Publications et Travaux

Gestion du risque de change dans les PME : l’exemple des entreprises vitivinicoles de la Vallée du Rhône

Pour compenser le déclin de la consommation de vin en France, les entreprises vitivinicoles françaises sont conduites à rechercher de nouveaux débouchés à l’exportation. La consommation dans la zone euro n’étant elle-même pas très dynamique, la prospection de marchés hors de la zone euro s’est accélérée ces dernières années. Cette évolution génère la montée en puissance d’un nouveau risque : le risque de change. Ce risque nécessite le développement de nouvelles compétences pour le mesurer et le gérer de manière optimale. Or, la filière vitivinicole française est peu concentrée et constituée essentiellement de PME familiales. Ces entreprises ne disposent pas nécessairement des meilleurs outils pour affronter ce risque ce qui peut constituer un handicap dans la perspective d’une concurrence internationale exacerbée. Si la question de la gestion du risque de change dans les grandes entreprises a été largement abordée par la littérature académique, il n’en n’est pas de même pour les PME. Nous avons donc essayé de comprendre quelles sont les raisons qui peuvent justifier la gestion du risque de change par les PME. Puis nous avons recherché les déterminants du choix de telles ou telles méthodes de gestion du risque de change particulières en nous appuyant sur un questionnaire exploratoire réalisé auprès d’un échantillon de producteurs et de négociants de la vallée du Rhône. http://www.vdqs.net/2006Bordeaux/FR/index.asp?ref_theme=8&id_colloque=51&link=acceuil   http://www.vdqs.net/Working_Papers/Text/WP_2006/Viviani_Maurel.pdf

Determinants of export performance in SMEs: the case of the French wine industry

Small and medium-sized enterprises (SMEs) represent the majority of French companies and the development of firms through export business remains the simplest way to internationalize and to lead to new markets. Improving export performance could be a major factor in the recovery of the French wine industry, which has been going through a crisis since the beginning of the 2000s. According to the French “Ministre de l’Agriculture”, Dominique BUSSEREAU, the industry, which is mainly composed of SMEs, would be coming out of this crisis, pointing out a recovery of exports in 2006. The aim of this paper is to determine on which factors wine companies can act to improve their export performances. In order to answer this question, the existing literature about SMEs’ determinants of export performance will be first reviewed. The determinants will be classified according to three catagories: internal determinants are related to firm’s characteristics and management, using, among other theories, the resource-based approach (RBV) or the transaction cost theory. On the other hand, external determinants regard the environment and the industry in which firms operate, introducing theories such as the contingency theory or the new trade theory… Finally, international strategy-related determinants are identified. Indeed, even if strategy can be included in internal determinants, a specific section will be devoted to it, because of its multiple dimensions. This literature review will be followed by an exploratory study based on data from the “Enquête Entreprises Aval Filière Vin - Agro.M 2006 - Viniflhor, CCVF, EGVF”, a survey set up by the “Ecole d’Agronomie” from Montpellier (ENSAM). This data base brings together information about 214 downstream wine companies, i.e. companies from French wine producing regions, whose activity includes one or several steps in the production of still or effervescent wine (bottling, blending and/or vinification). The purpose of this exploratory study is to test with the Ordinary Least Squares regression using SPSS statistical software whether the determinants identified in the literature review are relevant to the French wine industry. After the presentation of the results of the study (and their theoretical explanations) aimed at identifying existing correlations between export intensity and numerous factors, I will conclude by discussing the limitations of the paper and implications for the continuation of the thesis, whose purpose is to identify the numerous factors impacting not only on the export performance of the French wine companies but also on their global financial performances. http://www.vdqs.net/search/chrono.asp?refer=recherche http://www.vdqs.net/Working_Papers/Text/WP_2007/Maurel.pdf

Gestion du risque de change par la facturation en euro, une pratique à conserver ? Le cas des PME vitivinicoles de la Vallée du Rhône.

