Financial performance and exports: the case of Romanian winemakers

This paper examines the impact of exports and its main determinants on the financial performance of the Romanian wine industry. We draw on a dataset consisting of mixed firm-level (i.e., 207 companies) data, web data and mezzo-economic variables, and cover the period from 2009 to 2017. We show that Romanian wine exports, at firm level, are strongly affected by regional wine productivity (especially in the case of red wine varieties), temperature and vineyard size, as well as by firm agglomeration. We also find a close positive correlation between financial performance and exports.