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Wine Company Analysis in “The New World” and “The Old World”

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Wine Company Analysis in “The New World” and “The Old World” University of Kentucky UKnowledge Theses and Dissertations--Agricultural Economics Agricultural Economics 2015 WINE COMPANY ANALYSIS IN “THE NEW WORLD” AND “THE OLD WORLD” Jiaji Liang University of Kentucky, [email protected] Right click to open a feedback form in a new tab to let us know how this document benefits ou.y Recommended Citation Liang, Jiaji, "WINE COMPANY ANALYSIS IN “THE NEW WORLD” AND “THE OLD WORLD”" (2015). Theses and Dissertations--Agricultural Economics. 35. https://uknowledge.uky.edu/agecon_etds/35 This Master's Thesis is brought to you for free and open access by the Agricultural Economics at UKnowledge. It has been accepted for inclusion in Theses and Dissertations--Agricultural Economics by an authorized administrator of UKnowledge. For more information, please contact [email protected]. STUDENT AGREEMENT: I represent that my thesis or dissertation and abstract are my original work. Proper attribution has been given to all outside sources. I understand that I am solely responsible for obtaining any needed copyright permissions. I have obtained needed written permission statement(s) from the owner(s) of each third-party copyrighted matter to be included in my work, allowing electronic distribution (if such use is not permitted by the fair use doctrine) which will be submitted to UKnowledge as Additional File. I hereby grant to The University of Kentucky and its agents the irrevocable, non-exclusive, and royalty-free license to archive and make accessible my work in whole or in part in all forms of media, now or hereafter known. I agree that the document mentioned above may be made available immediately for worldwide access unless an embargo applies. I retain all other ownership rights to the copyright of my work. I also retain the right to use in future works (such as articles or books) all or part of my work. I understand that I am free to register the copyright to my work. REVIEW, APPROVAL AND ACCEPTANCE The document mentioned above has been reviewed and accepted by the student’s advisor, on behalf of the advisory committee, and by the Director of Graduate Studies (DGS), on behalf of the program; we verify that this is the final, approved version of the student’s thesis including all changes required by the advisory committee. The undersigned agree to abide by the statements above. Jiaji Liang, Student Dr. Wuyang Hu, Major Professor Dr. Carl Dillon, Director of Graduate Studies WINE COMPANY ANALYSIS IN “THE NEW WORLD” AND “THE OLD WORLD” THESIS A thesis submitted in partial fulfillment of the requirements for the degree of Master of Science in Agricultural Economics in the College of Agriculture, Food and Environment at the University of Kentucky By Jiaji Liang Lexington, Kentucky Director: Dr. Wuyang Hu, Professor of Agricultural Economics Lexington, Kentucky 2015 Copyright © Jiaji Liang 2015 ABSTRACT OF THESIS WINE COMPANY ANALYSIS IN “THE NEW WORLD” AND “THE OLD WORLD” There is a growing global market for wine. In our research, we mainly examine wine companies from four countries: France, Italy, the U.S. and China. Data used in this analysis comes from the 2010 to 2013 Plimsoll Top 500 report, focusing on wine companies’ financial performance. The primary goal is to identify which factors may have significant influence on the firms’ profitability. Two-way fixed effects panel data analysis indicates that the firm’s shareholders’ funds in total asset have significant and positive effect on companies’ yearly profit. The results suggest that four years could be a reasonable period for most wine companies to expand. Since wine companies considered in this study are from four countries, we also included the exchange rate of their currency in the analysis but they are not found to be significant. To the included companies, for firms in the old world, larger company sizes do not mean they have more market-share. Nevertheless, in new world countries, firm sizes may be an indicator that they may dominate the local market. In general, the number of the companies’ employees is not a significant factor to influence profit. KEY WORDS: Wine Company, Return in assets, Shareholder funds, The Old World, The New World Jiaji Liang December 2, 2015 WINE COMPANY ANALYSIS IN “THE NEW WORLD” AND “THE OLD WORLD” By Jiaji Wuyang Hu Director of Thesis Carl Dillon Director of Graduate Studies December 2, 2015 To my parents for their support to my graduate l ACKNOWLEDGMENTS My major advisor, Professor Wuyang Hu, I am deeply indebted for his guidance and support throughout the process of compiling this thesis and throughout my time as a graduate student at the department of Agricultural Economics, University of Kentucky. I would also like to sincerely thank Professors Mike Reed and Tyler Mark, for their very supportive roles in serving as members on the thesis committee. I have substantially benefitted from their suggestions in finalizing this thesis. Also, I am willing to thank Jesse and Mimi, for their personal support of refining language. I am grateful for the support provided by the department of Agricultural Economics, University of Kentucky, and Professor Carl Dillon, Director of Graduate Studies during my Master’s program. I also appreciate my fellow graduate students, especially Hua, for their company throughout my time as a student in the department. iii TABLE OF CONTENTS ACKNOWLEDGMENTS ............................................................................................................................. III LIST OF TABLES ........................................................................................................................................ VI LIST OF FIGURES ..................................................................................................................................... VII CHAPTER 1: INTRODUCTION .................................................................................................................... 1 1.1 GLOBAL TRADE OF WINE ............................................................................................................................. 1 1.2 THE NEW WORLD VS THE OLD WORLD .......................................................................................................... 2 1.3 IMPORTANT WINE COUNTRIES ...................................................................................................................... 3 1.4 PRODUCTION AND CONSUMPTION OF FOUR COUNTRIES .................................................................................... 5 1.5 DEFINITION OF PROFITABILITY ....................................................................................................................... 8 1.6 STUDY SUBJECT.......................................................................................................................................... 9 1.7 ROAD MAP ............................................................................................................................................... 9 CHAPTER 2: MARKET AND COMPANIES LITERATURE OF WINE INDUSTRY .............................................. 11 2.1 WINE MARKET AND COMPANIES ................................................................................................................. 11 2.2 INTERNATIONAL COMPETITION OF WINE INDUSTRY ........................................................................................ 15 2.3 SHAREHOLDER IN WINE COMPANIES ............................................................................................................ 16 2.4 NON-FINANCIAL FACTORS .......................................................................................................................... 17 CHAPTER 3: METHODOLOGY .................................................................................................................. 19 3.1 MEASURE OF PROFITABILITY ....................................................................................................................... 19 3.2 DATA COLLECTION.................................................................................................................................... 19 3.3 DEFINE MODELS AND VARIABLE STATISTIC DESCRIPTION .................................................................................. 20 3.4 FIXED EFFECT MODEL ............................................................................................................................... 22 CHAPTER 4: DATA................................................................................................................................... 24 4.1 DATA DESCRIPTION .................................................................................................................................. 24 CHAPTER 5: RESULT ................................................................................................................................ 28 5.1 RESULT OF TWO-WAY FIXED EFFECT MODELS .................................................................................................. 28 5.2 DISCUSSION ............................................................................................................................................ 32 5.2.1 OVERALL ........................................................................................................................................ 32 5.2.2 CHINA ............................................................................................................................................ 33 5.2.3 FRANCE .........................................................................................................................................
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