 

A financial approach to export performance and its determinants in SMEs: the case of the French wine industry

Research on export performance deals with its definition, assessment (Sousa, 2004) or its determinants. Since the 1960s (Tookey, 1964), this concept has been gathering numerous empirical studies testing one or several determinants on one or several indicators of export performance on a given sample. Moreover, one can currently see more theoretical works about it. This is necessary and helps building a solid framework to understand better export performance. This contribution ensues from a literature review on export performance determinants in SMEs (Maurel, 2007). Indeed, one of its possible conclusions is that a financial approach to export performance has not been addressed by researchers working on the concept called “export performance” although this seems to constitute a key element in the understanding of this multidimensional concept. This is partly linked to the fact that papers dealing with export performance are mostly due to researchers in strategy and/or marketing. Improving one’s export performance is necessary for SMEs in the French wine industry as they must compete internationally against New World wine companies that are gaining more and more market shares. This will also help them be more competitive on their domestic market . As some of them are in a difficult financial situation considering the crisis they have been facing since the beginning of the 2000s, thinking about the link between financial structure and export performance constitutes a current topic.  This paper is based on Bernard and Jensen’s key  paper (Bernard and Jensen, 1999) and the current pertinence of this subject is confirmed by Greenaway, Guariglia & Kneller (2007) dealing with financial constraints and export decisions on UK manufacturing firms. Therefore, the aim of this paper is to discover whether higher export performance tallies with a specific financial structure or not. Are some companies penalized by their bad financial situation in their export development or is export a way to improve one’s financial situation? What kind of elements in the financial structure of SMEs, and especially French wine SMEs, play a role in their export performance? The first part consists in justifying theoretically the financial dimension of export performance, i.e. its place in the existing export performance literature, the possible financial prerequisites to export performance and the financial impact of export performance. After this theoretical part, a statistical study is conducted on French  wine SMEs thanks to data from the EAFV-2006 survey carried out by Supagro Montpellier (school of Agronomy) and the statistical software SPSS 11.5. It aims at checking empirically whether the relationships between the financial structure and export performance exist.   Keywords: Export performance – financial structure – firm performance – wine industry http://www.vdqs.net/2008Collioure/documents/publication/Abstract/Maurel.pdf

Financial Approach to export Performance in French wine SMEs

Purpose – French wine SMEs have been for most of them, facing a severe crisis since the beginning of the 2000s, which is weakening their financial health. In the context of intensive international competition of the wine market, the development and the improvement of the export activity and performance of these companies seems to be a strategy which would both improve their position in front of their New World competitors and create new sources of revenue to recover their health.  In this research paper, the double purpose is in a first time to determine if the financial structure of SMEs, and especially wine companies is actually a determinant of their export performance and in a second time to investigate the link between export performance and the performance and risk of these companies. Does a healthy financial structure help French wine SMEs to have a better export performance ? Does this better export performance encourage the global performance of these companies?   Design / Methodology – This paper will introduce a theoretical framework based on a financial approach to export performance relating export performance determinants, export performance and export performance effects on the firm performance and risk. The  empirical study aiming at testing this framework on SMEs in the French wine industry is a two step study: the first step is preliminary and consists in the confrontation of several statistical analysis and the second step consists in a panel data econometric analysis thanks to the EEAFV-2006 survey made by Supagro (Montpellier School of Agronomy) gathering financial data of French wine companies from 1996 to 2005.   Findings – Three aspects of the financial structure of SMEs are considered as having an impact on their export performance and are theoretically justified: the asset structure, the financing resource structure and cash flow factors. Then, relationship between the firm profitability and the firm risk reduction and diversification is developed. The features and methodology of the empirical study are described and some preliminary results are given. These results confirm a positive relationship between export performance and the firm profitability, a negative relationship between accounts receivable and payable and export performance but mixed results about the relationship between export performance and the financing structure and the cash flow position of French wine SMEs.   Research implications – This paper combining the presentation of a new conceptual and an empirical test of it aims at justifying the current need for this financial approach to export performance in SMEs and more particularly in the French wine industry. It also comes as a complement to a previous study on export performance determinants focusing on non-financial antecedents of export performance (Maurel, 2007). This final purpose lies in  providing for a global and detailed view of export performance thanks to the study of its financial and non financial determinants.   Managerial Implications – Thanks to this framework French wine SMEs will be able to study their financial structure and see where they can act to experience better export performance and thus be more competitive on international markets where they are threatened by New Worls wines as well as on the domestic market : This better export performance may help them go out of the crisis.   Originality / Value of the Paper –  This paper brings a new, original and necessary approach to export performance; a financial approach, helping to understanding better this concept so far mainly studied by researchers in Marketing and Strategy. It introduces a complex conceptual framework justified by such key papers as those from Bernard and Jensen (1999) about the link between export success and a better firm performance or from Greenaway and al (2007) regarding the relationship between the financial health of companies and their exporting activity.   Keywords –  export performance, financial structure, firm performance, risk, SME, Wine industry.

