Table 4. Nested binary logit estimates...

Table 4.

Nested binary logit estimates for upper-tier list-price positioning (volume-weighted average price band > 2.5; n = 175); average marginal effects, with standard errors in parentheses

Variable	Base	+Scale	+Portfolio	+Organic	+Diversification	+Human capital	+Region
Company type (base = sole proprietorship)
Public limited company (PLC) / corporation (inc./corp.)	−0.009 (0.033)	0.004 (0.038)	−0.024 (0.033)	−0.032 (0.029)	0.007 (0.033)	−0.010 (0.030)	0.052 (0.036)
limited liability company (LLC)	−0.007 (0.038)	−0.0005 (0.039)	−0.017 (0.044)	−0.0003 (0.043)	0.008 (0.049)	0.057 (0.059)	0.073 (0.050)
Other	0.123 (0.095)	0.123 (0.095)	0.035 (0.044)	−0.038 (0.050)	0.028 (0.040)	0.030 (0.049)	−0.032** (0.016)
Own-harvest share (base = 0%–25%)
26%–50%	0.096 (0.079)	0.100 (0.071)	0.097 (0.070)	0.089 (0.084)	0.067 (0.063)	0.086 (0.082)	0.058 (0.060)
51%–75%	0.123 (0.081)	0.120 (0.084)	0.136 (0.110)	0.137 (0.101)	0.094 (0.095)	0.092 (0.097)	0.119** (0.058)
76%–100%	0.043 (0.037)	0.040 (0.036)	0.048 (0.030)	0.057** (0.029)	0.059** (0.025)	0.038* (0.020)	0.062*** (0.024)
Years operating	0.003*** (0.001)	0.004*** (0.001)	0.003*** (0.001)	0.003 (0.001)	0.002*** (0.0005)	0.002*** (0.0005)	0.001* (0.001)
Log production volume (hL)		−0.011 (0.009)	0.045*** (0.016)	0.042** (0.016)	0.035*** (0.013)	0.010 (0.009)	−0.004 (0.007)
Breadth: # wine types			−0.092* (0.048)	−0.087* (0.047)	−0.068** (0.033)	−0.069* (0.036)	−0.059 (0.049)
Breadth: # grape types			−0.0005 (0.003)	0.0001 (0.003)	0.002 (0.003)	−0.002 (0.003)	−0.002 (0.002)
Breadth: # labels			−0.013*** (0.002)	−0.013*** (0.002)	−0.009*** (0.002)	−0.008*** (0.002)	0.0000 (0.0004)
Organic / biodynamic certified				0.119*** (0.023)	0.098*** (0.038)	0.098** (0.049)	0.087** (0.037)
Consumer-facing diversification (base = none)
light (food / events)					−0.162*** (0.062)	−0.151*** (0.056)	−0.119** (0.048)
heavy (hospitality)					−0.151** (0.076)	−0.131* (0.068)	−0.097** (0.049)
B2B producer services					−0.006 (0.047)	−0.018 (0.038)	0.032 (0.038)
Permanent employees (avg)						0.004**(0.002)	0.0002 (0.002)
Temporary employees (avg)						−0.001 (0.002)	−0.001 (0.001)
Owner/CEO experience (years)						0.005** (0.002)	0.004* (0.002)
Region (base = pacific northwest)
California							0.308*** (0.056)
East/other							−0.222* (0.116)
Pseudo R²	0.043	0.044	0.236	0.250	0.294	0.330	0.517
Log-likelihood	−86.41	−86.28	−68.96	−67.69	−63.71	−60.44	−43.63
AIC	188.83	190.56	161.92	161.38	159.43	158.88	129.27
BIC	214.15	219.04	199.89	202.52	210.06	219.01	195.73
n	175	175	175	175	175	175	175

