Case Study: The Spanish Wine Industry

Results

Results for mercantile companies

The results for mercantile companies are reported in Table 19, in order to establish conclusions the significance level is set at 0.05. The adjusted $R^2$ has a value of 0.462. The most important element to explain performance in this type of winery, is technological capabilities, with the highest beta value of the study (0.460), followed by the strategy with a beta value of 0.273 for marketing strategy, and 0.229 for innovation strategy. The other strategies and resources have a low beta value and have no statistical significance. With regard to our hypotheses, it is possible to confirm H1 and reject H2. As authors have explained, marketing strategy is useful and it does not depend on how the firm behaves in terms of cost or differentiation. On the other hand, the innovation strategy is linked with the differentiation strategy. Thus, it is possible to confirm H3.1 and reject H3.2. Assets as a control variable has statistical significance in the two first models (Base Model and Base Model + Strategy).

Table 19. Regression analysis for mercantile companies.

Variables	Base Model				Base Model + Strategy				Full Model
	β	t	sig	sd	β	t	sig	sd	β	t	sig	sd
(1) Internal Rivalry	-.034	-.498	.619	.075	-.074	-1.141	.256	.073	-.094	-1.596	.113	.066
(2) Assets	.386	5.649	.000	.054	.157	2.201	.029	.057	.023	.336	.737	.054
(3) Efficiency Strategy					.173	2.651	.009	.081	.077	1.238	.217	.077
(4) Marketing Strategy					.455	6.544	.000	.077	.273	3.717	.000	.082
(5) Innovation Strategy					.236	3.576	.000	.074	.229	3.741	.000	.069
(6) Low Price Strategy					-.012	-.182	.856	.078	.030	.489	.626	.074
(7) Small Market and Product Strategy					.013	.199	.842	.066	.002	.033	.973	.060
(8) Technological Capability									.460	5.804	.000	.083
(9) Managerial Capability									-.003	-.040	.968	.091
R²		.148				.363				.493
Adjusted R²		.139				.334				.462
Change in R²						.195				.128

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