Gestion des risques de change, application à l'exportation de vin des Côtes du Rhône

 

PDFs

 

Considérations financières et performance export dans les PME vitivinicoles françaises

L’internationalisation des PME a généré de nombreux travaux de recherche. Cet article se concentre sur l’exportation des PME. De nombreux auteurs associent le manque de ressources financières à cette catégorie d’entreprises. Ainsi, bien que cette situation ne puisse être généralisée, du fait de l’hétérogénéité observée dans les PME, cette étude pose la question suivante : le développement export des PME correspond-il à un profil financier particulier ? Cette étude sera appliquée aux PME exportatrices et financièrement indépendantes de la filière vin française. D’un point de vue théorique, cette relation est justifiée par la présence de besoins financiers nécessaires au développement export, lui-même représenté par les stades de développement export. Il est également question de la relation théorique entre ressources financières et activité export. L’étude empirique montre que les PME vitivinicoles ne valident pas totalement la théorie des stades de développement export et justifient sa coexistence avec la théorie des entreprises « born global ». Une ébauche du profil financier de ces entreprises peut être dessinée : des ressources internes majoritaires, à combiner davantage à l’endettement bancaire. Une intensité export plus élevée correspond à des délais plus longs, des investissements immatériels et des actifs à court terme plus importants. . https://oraprdnt.uqtr.uquebec.ca/pls/public/gscw030?owa_no_site=1333   actes du colloques disponibles sur: http://web.hec.ca/airepme/index.php?action=section&id=417&lang=fr

Performance export et contrainte financière des PME : application à la filière vin française,

Les PME s’internationalisent, beaucoup se tournent pour cela vers l’export. Celle-ci s’évalue grâce au concept de performance export conditionné par de nombreux déterminants. Parmi eux, c’est la contrainte financière, négation de la disponibilité des ressources financières, dont il est question dans cet article. Le rôle de ce déterminant est soutenu par l’existence de divers obstacles et besoins financiers générés par le développement export des PME. Cet article propose un modèle théorique de détermination de la performance export par la contrainte financière. Il présente une application empirique aux PME vitivinicoles françaises dont le marché est incontestablement international, et dont la plupart ont été affaiblies par une crise depuis le début des années 2000. Les résultats de l’étude indiquent que c’est parmi les entreprises vitivinicoles françaises les plus engagées à l’export que l’on recense le plus d’entreprises contraintes financièrement. Ils montrent également que l’autofinancement et le niveau de la trésorerie sont des variables explicatives de la performance export, alors que le rôle du ratio de liquidité, de l’endettement et de la rentabilité n’a pas été confirmé. Globalement, l’étude souligne la présence de besoins financiers accrus avec le développement export, justifiant ainsi la nécessité de disposer de ressources financières suffisantes pour être performante à l’export. http://www.affi2009-brest.com/index.php http://www.affi2009-brest.com/PDF/22.pdf  

