Financial Stability and Risk Profile of Wine-producing Enterprises in Bulgaria
Year: 2026
Type: article
Abstract: This study examines the financial stability and risk profile of wine-producing enterprises using accounting-based financial indicators. The analysis focuses on liquidity, leverage, and solvency measures derived from the financial statements of 56 enterprises for the period 2022–2024. Descriptive statistical analysis reveals substantial heterogeneity in financial structures across firms, with significant differences in liquidity coverage, debt levels, and equity buffers. A cluster analysis further identifies three distinct financial risk profiles, ranging from relatively stable enterprises with strong liquidity and moderate leverage to highly vulnerable firms characterized by weak liquidity and excessive indebtedness. The findings indicate that financial risk in the sector is concentrated among a limited number of enterprises rather than being uniformly distributed. The results highlight the importance of prudent working capital management, balanced capital structures, and adequate equity capitalization in enhancing financial resilience in capital-intensive agri-food industries. The study contributes to the literature on firm-level financial stability by providing sector-specific empirical evidence and practical implications for financial risk management in wine-producing enterprises.
Author: Tzvetelina Borisova
Institution: University of Agribusiness and Rural Development
Language: English
Subfield: Accounting
Domain: Social Sciences
Open Access status: green
OpenAlex ID: W7128661821
FWCI:
Cites:
Cited by:
Related to: