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Understanding New Cooperative Models: An Ownership–Control Rights Typology

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  • Fabio R. Chaddad
  • Michael L. Cook

Abstract

This article examines new agricultural cooperative organizational models from an ownership rights perspective. The article adopts a definition of ownership rights comprising both residual claim and control rights. We argue that new cooperative organizational models differ in how ownership rights are assigned to the economic agents (members, patrons, and investors) tied contractually to the firm. The article proposes a typology of discrete organizational models, in which the traditional cooperative structure and the investor-oriented firm are characterized as polar forms. The typology also includes five nontraditional models that cooperatives may adopt to ameliorate perceived financial constraints.

Suggested Citation

  • Fabio R. Chaddad & Michael L. Cook, 2004. "Understanding New Cooperative Models: An Ownership–Control Rights Typology," Review of Agricultural Economics, Agricultural and Applied Economics Association, vol. 26(3), pages 348-360.
    • Handle: RePEc:oup:revage:v:26:y:2004:i:3:p:348-360.
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    File URL: http://hdl.handle.net/10.1111/j.1467-9353.2004.00184.x
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    References listed on IDEAS

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    1. Wadsworth, James J., 1999. "Cooperative Unification: Highlights From 1989 To Early 1999," Research Reports 280015, United States Department of Agriculture, Rural Development.
    2. Collins, Robert A., 1991. "The Conversion Of Cooperatives To Publicly Held Corporations: A Financial Analysis Of Limited Evidence," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 16(2), pages 1-5, December.
    3. Peter Vitaliano, 1983. "Cooperative Enterprise: An Alternative Conceptual Basis for Analyzing a Complex Institution," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 65(5), pages 1078-1083.
    4. Grossman, Sanford J & Hart, Oliver D, 1986. "The Costs and Benefits of Ownership: A Theory of Vertical and Lateral Integration," Journal of Political Economy, University of Chicago Press, vol. 94(4), pages 691-719, August.
    5. Claude Ménard (ed.), 2000. "Institutions, Contracts and Organizations," Books, Edward Elgar Publishing, number 1921.
    6. Masulis, Ronald W., 1987. "Changes in ownership structure : Conversions of mutual savings and loans to stock charter," Journal of Financial Economics, Elsevier, vol. 18(1), pages 29-59, March.
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