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Determinantes da performance do setor do vinho: uma análise comparativa de Portugal, França, Espanha e Itália
Abstract(s)
Esta dissertação visa efetuar uma análise comparativa da performance e dos seus determinantes no setor do vinho. Foram selecionados 4 países do Velho Mundo do vinho, nomeadamente Portugal, França, Espanha e Itália, pela importância que estes países detêm neste setor, e pelas suas características e processos de produção idênticos, o que os torna comparáveis entre si. O período do estudo está compreendido de 2014 a 2018, e a informação necessária relativa às empresas dos países anteriormente mencionados foi extraída da base de dados Amadeus, tendo sido constituída uma amostra não probabilística de 369 empresas do setor do vinho portuguesas, 464 empresas do setor do vinho francesas, 1336 empresas do setor do vinho espanholas e 585 empresas do setor do vinho italianas.
O estudo é composto por duas fases: na primeira procedeu-se ao cálculo dos índices de eficiência através da técnica Data Envelopment Analysis, através do modelo CRS com orientação input, de forma a aferir o nível de performance das empresas alvo de estudo. Na segunda fase, procedeu-se à análise dos determinantes da performance com recurso a modelos de regressão fracionária.
Concluiu-se que a Itália é o país com maior eficiência técnica, seguido da França, Portugal e, por fim, a Espanha; a performance das empresas portuguesas do setor do vinho é afetada positivamente pelo endividamento, crescimento, dimensão, rendibilidade e free cash-flow, e negativamente pela tangibilidade e idade; a performance das empresas francesas do setor do vinho é positivamente afetada pelo endividamento, crescimento e rendibilidade, e negativamente pela dimensão, tangibilidade e também afetada pela forma jurídica (cooperativa); a performance das empresas espanholas do setor do vinho é positivamente influenciada pelo endividamento, rendibilidade, free cash-flow e também afetada pela forma jurídica (cooperativa), e negativamente pela tangibilidade; a performance das empresas italianas do setor do vinho é positivamente impactada pelo endividamento, crescimento, rendibilidade e free cash-flow, e negativamente pela dimensão, tangibilidade e risco; algumas destas variáveis também exercem um impacto indireto sobre a performance, considerando o efeito das variáveis de interação.
This master thesis aims to present a comparative analysis of performance and its determinants in the wine industry. Four Old World wine countries were selected, namely Portugal, France, Spain and Italy, due to the importance that these countries hold in this industry, and to their identical characteristics and production processes, what makes the comparison reliable. The period of the analysis is comprised from 2014 to 2018, and the required information regarding companies from the mentioned countries was collected from the Amadeus database. The final sample consists in 369 portuguese companies of wine industry, 464 french companies of wine industry, 1336 spanish companies of wine industry, and 585 italian companies of wine industry. The study is based on a two-stage model: first, first, the efficiency indexes were calculated using the Data Envelopment Analysis technique, through the CRS model with input orientation, in order to assess the performance level of the target companies under study. In the second stage, the performance determinants were analyzed using fractional regression models. The results suggest that Italy is the most technical efficient country, followed by France, Portugal and, finally, Spain; the performance of portuguese companies in the wine sector is positively influenced by leverage, growth, size, profitability and free cash flow, and negatively by tangibility and age; the performance of french companies in the wine sector is positively affected by leverage, growth and profitability, and negatively by size, tangibility and also by legal form (cooperative); the performance of spanish companies in the wine sector is positively influenced by leverage, profitability, free cash flow and also by legal form (cooperative), and negatively by tangibility; the performance of Italian companies in the wine sector is positively impacted by leverage, growth, profitability and free cash-flow, and negatively by size, tangibility and risk; some of these variables have also an indirect impact on performance, through the effect of the interaction variables.
This master thesis aims to present a comparative analysis of performance and its determinants in the wine industry. Four Old World wine countries were selected, namely Portugal, France, Spain and Italy, due to the importance that these countries hold in this industry, and to their identical characteristics and production processes, what makes the comparison reliable. The period of the analysis is comprised from 2014 to 2018, and the required information regarding companies from the mentioned countries was collected from the Amadeus database. The final sample consists in 369 portuguese companies of wine industry, 464 french companies of wine industry, 1336 spanish companies of wine industry, and 585 italian companies of wine industry. The study is based on a two-stage model: first, first, the efficiency indexes were calculated using the Data Envelopment Analysis technique, through the CRS model with input orientation, in order to assess the performance level of the target companies under study. In the second stage, the performance determinants were analyzed using fractional regression models. The results suggest that Italy is the most technical efficient country, followed by France, Portugal and, finally, Spain; the performance of portuguese companies in the wine sector is positively influenced by leverage, growth, size, profitability and free cash flow, and negatively by tangibility and age; the performance of french companies in the wine sector is positively affected by leverage, growth and profitability, and negatively by size, tangibility and also by legal form (cooperative); the performance of spanish companies in the wine sector is positively influenced by leverage, profitability, free cash flow and also by legal form (cooperative), and negatively by tangibility; the performance of Italian companies in the wine sector is positively impacted by leverage, growth, profitability and free cash-flow, and negatively by size, tangibility and risk; some of these variables have also an indirect impact on performance, through the effect of the interaction variables.
Description
Keywords
Data envelopment analysis Setor vinícola Performance Regressão fracionária Benchmarking