What is driving the performance of Italian wine cooperatives?

Cooperatives have long been central to the European wine sector, yet comprehensive national‑level analyses of their performance determinants remain scarce. This study investigates the financial and economic drivers of Italian wine cooperative performance using a fixed‑effects panel framework on an unbalanced sample of 452 entities over the 2021-2023 period. The analysis tests the effects of cooperative size (total assets, turnover), internal financing capacity (cash flow), capital structure (financial autonomy, debt‑to-equity ratio), and liquidity ratios (current, quick) on both earnings before interest, taxes, depreciation, and amortisation (EBITDA) and return on sales (ROS). The findings indicate that the cooperative size significantly influences performance. Estimates for cash flow and financial autonomy indicate that the internal financing capacity is a key driver of cooperative performance. The results underscore the relevance of governance and managerial structures in optimising resource allocation and liquidity management to harness cooperative principles without compromising competitiveness. Overall, this study provides actionable insights for policymakers and cooperative boards aiming to foster sustainable growth in the evolving wine market.