Variable	Base	+Scale	+Portfolio	+Organic	+Diversification	+Human capital	+Region
Company type (base = sole proprietorship)
Public limited company (PLC) / corporation (inc./corp.)	−0.009 (0.033)	0.004 (0.038)	−0.024 (0.033)	−0.032 (0.029)	0.007 (0.033)	−0.010 (0.030)	0.052 (0.036)
limited liability company (LLC)	−0.007 (0.038)	−0.0005 (0.039)	−0.017 (0.044)	−0.0003 (0.043)	0.008 (0.049)	0.057 (0.059)	0.073 (0.050)
Other	0.123 (0.095)	0.123 (0.095)	0.035 (0.044)	−0.038 (0.050)	0.028 (0.040)	0.030 (0.049)	−0.032** (0.016)
Own-harvest share (base = 0%–25%)
26%–50%	0.096 (0.079)	0.100 (0.071)	0.097 (0.070)	0.089 (0.084)	0.067 (0.063)	0.086 (0.082)	0.058 (0.060)
51%–75%	0.123 (0.081)	0.120 (0.084)	0.136 (0.110)	0.137 (0.101)	0.094 (0.095)	0.092 (0.097)	0.119** (0.058)
76%–100%	0.043 (0.037)	0.040 (0.036)	0.048 (0.030)	0.057** (0.029)	0.059** (0.025)	0.038* (0.020)	0.062*** (0.024)
Years operating	0.003*** (0.001)	0.004*** (0.001)	0.003*** (0.001)	0.003 (0.001)	0.002*** (0.0005)	0.002*** (0.0005)	0.001* (0.001)
Log production volume (hL)		−0.011 (0.009)	0.045*** (0.016)	0.042** (0.016)	0.035*** (0.013)	0.010 (0.009)	−0.004 (0.007)
Breadth: # wine types			−0.092* (0.048)	−0.087* (0.047)	−0.068** (0.033)	−0.069* (0.036)	−0.059 (0.049)
Breadth: # grape types			−0.0005 (0.003)	0.0001 (0.003)	0.002 (0.003)	−0.002 (0.003)	−0.002 (0.002)
Breadth: # labels			−0.013*** (0.002)	−0.013*** (0.002)	−0.009*** (0.002)	−0.008*** (0.002)	0.0000 (0.0004)
Organic / biodynamic certified				0.119*** (0.023)	0.098*** (0.038)	0.098** (0.049)	0.087** (0.037)
Consumer-facing diversification (base = none)
light (food / events)					−0.162*** (0.062)	−0.151*** (0.056)	−0.119** (0.048)
heavy (hospitality)					−0.151** (0.076)	−0.131* (0.068)	−0.097** (0.049)
B2B producer services					−0.006 (0.047)	−0.018 (0.038)	0.032 (0.038)
Permanent employees (avg)						0.004**(0.002)	0.0002 (0.002)
Temporary employees (avg)						−0.001 (0.002)	−0.001 (0.001)
Owner/CEO experience (years)						0.005** (0.002)	0.004* (0.002)
Region (base = pacific northwest)
California							0.308*** (0.056)
East/other							−0.222* (0.116)
Pseudo R²	0.043	0.044	0.236	0.250	0.294	0.330	0.517
Log-likelihood	−86.41	−86.28	−68.96	−67.69	−63.71	−60.44	−43.63
AIC	188.83	190.56	161.92	161.38	159.43	158.88	129.27
BIC	214.15	219.04	199.89	202.52	210.06	219.01	195.73
n	175	175	175	175	175	175	175

Note(s):

Standard errors in parentheses, clustered by state (delta method, unconditional). Significance levels: ***p < 0.01; **p < 0.05; *p < 0.10. Average marginal effects for binary and categorical covariates are discrete changes from the reference category (factor-variable margins); those for continuous covariates are average derivatives. Because upper-tier wineries are almost absent in the East/Other group (quasi-separation), the East/Other coefficient is not consistently estimated and its average marginal effect should be interpreted with caution

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