Alfredo COELHO
Montpellier SupAgro, UMR MOISA Montpellier, Department Member
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This work explores the financing choices in a broad sample of 528 mergers and acquisitions (M&A) deals by firm acquirers of publicly and privately held targets in the transportation and infrastructure industries in Latin America... more
This work explores the financing choices in a broad sample of 528 mergers and acquisitions (M&A) deals by firm acquirers of publicly and privately held targets in the transportation and infrastructure industries in Latin America (1990-2012). The transportation and infrastructure industries are an ideal venue for studying the importance of corporate governance in making M&A financing choices, given the large number of closely held firms. One interesting question of whether similar differences are observed in the methods of payment in M&A in the different countries in the region. Furthermore, our dataset allows for a wide range of institutional differences in regulations and taxes affecting the financing of M&A activity. We find a dominance of ‘cash’ as a method of payment in Latin America. The motives for the dominance of cash are discussed.
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This chapter introduces the issue of vertical integration backwards in the wine industry and makes a contribution to the advancement of the strategies of wine firms. It provides an understanding of the motivations and debates related to... more
This chapter introduces the issue of vertical integration backwards in the wine industry and makes a contribution to the advancement of the strategies of wine firms. It provides an understanding of the motivations and debates related to vertical integration backwards, through international examples or practical cases. We introduce and discuss hereafter the causes and consequences that lead firms to practice vertical integration backwards. We show how different factors in the New World wineries—where there is no legal system or institutional system to manage the production potential—and the scheme of vine planting rights in Europe impacts backwards vertical integration.
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Resumen es: El objetivo de este trabajo es presentar una sintesis de los principales problemas relacionados con la accion colectiva en el cluster del tequila (Mexic...
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This paper analyses the main differences and convergence between the governance systems and organization structures in wine co-operatives from Italy, Portugal, France, and Spain. Our methodology combines the administration of an... more
This paper analyses the main differences and convergence between the governance systems and organization structures in wine co-operatives from Italy, Portugal, France, and Spain. Our methodology combines the administration of an international survey with secondary data on the governance systems and organization structures of the Southern European wine co-operatives. Results demonstrate the dominance of two main governance systems (full vs. partial vertical integration). Furthermore, we find a significant increase of functional convergence however formal convergence is not significant. Therefore, further research on the institutions promoting functional convergence between wine cooperatives in different countries will help us to understand better the drivers impacting their competitiveness
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Chile is both an established and successful wine country and a highly functioning business wine cluster. The purpose of this chapter is to explain the architecture of the Chilean wine cluster and how it is linked to competitiveness. We... more
Chile is both an established and successful wine country and a highly functioning business wine cluster. The purpose of this chapter is to explain the architecture of the Chilean wine cluster and how it is linked to competitiveness. We argue that the organization of the Chilean wine industry in a cluster establishes a level playing field generating positive externalities and driving success. Following the literature, we explain the cluster as an inter-organizational structure where the key elements include the leading firms, intermediaries, and the capacity of the cluster to solve problems related to collective action. Further, we discuss the influence of institutional arrangements such as public-private partnerships, strategic alliances, and foreign investment in the performance outcomes. The strengths of the Chilean wine cluster are discussed through performance achievements, risks, and cluster resilience.
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Ce N°6 du PAV est reserve a la publication d’une etude capitale des economistes du campus de Montpellier SupAgro concernant les droits de plantation. Voila maintenant quatre-vingts ans, la France et l’Espagne mettaient en place des regles... more
Ce N°6 du PAV est reserve a la publication d’une etude capitale des economistes du campus de Montpellier SupAgro concernant les droits de plantation. Voila maintenant quatre-vingts ans, la France et l’Espagne mettaient en place des regles de controle des plantations de vigne. Au niveau de l’Union Europeenne, a l’exception d’une courte treve de 1970 a 1976, l’OCM-vin a repris « temporairement » ces regles. Leur disparition definitive, actee dans les textes de la derniere reforme de 2008 pour le 1.01.2016 ou au plus tard 2018, a ete abondamment motivee, mais a l’approche de l’echeance, le bien-fonde de cette deregulation est fortement remis en cause a l’echelle europeenne par bon nombre de professionnels et d’elus de collectivites territoriales qui craignent des consequences desastreuses. En mettant en œuvre une telle decision, ne va-t-on pas ouvrir la boite de Pandore de la viticulture europeenne ? Les membres de l’AREV ont souhaite enrichir leur reflexion strategique par un approfon...
