Agricultural cooperatives’ economic performance and efficiency today have great economic and social relevance. Consistent with the recent literature, this article examines wine cooper- atives and compares them with wine investor-owned firms, studying their innovation capabil- ities, Miles and Snow strategies, and performance. A survey was conducted in all the wineries in Spain, with 339 responses. The interactions between the independent variables and the dependent variable were analyzed using the logit regression model. The study points out that cooperatives do not have fewer innovation capabilities, nor are they more inefficient, than investor-owned firms, although the factors that modulate their economic performance are different.