Financial strategies of multinational firms in the world wine industry: An assessment

Alfredo Manuel Coelho and Jean-Louis Rastoin
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Alfredo Manuel Coelho: UMR Moisa, Montpellier, 2 Place Pierre Viala, 34060 Montpellier Cedex 02 France, Postal: UMR Moisa, Montpellier, 2 Place Pierre Viala, 34060 Montpellier Cedex 02 France

Agribusiness, 2006, vol. 22, issue 3, 417-429

Abstract: This work sheds light on the emergence of financialization in the wine industry by wine multinationals (MNEs). First, we suggest a conceptual framework to analyze MNEs' strategies in the world market. Second, by using a sample of major MNEs listed on stock markets, we focus on shareholder value sharing (dividends, stock buybacks). Our results demonstrate wine MNEs entered in a new era in which strategies are driven by attempts to maximize shareholder value through financialization. This entails restructuring operations and financial engineering. Finally, we discuss the implications of these strategies for industrial concentration. [EconLit classification: F230, G300]. © 2006 Wiley Periodicals, Inc. Agribusiness 22: 417-429, 2006.

Date: 2006
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Persistent link: https://EconPapers.repec.org/RePEc:wly:agribz:v:22:y:2006:i:3:p:417-429

DOI: 10.1002/agr.20095

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