Financial performance and exports: the case of Romanian winemakers

Albert Lessoua · Mihai Ioan Mutascu · Camelia Romocea Turcu

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Wine Industry and Tourism Agricultural economics and policies Global trade and economics

Abstract

This paper examines the impact of exports and its main determinants on the financialÂ performance of the Romanian wine industry. We draw on a dataset consisting of mixed firm-levelÂ (i.e., 207 companies) data, web data and mezzo-economic variables, and cover the period fromÂ 2009 to 2017. We show that Romanian wine exports, at firm level, are strongly affected byÂ regional wine productivity (especially in the case of red wine varieties), temperature and vineyardÂ size, as well as by firm agglomeration. We also find a close positive correlation between financialÂ performance and exports.

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