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Publication date: 2 November 2015

Rodrigo Berríos and Rodrigo Saens

The purpose of this paper is to analyze whether or not the reputation of a region/country in the international wine market depends on a region/country’s efforts to specialize in a…

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Abstract

Purpose

The purpose of this paper is to analyze whether or not the reputation of a region/country in the international wine market depends on a region/country’s efforts to specialize in a specific grape variety.

Design/methodology/approach

Data on 19,959 bottles of wine corresponding to six vintages across ten wine producing regions worldwide are used to estimate a hedonic price model that measures consumer valuations of the different wine attributes.

Findings

The results of this study show that although variety specialization has successfully underpinned the reputation of some New World regions, such as the Napa Valley (with its Cabernet Sauvignon) or Oregon (with its Pinot Noir); in others, such as Australia (with its Shiraz), this has not been successful.

Practical implications

Over the last ten years, the exponential growth of Australian bulk wine exports has seriously harmed the reputation of Australian wine. With respect to the Napa Valley wines, price discount received by Australian wines increases between the 1997 and 2007 vintage from 33 to 61 percent. Thus, in order to successfully build a collective reputation of an entrant (New World) country, an institutional framework that mediates differences of interest between the large and small vineyards and, above all, that regulates the free-rider problem in the wine market is required.

Originality/value

This paper empirically illustrates how cooperative (and non-cooperative) behavior between firms can help to build (and to destroy) collective reputation of wines that come from the same region or country.

Propósito

El objetivo de este trabajo es analizar si los esfuerzos de una región/país por especializarse en la producción de una misma variedad de cepa sirven o no para construir la reputación de una región/país en el mercado internacional del vino.

Diseño/metodología/Enfoque

Se utiliza un modelo econométrico de precios hedónicos sobre la base de 19.959 mil observaciones provenientes de 6 cosechas y 10 zonas productoras de vino del mundo.

Resultados

Los resultados de este estudio muestran que aunque la especialización por cepa ha impulsado la reputación de algunas regiones del Nuevo Mundo, como la del Valle de Napa (con su Cabernet Sauvignon) o la de Oregon (con su Pinot Noir); en otras, como la de Australia (con su Shiraz), no ha sido una estrategia exitosa.

Implicaciones prácticas

En los últimos diez años, el crecimiento exponencial de las exportaciones de vino a granel australiano ha dañado seriamente la reputación del vino de dicho país. Respecto a los vinos de Napa, el castigo de precios de los vinos australianos ha crecido desde un 33% en la cosecha 1997 a un 61% en la cosecha 2007. Así, si se desea construir con éxito la reputación de un país entrante (del Nuevo Mundo) al mercado mundial del vino, se requiere de un marco institucional que medie las diferencias de interés entre las grandes y pequeñas viñas, y que, por sobre todo, regule las conductas no cooperativas (free-rider) que surgen al amparo de la reputación colectiva asociada a los vinos que provienen de una misma región o país de origen.

Originalidad/Valor

Este paper ilustra de manera empírica cómo las conductas cooperativas (y no cooperativas) entre productores pueden ayudar a construir (y a destruir) la reputación colectiva de los vinos que provienen de una misma región o país.

Details

Academia Revista Latinoamericana de Administración, vol. 28 no. 4
Type: Research Article
ISSN: 1012-8255

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Article
Publication date: 28 March 2022

Weihua Liu, Jingkun Wang, Fu Jia and Tsan-Ming Choi

This study aims to explore the impact of blockchain announcements on enterprises' stock market value.

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Abstract

Purpose

This study aims to explore the impact of blockchain announcements on enterprises' stock market value.

Design/methodology/approach

Based on resource-based theory, this study constructs a complete framework of the impact mechanism of blockchain announcements on the stock price of the announcing firm using the data of 143 blockchain announcements. An event study methodology is used in this research, and the market model, market-adjusted model and Carhart four-factor model are used to estimate stock abnormal returns after the blockchain announcement; and the cross-sectional regression model is used to test the influencing factors.

Findings

Blockchain announcements elicit a significantly positive market reaction on the release day. Compared to announcements not pertaining to technical innovation, blockchain technical innovation announcements exhibit a more positive market reaction towards the announcing companies. Strategic-level announcements exhibit a more positive market reaction than operational-level announcements. Enterprise characteristics, such as enterprise-scale and enterprise innovation ability, do not affect stock market reactions to blockchain announcements.

Practical implications

The findings reveal the economic value of conducting blockchain activities in the Chinese stock market. Findings of this study can help managers understand the value of implementing blockchain activities in a different market environment and guide them on how to improve the market value of their enterprises through the active implementation of blockchain activities.

Originality/value

To the best of the authors’ knowledge, this is the first event study to focus solely on the value of pure blockchain announcements in an emerging market. This study considers multiple resource and capability factors that would influence blockchain technology adoption, improve the current understanding of how blockchain announcements affect corporate stock prices and provide directions for future comparative studies of market reactions to blockchain announcements in different stock markets.

Details

International Journal of Operations & Production Management, vol. 42 no. 5
Type: Research Article
ISSN: 0144-3577

Keywords

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