distinctive homogenous segments with different levels of tourist involvement. The data in the empirical study was collected through a questionnaire applied to a sample of 700 domestic and international visitors to the city of Tequila. The questionnaire was directly administered to collect data during a 6-month period in order to avoid seasonal issues. Cluster analysis was performed to identify three distinct segments on the basis of the degree of tourists' 'involvement'. Findings suggest that the agave landscape and knowledge about tequila are the most salient attributes for high-and low-involved visitors. As those factors are closely related to cultural heritage, the study provides guidance for policy makers and marketers protecting and/or promoting the agave-tequila industry. This research project is an initial attempt to segment agave-tequila tourists and creates a pathway for further investigations into this area.
This work explores the financing choices in a broad sample of 528 mergers and acquisitions (M&A) ... more This work explores the financing choices in a broad sample of 528 mergers and acquisitions (M&A) deals by firm acquirers of publicly and privately held targets in the transportation and infrastructure industries in Latin America (1990-2012). The transportation and infrastructure industries are an ideal venue for studying the importance of corporate governance in making M&A financing choices, given the large number of closely held firms. One interesting question of whether similar differences are observed in the methods of payment in M&A in the different countries in the region. Furthermore, our dataset allows for a wide range of institutional differences in regulations and taxes affecting the financing of M&A activity. We find a dominance of ‘cash’ as a method of payment in Latin America. The motives for the dominance of cash are discussed.
The opinions expressed in this document are those of the authors and do not necessarily represent... more The opinions expressed in this document are those of the authors and do not necessarily represent the official position of the European Parliament. Reproduction and translation for non-commercial purposes are authorised, provided the source is acknowledged and the publisher is given prior notice and sent a copy.
The Palgrave Handbook of Wine Industry Economics, 2019
This chapter introduces the issue of vertical integration backwards in the wine industry and make... more This chapter introduces the issue of vertical integration backwards in the wine industry and makes a contribution to the advancement of the strategies of wine firms. It provides an understanding of the motivations and debates related to vertical integration backwards, through international examples or practical cases. We introduce and discuss hereafter the causes and consequences that lead firms to practice vertical integration backwards. We show how different factors in the New World wineries—where there is no legal system or institutional system to manage the production potential—and the scheme of vine planting rights in Europe impacts backwards vertical integration.
Resumen es: El objetivo de este trabajo es presentar una sintesis de los principales problemas re... more Resumen es: El objetivo de este trabajo es presentar una sintesis de los principales problemas relacionados con la accion colectiva en el cluster del tequila (Mexic...
This paper analyses the main differences and convergence between the governance systems and organ... more This paper analyses the main differences and convergence between the governance systems and organization structures in wine co-operatives from Italy, Portugal, France, and Spain. Our methodology combines the administration of an international survey with secondary data on the governance systems and organization structures of the Southern European wine co-operatives. Results demonstrate the dominance of two main governance systems (full vs. partial vertical integration). Furthermore, we find a significant increase of functional convergence however formal convergence is not significant. Therefore, further research on the institutions promoting functional convergence between wine cooperatives in different countries will help us to understand better the drivers impacting their competitiveness
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