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Constitutional Design and Investment in Cooperatives and Investor-Owned Enterprises

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Author Info
Alberto Bacchiega
Gianni De Fraja

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Abstract

This paper studies the role of the corporate governance system in cooperatives and in investor-owned enterprises. We abstract from all possible differences between the two systems except the type of majority needed to take decisions: this is one-head-one-vote for cooperatives and proportional to capital invested in investor-owned firms. We show that the institutional form chosen matters for the initial investment decision of the agents: in particular we find that members of a cooperative invest less than they would in an investor-owned enterprise. Copyright CIRIEC, 2004.

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Article provided by Blackwell Publishing in its journal Annals of Public & Cooperative Economics.

Volume (Year): 75 (2004)
Issue (Month): 2 (06)
Pages: 265-293
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Handle: RePEc:bla:annpce:v:75:y:2004:i:2:p:265-293

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  1. Michael Kremer, 1997. "Why are Worker Cooperatives So Rare?," NBER Working Papers 6118, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  2. Bonin, John P & Jones, Derek C & Putterman, Louis, 1993. "Theoretical and Empirical Studies of Producer Cooperatives: Will Ever the Twain Meet?," Journal of Economic Literature, American Economic Association, vol. 31(3), pages 1290-320, September. [Downloadable!] (restricted)
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This page was last updated on 2008-7-9.

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