Winemaking Sector in Greece: An Accounting-Based Approach

Spyros Papathanasiou, Drosos Koutsokostas, Dimitris Balios and Nikolaos Eriotis
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Drosos Koutsokostas: Hellenic Open University, Patras, Greece
Dimitris Balios: National and Kapodistrian University of Athens, Athens, Greece
Nikolaos Eriotis: National and Kapodistrian University of Athens, Athens, Greece

International Journal of Corporate Finance and Accounting (IJCFA), 2019, vol. 6, issue 2, 1-17

Abstract: The wine making sector is directly intertwined with viniculture, which has been known since ancient times. Nowadays, Greece offers outstanding value for its wines and there are many new varieties that will certainly expand the customer's palate. In order to explore the sector's potential, financial statements and ratio analysis is implemented. In this study, 14 financial ratios are estimated in order to examine the domestic wine sector. This sample consists of 51 domestic wine producing companies. The uniqueness of this analysis is based on the fact that the individual financial reports are edited and properly adjusted in order for a consolidated balance sheet and profit and loss account, representative of the sector, to be constructed. The wine sector's perspective seems conducive to better control regarding primarily operating expenses. The findings could aid producers in the Greek wine industry in providing them valuable considerations and guidelines. The wine market is considered as an enjoyable, collectible, tangible asset that has an exciting future.

Date: 2019
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