Impact of an exogenous shock (COVID-19) on the performance of Portuguese wine firms: a structural break analysis

Samuel Faria, Alexandre Guedes, João Rebelo and Sofia Gouveia

Applied Economics Letters, 2024, vol. 31, issue 14, 1321-1326

Abstract: The COVID-19 pandemic crisis was responsible for disruptions in most industries worldwide, being the wine industry a good example of how changes in the economic and social environment impacted firm performance. This research investigates whether such impacts represent a structural change to firms’ profitability and explore the internal sources of such change. We consider firm-level data from Portuguese wineries, from 2014 to 2020 and apply a series of structural break tests to the period. The results allow us to conclude that the entire profitability function suffered significant changes, being COVID-19 indeed a game-breaker for wineries’ profitability.

Date: 2024
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DOI: 10.1080/13504851.2023.2186348

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