International trends in wine business globalization: the relationship between capital structure, the business growth and the profitability. A compared analysis between the Italian private companies and the companies listed in the international stock markets

Purpose: The Italian wine companies has a low tendency to open the capital to external partners, just the reverse of what happens in the international wine business scenario. Our purpose is clearing if a capital structure opened to third partners is a necessary condition to an efficient presence on the global market. Also we try to find the internal and external condition needed for the capital widening. Design/methodology/approach: The literary review reflect the main theme on the corporate capital management in the wine business. Then, utilizing several databases, we analysed the financial statements and the market value of the companies listed in the international stock exchanges whose activities are mainly in the wine industry. Also we studied the financial data of the main Italian wine companies divided in four groups based on the different level of sales turnover. On the base of several patrimonial, economical, financial indicator we compare the two subject of analysis in order to highlight analogies and differences in the corporate capital managerial behaviour. Findings: We have analysed the two different clusters and we noticed some relevant common features that may explain the profitability, the growth and the corporate value of the firms which operate in the wine industry. Originality/value: These results may support to forecast the evolution of the wine industry at a local and global level and to design the guidelines of the future strategies for the wine companies that really want to achieve, improve or consolidate their competitive advantages and their financial performances.