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Intangibles, Export Intensity, and Company Performance in the French Wine Industry*

Published online by Cambridge University Press:  08 November 2013

Paul Amadieu ,
Carole Maurel  and
Jean-Laurent Viviani
Paul Amadieu
Affiliation:
University of Montpellier, UFR AES, Av. Raymond Dugrand, CS 59640, 34960 Montpellier Cedex 2, France; e-mail: paul.amadieu@univ-montp1.fr.
Carole Maurel
Affiliation:
University of Montpellier, ISEM, Rue Vendémiaire, CS 19519, 34960 Montpellier Cedex 2, France; e-mail: carole.maurel@univ-montp1.fr.
Jean-Laurent Viviani
Affiliation:
University of Rennes, IGR-IAE, 11 Rue Jean Macé, 35708 Rennes, France ; e-mail: jean-laurent.viviani@univ-rennes1.fr.
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Abstract

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)

Keywords

Export intensityintangible investmentprofitriskwine
Type
Articles
Information
Journal of Wine Economics , Volume 8 , Issue 2 , November 2013 , pp. 198 - 224
Copyright
Copyright © American Association of Wine Economists 2013 

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Footnotes

*

The authors gratefully acknowledge Jean-Pierre Couderc, Karl Storchmann, and two anonymous referees for their constructive comments and suggestions that helped improve the manuscript.

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