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CEO Compensation in Cooperatives versus Publicly Listed Firms

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  • Li, Feng
  • Hendrikse, George W.J.
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    Abstract

    A multiple activities principal-agent model regarding CEO compensation in cooperatives is presented, capturing that cooperatives are not publicly listed and that they have to bring the enterprise to value as well as to serve member interests. A cooperative dominates a publicly listed firm in terms of efficiency when either activities are sufficiently complementary, or additional information is considered in the performance measure.

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    File URL: http://purl.umn.edu/51619
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    Bibliographic Info

    Paper provided by International Association of Agricultural Economists in its series 2009 Conference, August 16-22, 2009, Beijing, China with number 51619.

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    Date of creation: 2009
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    Handle: RePEc:ags:iaae09:51619

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    Web page: http://www.iaae-agecon.org/
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    Related research

    Keywords: cooperative; CEO compensation; performance measure; Agribusiness;

    References

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    1. Avinash Dixit, 2002. "# Incentives and Organizations in the Public Sector: An Interpretative Review," Journal of Human Resources, University of Wisconsin Press, vol. 37(4), pages 696-727.
    2. Lucian Arye Bebchuk & Jesse M. Fried, 2003. "Executive Compensation as an Agency Problem," NBER Working Papers 9813, National Bureau of Economic Research, Inc.
    3. Oliver Hart, 2001. "Financial Contracting," Journal of Economic Literature, American Economic Association, vol. 39(4), pages 1079-1100, December.
    4. Bushman, Robert M. & Indjejikian, Raffi J. & Smith, Abbie, 1996. "CEO compensation: The role of individual performance evaluation," Journal of Accounting and Economics, Elsevier, vol. 21(2), pages 161-193, April.
    5. Vickers, John, 1985. "Delegation and the Theory of the Firm," Economic Journal, Royal Economic Society, vol. 95(380a), pages 138-47, Supplemen.
    6. George A. Akerlof & Rachel E. Kranton, 2000. "Economics And Identity," The Quarterly Journal of Economics, MIT Press, vol. 115(3), pages 715-753, August.
    7. Abigail M. Hind, 1997. "The Changing Values of the Cooperative and Its Business Focus," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 79(4), pages 1077-1082.
    8. Brent Hueth & Philippe Marcoul, 2009. "Incentive Pay for CEOs in Cooperative Firms," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 91(5), pages 1218-1223.
    9. Robert Gibbons, 1998. "Incentives in Organizations," NBER Working Papers 6695, National Bureau of Economic Research, Inc.
    10. Cook, Michael L., 1994. "The Role of Management Behavior in Agricultural Cooperatives," Journal of Agricultural Cooperation, National Council of Farmer Cooperatives, vol. 9.
    11. Bebchuk, Lucian A. & Fried, Jesse M., 2003. "Executive Compensation as an Agency Problem," Berkeley Olin Program in Law & Economics, Working Paper Series qt81q3136r, Berkeley Olin Program in Law & Economics.
    12. Nigel Key & Michael J. Roberts, 2009. "Nonpecuniary Benefits to Farming: Implications for Supply Response to Decoupled Payments," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 91(1), pages 1-18.
    13. Stein, Jeremy C, 1989. "Efficient Capital Markets, Inefficient Firms: A Model of Myopic Corporate Behavior," The Quarterly Journal of Economics, MIT Press, vol. 104(4), pages 655-69, November.
    14. Lang, Mahlon G., 1994. "The Role of Management Behavior in Agricultural Cooperatives: Discussion," Journal of Agricultural Cooperation, National Council of Farmer Cooperatives, vol. 9.
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