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The present study focuses on the assessment of the development perspectives of the new grape varieties that are resistant to fungal diseases and thus promote the reduction or the suppression of phytosanitary treatments. The study also... more
The present study focuses on the assessment of the development perspectives of the new grape varieties that are resistant to fungal diseases and thus promote the reduction or the suppression of phytosanitary treatments. The study also discusses new grape varieties dealing with global warming. Our methods rely on direct surveys with researchers and stakeholders completed with a synthesis of the scientific literature and edited research programs. This approach proposes an explanatory and a comprehensive investigation. It includes an overview of the current state of the art of the supply of technology, the presentation of the strategies of the main actors and stakeholders involved in the innovation chain, a synthesis of the current scientific and technical controversies, and an analysis of the influence of the institutions and legislation. Furthermore, we provide an evaluation of the previous research program on new grape varieties of the French National Institute for Research in Agron...
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... Titre du document / Document title. La réforme de l' organisation commune du marché ( OCM) du vin en Europe = The reform of the wine common market organisation (CMO) in Europe. Auteur(s) / Author(s). MONTAIGNE Etienne ; COELHO... more
... Titre du document / Document title. La réforme de l' organisation commune du marché ( OCM) du vin en Europe = The reform of the wine common market organisation (CMO) in Europe. Auteur(s) / Author(s). MONTAIGNE Etienne ; COELHO Alfredo Manuel ; Revue / Journal Title. ...
A pesar de la fuerte caida del mercado interno, Francia sigue siendo uno de los iconos de la vitivinicultura mundial. El sector frances se caracteriza por una gran diversidad y por las nuevas dinamicas economicas y estructurales que... more
A pesar de la fuerte caida del mercado interno, Francia sigue siendo uno de los iconos de la vitivinicultura mundial. El sector frances se caracteriza por una gran diversidad y por las nuevas dinamicas economicas y estructurales que surgen en el sector para mantener su imagen de calidad en los mercados internacionales. Existe un alto grado de heterogeneidad y complejidad tanto territorial como de sistemas de gestion de la produccion y la comercializacion. Como ventajas competitivas, Francia cuenta con vinos diferenciados con elevados precios, fuertes grupos empresariales y vinos miticos como el champagne que han sabido crecer y aumentar su prestigio.
La industria mexicana de alimentos y bebidas experimenta una profunda reestructuracion asociada con una fuerte dinamica de fusiones y adquisiciones, emprendida por inversionistas extranjeros y las grandes empresas mexicanas de esta... more
La industria mexicana de alimentos y bebidas experimenta una profunda reestructuracion asociada con una fuerte dinamica de fusiones y adquisiciones, emprendida por inversionistas extranjeros y las grandes empresas mexicanas de esta industria, estimuladas por intereses industriales y financieros. Para enfrentar esta reestructuracion los grupos mexicanos deben resolver el dilema de combinar la internacionalizacion y la transferencia inter generacional de la estructura de propiedad y de gestion. Las inversiones extranjeras en Mexico pueden lograr resultados de menor impacto que las inversiones realizadas por las empresas autoctonas. Estas ultimas, en la medida que puedan apoyarse en las “mejores practicas” internacionales de negocios y tecnologicas, podran crear barreras a la entrada de competidores extranjeros y utilizar las asimetrias de recursos entre paises para crear una ventaja competitiva
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L'emergence des organisations en reseau, sous leurs differentes formes, peut se situer dans un double mouvement d'interaction entre les pressions actionnariales et d'ajustement permanent entre la corporate strategy... more
L'emergence des organisations en reseau, sous leurs differentes formes, peut se situer dans un double mouvement d'interaction entre les pressions actionnariales et d'ajustement permanent entre la corporate strategy (environnement concurrentiel - organisation) et la business strategy (technologies-produits-marches). En partant d'une recension de la litterature, puis d'une analyse des strategies d'externalisation pratiquees par 26 firmes multinationales du secteur des boissons alcoolisees [1991-2000], nous montrerons quelles sont les specificites et les pratiques induites par l'adoption de cette nouvelle forme organisationnelle et nous presenterons les principaux facteurs d'evolution limitant l'emergence de ce mode d'organisation.
