PurposeThis paper aims to determine which factors are the most important for French wine small‐ and medium‐sized enterprises (SMEs) to focus on to improve their export performance. French wine companies, mostly SMEs are acting in a market where being internationally competitive is essential. This is becoming increasingly challenging because of the strong growth of New World wines in international markets. Moreover, they have to face the saturation of their domestic market compounded by a decline in per capita consumption domestically. Having a high export performance could help them be more competitive.Design/methodology/approachThe first step to reach this goal is reviewing the existing literature on export performance determinants in SMEs and more particularly in the wine industry. A theoretical model is built and used to structure an empirical analysis of the determinants of the export performance of French wine SMEs.FindingsExport performance determinants can be theoretically divided into internal, external and strategy‐related determinants. Empirical analysis indicates that in the French wine industry, business partnerships, innovation, a greater size and an effective export commitment are linked to higher levels of export performance.Research limitations/implicationsThis research reveals that financial determinants of export performance are missing in the literature. Besides, duplicating the study with another export performance determinant is necessary to confirm the validity of the results.Originality/valueThis article brings an overall theoretical approach to export performance determinants in SMEs. Moreover, it provides a basis for understanding and then improving the viability of French wine companies through export development.
The purpose of this article is to present an overview about the origins of value creation in impact investing and propose a measure of value creation. According to this point of view, impact investing, i.e. investing in enterprises with a both social and financial objective can be justified only if those enterprises can provide for a higher performance than with a simple portfolio diversification (separate investment in two types of activity). After an overview about the sources of value creation in impact investees as well as about a discussion on existing methods, we propose a method to measure multidimensional value creation.
Intangible assets can play a strategic role in the implementation of differentiated strategies in foreign markets. The literature has addressed the impact of intangible assets on both exports and financial performance and the effects of exports on company financial performance (profit and risk). This article aims to analyze the effect of exports on the relationship between intangibles and company performance in the wine industry. Empirical studies show that intangibles have a positive but diminishing impact on exports. The effect of exports on financial performance differs depending on whether we consider corporations or cooperatives. While intangible expenses reduce company risk in both samples whatever the level of export intensity, the effects are different with profit. In corporations, intangible expenses have a positive impact on profit only when there is a high level of expenses and a high level of export intensity. (JEL Classifications: G32, L25, Q12, Q13)
This paper deals with the improvement of the surface velocity measurements by removing the central part of the acoustic bearn of a lens in defocusing configuration responsible for the V(z) acoustic signature. We investigate the influence of occulting the top of the lens by a circular stop of varying parameters. The V(z) is significantly affected but does not allow a complete decorrelation of the central beam. An alternative solution is proposed with a lens set at the half Fresnel length.
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