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Organisational principles for co-operative firms

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  • Nilsson, Jerker
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    Abstract

    Co-operative firms have been the subject of criticism by many economists, who base their arguments on property rights and agency theory: members do not control management, investments are short term, accumulated investments are below the economic optimum, etc. Nevertheless, many co-operative organisations do function well for their members. An analysis of the assumptions underlying the criticism reveals that this is not generally justified. As it focuses mainly on the functioning of capital markets, it disregards the vertically integrated character of the co-operatives, i.e. that their purpose is to counteract market failures on product markets. For many co-operatives, however, the critique is valid. Individual ownership in the form of tradable residual rights is thus motivated in many co-operatives.

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    Bibliographic Info

    Article provided by Elsevier in its journal Scandinavian Journal of Management.

    Volume (Year): 17 (2001)
    Issue (Month): 3 (September)
    Pages: 329-356

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    Handle: RePEc:eee:scaman:v:17:y:2001:i:3:p:329-356

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    Related research

    Keywords: Co-operatives Cooperatives Agriculture Investments Financing Equity capital Residual rights Property rights Agency theory Transaction cost theory;

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    Cited by:
    1. Hudon, Marek & Périlleux, Anaïs, 2014. "Surplus distribution and characteristics of social enterprises: Evidence from microfinance," The Quarterly Review of Economics and Finance, Elsevier, vol. 54(2), pages 147-157.
    2. Cabo, Paula & Rebelo, Joao, 2005. "Governance Control Mechanisms in Portuguese Agricultural Credit Cooperatives," 2005 International Congress, August 23-27, 2005, Copenhagen, Denmark 24623, European Association of Agricultural Economists.
    3. Murray-Prior, Roy B., 0. "Are Farmers in the Transitional Economies Likely to Benefit from Forming Collaborative Marketing Groups?," BANWA Agribusiness and Management Issues, University of the Philippines Mindanao.
    4. Kontolaimou, Alexandra & Tsekouras, Kostas, 2010. "Are cooperatives the weakest link in European banking? A non-parametric metafrontier approach," Journal of Banking & Finance, Elsevier, vol. 34(8), pages 1946-1957, August.
    5. Saha, Souresh, 2014. "Firm's objective function and product and process R&D," Economic Modelling, Elsevier, vol. 36(C), pages 484-494.
    6. Kispál-Vitai, Zsuzsanna, 2011. "Szabó G. Gábor: Szövetkezetek az élelmiszer-gazdaságban. Gondolatok az ún. előmozdító típusú szövetkezés gazdasági lényegéről és integrációs jelentőségéről. Agroinform Kiadó, ," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(11), pages 994-996.
    7. Michael Kopel & Marco Marini, 2013. "Strategic Delegation In Consumer Cooperatives Under Mixed Oligopoly," Working Papers 1306, University of Urbino Carlo Bo, Department of Economics, Society & Politics - Scientific Committee - L. Stefanini & G. Travaglini, revised 2013.
    8. Dietl, Helmut M. & Franck, Egon & Hasan, Tariq & Lang, Markus, 2009. "Governance of professional sports leagues--Cooperatives versus contracts," International Review of Law and Economics, Elsevier, vol. 29(2), pages 127-137, June.
    9. Gábor R., István, 2004. "Tőkésvállalat vis-à-vis szakszervezet, versus termelőszövetkezet. Peripatetikus tanmese az intézményi racionalitás/diverzitás és a piaci önszabályozás ellentmondásos viszonyáról
      [C
      ," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(7), pages 740-751.
    10. Yildiz, Özgür & Rommel, Jens & Debor, Sarah & Holstenkamp, Lars & Mey, Franziska & Müller, Jakob R. & Radtke, Jörg & Rognli, Judith, 2014. "Research Perspectives on Renewable Energy Cooperatives in Germany: Empirical Insights and Theoretical Lenses," MPRA Paper 55931, University Library of Munich, Germany.
    11. Borgen, Svein Ole, 2011. "Product differentiation and cooperative governance," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 40(3), pages 327-333, May.
    12. Lind, Lena W., 2011. "The Demutualization of a Cooperative - Swedish Meats," 2011 International Congress, August 30-September 2, 2011, Zurich, Switzerland 114382, European Association of Agricultural Economists.
    13. Dentoni, Domenico & Menozzi, Davide & Capelli, Maria Giacinta, 2012. "Group heterogeneity and cooperation on the geographical indication regulation: The case of the “Prosciutto di Parma” Consortium," Food Policy, Elsevier, vol. 37(3), pages 207-216.
    14. Kispál-Vitai, Zsuzsanna, 2006. "Gondolatok a szövetkezetelmélet fejlődéséről
      [Ideas for developing cooperative theory]
      ," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(1), pages 69-84.
    15. Feng, Li & Hendrikse, George W.J., 2011. "Coordination and Governance: The case of Cooperatives versus IOFs," 2011 International Congress, August 30-September 2, 2011, Zurich, Switzerland 114359, European Association of Agricultural Economists.

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