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The purpose of this work is to draw a panorama of the evolution of the restructuring strategies of the transnational firms in the world wine industry across the period 1980-2005. The main forms of development of these firms - mergers,... more
The purpose of this work is to draw a panorama of the evolution of the restructuring strategies of the transnational firms in the world wine industry across the period 1980-2005. The main forms of development of these firms - mergers, acquisitions, and joint ventures - are identified based on an ad-hoc database (W2D-World Wine Data). The strategies of the firms are explained based on three key elements: production facilities (vineyard and winery), corporate brands portfolio, and distribution networks. This assessment anticipates an intensification of the globalisation and competition in the future world wine market. ...French Abstract : L'objectif de ce travail est de presenter un panorama de l'evolution des strategies de restructuration des grandes firmes de l'industrie mondiale du vin au cours de la periode 1980-2005. Les principaux modes de developpement des firmes - fusions, acquisitions et joint-ventures -, sont reperes a partir de la constitution d'une banque d...
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L'article propose une synthese internationale sur l'evolution des cooperatives vinicoles et la diversite de leurs situations et strategies actuelles. L'analyse historique montre que ces organisations ont vu le jour entre 1865... more
L'article propose une synthese internationale sur l'evolution des cooperatives vinicoles et la diversite de leurs situations et strategies actuelles. L'analyse historique montre que ces organisations ont vu le jour entre 1865 et 1920 dans presque tous les vignobles, pour ensuite s'etendre, se stabiliser ou disparaitre selon les contextes politiques et economiques propres a chaque pays. Jusqu'au debut des annees 1990, les cooperatives produisent en majorite du vin de base ou de l'alcool. Elles ont depuis engage partout des changements technologiques et organisationnels importants pour produire et vendre des vins de meilleure qualite. Un travail de recensement, pays par pays, montre que ces cooperatives restent aujourd'hui marquees par leurs contextes geopolitiques, avec un poids contraste selon les vignobles. Mais les enjeux de la qualite, de la mondialisation des marches et du developpement rural se traduisent par une forte convergence des opportunites et...
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Le marché du vin a connu, dans les 30 dernières années, d'importantes mutations avec un effondrement de la consommation par tête dans les pays producteurs historiques du sud de l'Europe et... more
Le marché du vin a connu, dans les 30 dernières années, d'importantes mutations avec un effondrement de la consommation par tête dans les pays producteurs historiques du sud de l'Europe et l'émergence de nouveaux acteurs en Amérique et en Océanie. Il en est résulté un écart structurel entre l'offre et la demande, générateur d'instabilité des prix et des revenus vitivinicoles,
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[eng] Wine market globalization and enterprises' strategies - The purpose of this research is to describe and explain the wine market globalization phenomena. By analyzing the structural trends of market behavior - production,... more
[eng] Wine market globalization and enterprises' strategies - The purpose of this research is to describe and explain the wine market globalization phenomena. By analyzing the structural trends of market behavior - production, consumption and exchanges - and the main characteristics represented by the emergence of new producing countries, the authors point out the levels of concentration of the industry
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Este trabajo tiene como objetivo el estudio de las estrategias de regionalización y de penetración de las empresas multinacionales (EMN) japonesas de cerveza ¿Suntory, Asahi, Kirin Breweries y Sapporo en el mercado chino. Asimismo,... more
Este trabajo tiene como objetivo el estudio de las estrategias de regionalización y de penetración de las empresas multinacionales (EMN) japonesas de cerveza ¿Suntory, Asahi, Kirin Breweries y Sapporo en el mercado chino. Asimismo, basamos nuestro análisis marco conceptual proporcionado por la teoría de los costes de transacción y del paradigma ¿OLI¿ (Dunning). El análisis empírico se apoya en el banco de datos Global Drinks, el cual busca identificar el conjunto de operaciones de reestructuración de las EMN mundiales (1990-2003) y que ayuda en el análisis de las tendencias actuales en esta industria. Las conclusiones finales permiten comparar las estrategias de penetración de mercado de las EMN del sector de la cerveza con sus rivales directos y discutir las diferencias encontradas en las estrategias de penetración de las EMN originales, de otros sistemas capitalistas.
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This study is a contribution to the parliamentary debate in response to the proposal for reform of the common organisation of the market in wine initiated by the Commission. The study meets Parliament’s four requirements: (1) a brief... more
This study is a contribution to the parliamentary debate in response to the proposal for reform of the common organisation of the market in wine initiated by the Commission. The study meets Parliament’s four requirements: (1) a brief summary of the situation on the wine market in the Europe of 25 over the last six years, (2) an assessment of the shortcomings of the mechanisms of the current CMO, (3) a critical analysis of the Commission proposals and (4) specific proposals for reform of the CMO.