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Abstract-

Purpose
This paper aims to study the effects of innovation on the profitability of large wineries. In particular, organic growth is evaluated versus external growth.
Design/methodology/approach
Data from balance sheets over more than a decade are used. The analysis is limited to large Italian wineries to include firms that constantly invest in R&D in the sample. The analysis focuses on 25 Italian wineries observed over eight years. Panel data estimation is used to analyse these data.
Findings
The paper shows that investments in R&D increase the profitability of innovative wineries in the long run but decrease it in the short run. Moreover, because of financial constraints, some wineries may invest too few resources in R&D.
Research limitations/implications
The main limitation is that the focus is restricted to large wine producers, while many small producers that do not generally invest in R&D exist in the market. The practical implication is that governments should support R&D investments of wineries.
Originality/value
The main contributions are to show empirically the effects of investing in R&D on the profitability of large wineries and to highlight the possible presence of severe financial constraints, which require policy interventions.

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Link to paper-

https://www.emerald.com/insight/content/doi/10.1108/IJWBR-11-2017-0069/full/html


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Publication Details

Published: 2019
Publication: International Journal of Wine Business Research
Issue: 2019 Online June 2019
Author: La Porta V 2019
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