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Risk And Equity In Agricultural Cooperatives

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  • Parliament, Claudia
  • Lerman, Zvi
  • Huseby, Dana
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    Abstract

    This research examines the effects of risk-related factors on the proportion of equity held by agricultural cooperatives. The empirical analysis indicates that capital structure is significantly affected by the level and variation of profitability, commodities handled, and market function. The proportion of equity is not affected by size or pooling. Contrary to expectations, the results indicate an inverse relation between profit variability and the proportion of equity. Cooperatives rely on profit for equity accumulation through retained earnings. If this source of equity is unstable, the cooperative may not be able to generate sufficient equity causing the estimated inverse relationship.

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    File URL: http://purl.umn.edu/14032
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    Bibliographic Info

    Paper provided by University of Minnesota, Department of Applied Economics in its series Staff Papers with number 14032.

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    Date of creation: 1991
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    Handle: RePEc:ags:umaesp:14032

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    Keywords: Agribusiness;

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    1. Lerman, Zvi & Parliament, Claudia, 1991. "Size and industry effects in the performance of agricultural cooperatives," Agricultural Economics, Blackwell, vol. 6(1), pages 15-29, October.
    2. Sporleder, Thomas L. & Malick, William M. & Tough, Cynthia H., 1988. "Relationship of Pooling to Equity Capital and Current Assets of Large Producer Marketing Cooperatives," Journal of Agricultural Cooperation, National Council of Farmer Cooperatives, vol. 3.
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