Abstract
The objective of this work is to understand which factors, intrinsic to management, affect the performance of wine companies in the context of Iberian companies.Using Return on Assets and sales growth as measures of corporate performance, the model will be estimated using the panel data methodology, specifically using the GMM estimation method of Arellano and Bond (1991), Arellano and Bover (1995) and Blundell and Bond (1998).For a sample of 3,113 companies, between 2011 and 2018, the results suggest that sales growth is the variable that has the most significant determining factors, both specific to the company and given the macroeconomic environment. In this way the results suggest that sales growth can be understood as a variable that interests a greater number of company stakeholders, both internal and external. When using ROA as a dependent variable, the results suggest that as this is a management variable, the manager tends to be concerned with maintaining adequate levels of economic profitability ensuring sustainability and future solvency.
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