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Testing For The Presence Of Financial Constraints In Agricultural Cooperatives

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Author Info
Chaddad, Fabio R.
Cook, Michael L.
Abstract

In this paper, we address the issue of financial constraints in agricultural cooperatives. We estimate an augmented Q investment model for a large sample of US agricultural cooperatives and test whether cooperative investment is sensitive to cash flow. Empirical results suggest that agricultural cooperatives are indeed financially constrained when making investment decisions.

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File URL: http://purl.umn.edu/20746
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Publisher Info
Paper provided by American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association) in its series 2001 Annual meeting, August 5-8, Chicago, IL with number 20746.

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Date of creation: 2001
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Handle: RePEc:ags:aaea01:20746

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Keywords: Agribusiness;

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  9. Porter, Philip K & Scully, Gerald W, 1987. "Economic Efficiency in Cooperatives," Journal of Law & Economics, University of Chicago Press, vol. 30(2), pages 489-512, October.
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  11. Hoshi, Takeo & Kashyap, Anil & Scharfstein, David, 1991. "Corporate Structure, Liquidity, and Investment: Evidence from Japanese Industrial Groups," The Quarterly Journal of Economics, MIT Press, vol. 106(1), pages 33-60, February. [Downloadable!] (restricted)
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  12. Cook, Michael L. & Chaddad, Fabio R., 2000. "Agroindustrialization of the global agrifood economy: bridging development economics and agribusiness research," Agricultural Economics, Blackwell, vol. 23(3), pages 207-218, September. [Downloadable!] (restricted)
  13. Steven M. Fazzari & R. Glenn Hubbard & Bruce C. Petersen, 1988. "Financing Constraints and Corporate Investment," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 19(1988-1), pages 141-206. [Downloadable!]
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  14. Hayashi, Fumio, 1982. "Tobin's Marginal q and Average q: A Neoclassical Interpretation," Econometrica, Econometric Society, vol. 50(1), pages 213-24, January. [Downloadable!] (restricted)
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