Table 1.

Comparative evidence on financial drivers of wine firms’ profitability

StudyCountry / sectorData and methodologyKey variablesMain findingsGap / limitation
Aytac et al. (2020) France / wine industryPanel data; GMMCCC, ROA, leverageWorking capital negatively affects profitabilityNo investment variables or broader financial structure analysis beyond working capital management
Fazzini and Russo (2014) Italy / wine industryFinancial ratio analysisOwnership structure, profitabilityInvestor-owned firms outperform cooperativesNo explicit working capital analysis or debt structure decomposition
Bava and Gromis di Trana (2016) Italy (piedmont) / wine industryRegression analysisExports, firm size, profitabilityExports and size positively affect profitabilityNo working capital, investment or dynamic specification
Sellers and Alampi-Sottini (2016) Italy / wine industryParametric and non-parametric analysisFirm size, productivity, profitabilityLarger wineries perform betterNo working capital or debt structure analysis
Migliaccio and Tucci (2019) Italy / wine industryBalance-sheet and ratio analysisAssets, capital structure, performanceFinancial structure shapes performanceLimited dynamic specification and no working capital management analysis
Silva Faria et al. (2020) Portugal / wine industryPanel data; FE, 2SLS, GMMFirm characteristics, performanceFirm-specific factors drive performanceNo explicit working capital or investment dynamics
Neves et al. (2022) Portugal and Spain / wine industryPanel data; systems GMMROA, sales growth, firm factorsFirm-level determinants are significantLimited focus on working capital and no joint analysis of financial structure and investment dynamics
Candeias and Dias (2023) Old world (Portugal) / wine industryPanel data; ANNCCC components, profitabilityNon-linear WC–profitability relationshipNo debt structure decomposition or investment variables
Žiković et al. (2025) Europe (14 countries) / Wine industryDynamic panel modelsFirm size, debt, investmentInvestment boosts SME profitabilityNo integrated analysis of working capital, debt structure and investment dynamics
Current studyGreece / wine industryPanel data (2013–2024); OLS, FE, REWC, debt structure, CAPEX, size, ageIntegrated effects on profitability and resilience---
Source(s): Authors’ own creation
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