Determinants of export performance in French wine SMEs

Purpose – This 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/approach – The 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. Findings – Export 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/implications – This 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/value – This 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. Keywords: Exports , France , Small to medium-sized enterprises , Wines Article Type: Research paper Article URL: http://www.emeraldinsight.com/10.1108/17511060910967971

A financial approach to export performance and its determinants in SMEs: the case of the French wine industry

Research on export performance gathers several theoretical and empirical studies dealing with the conceptualization, the assessment and the determinants of export performance. Export performance is considered as a multi-dimensionnal construct. So far, little attention has been paid to the financial dimension while the strategic and marketing ones have been the subject of numerous works. This study aims at filling this gap by exploring the relationship between export performance and financial variables, which can be seen as a two-way relationship. This relationship is applied to a category of  Small and Meduim-sized enterprises (SMEs) facing financial difficulties due to a severe crisis meanwhile compelled to act on the international scene: the French wine industry. The results show that there e exists a relationship between export performance and economic and financial performance as well as net margin of these companies. They also show a non-systematic link between the other financial variables and export performance.

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Les déterminants financiers de la performance export des PME: le cas de la filière vin française

Les déterminants financiers de la performance export des PME : Le cas de la filière vin française   Cette thèse explore la dimension financière de la performance export. Notre réflexion s’articule autour de deux études. La première, à visée exploratoire, présente dans un modèle théorique syncrétique général mais également spécifique à la filière vin, l’ensemble des déterminants (financiers et non financiers) de la performance export des PME. Nous y avons également testé l’existence de ces déterminants sur la performance export (ventes export et intensité export) d’un échantillon d’entreprises exportatrices de la filière vin française. A partir de cette étude préalable, nous avons pu, dans une étude approfondie, et grâce à une transposition des théories financières au contexte de l’exportation, élaborer un modèle reliant la performance export à plusieurs déterminants financiers (besoins financiers, structure financière et contrainte financière) de manière globale, mais aussi en fonction du niveau de développement export des PME. La performance export a été évaluée non seulement à travers l’intensité export, mais également par une mesure innovante de performance financière. Ce modèle a ensuite été testé sur un échantillon de 311 PME exportatrices. Les analyses confirment l’existence de besoins financiers spécifiques. La structure financière ainsi que le niveau de contrainte financière évoluent en fonction du niveau de performance export alors qu’une situation de fragilité financière généralisée est constatée quel que soit le niveau de performance export.                                                                                                                                                Mots clés : performance export – déterminants financiers – performance financière – filière vin – PME –     Financial determinants of SMEs export performance: The case of the French wine industry   Abstract: This thesis explores the financial dimension of export performance, for which we noticed insufficient theoretical developments. Our research consists in two studies. The first one is exploratory and presents a syncretic theoretical model of SMEs export performance determinants (both financial and non financial) in general and in the wine industry. In this study, we also test this model on the export performance (export sales and export intensity) of a sample of French wine companies. Then, by adapting financial theories to exporting, we build a model relating export performance to several financial determinants (financial needs, financial structure and financial constraint) first globally and then according to the export development of SMEs. Export performance is assessed not only through export intensity but also through an innovative financial performance measure. This model has been tested on a sample of 311 exporting SMEs. Analyses confirm the presence of specific financial needs. The financial structure as well as financial constraints evolve according to the level of export performance while a general financial fragility is observed whatever the level of export performance is.   Keywords: export performance – financial determinants – financial performance – wine industry – SMEs  

Export Performance and financial constraint in French wine SMEs

This study aims at testing whether French wine exporting firms are financially constrained and whether there exists a link between financial constraint and their export performance. These ideas are supported a weakening of their financial health due to the structural crisis affecting the French wine industry, the size of the firm and the nature of the activity to finance. Exporting wine firms appear as financially constrained as domestic ones. Moreover, even if financial constraint and financial fragility are positively linked, export performance is not linked to the financial fragility of exporting firms whereas exporting firms having a higher export margin and a lower export intensity and financial performance are less financially constrained.

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