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Financial structure and cooperative efficiency: A pecking‐order evidence from sugarcane farmers in Eswatini

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  • Kuhle Prudence Mnisi
  • Abdul Latif Alhassan

Abstract

This study examines the effect of financial structure on technical efficiency of sugarcane farmer cooperatives (FCs) in Eswatini. Using annual data on 114 FCs from 2014 to 2017, the paper employs the one‐step Stochastic Frontier Analysis technique to estimate technical inefficiency and its determinants. The results indicate that the sugarcane FCs operate with high level of technical efficiency, averaging 85.48%. While all sources of financing were observed to improve technical efficiency, the effects were observed to follow a ‘pecking‐order’, with the greatest effect observed from internal revenue followed by grants and loans. The implications of the findings for financing decisions of FCs in emerging economies are discussed.

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  • Kuhle Prudence Mnisi & Abdul Latif Alhassan, 2021. "Financial structure and cooperative efficiency: A pecking‐order evidence from sugarcane farmers in Eswatini," Annals of Public and Cooperative Economics, Wiley Blackwell, vol. 92(2), pages 261-281, June.
    • Handle: RePEc:bla:annpce:v:92:y:2021:i:2:p:261-281
    DOI: 10.1111/apce.12295
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