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On The Future of Co-operatives

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Author Info
Hendrikse, G.W.J.
Veerman, C.P. (Erasmus Research Institute of Management (ERIM), RSM Erasmus University)
Abstract

Two extensions are formulated of the analysis of the allocation of decision rights in Hendrikse and Veerman (2001). First, the incomplete contracts in their article can be viewed as simple long-term contracts, i.e. it is not allowed to make the allocation of authority contingent on the circumstances. Contingent long-term contracts are now considered. Second, another aspect of decision rights is the frequency of meetings between the owners and managers of enterprises. This aspect will be addressed from a long-term contract perspective as well as a loss aversion perspective.

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Paper provided by Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus University Rotterdam. in its series Research Paper with number ERS-2003-007-ORG Revision_Date: 2009-07-29.

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Date of creation: 10 Feb 2003
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Handle: RePEc:dgr:eureri:2003280

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Related research
Keywords: contingent control rights; frequency of board meetings;

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References listed on IDEAS
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  1. Raghuram G. Rajan & Luigi Zingales, 1998. "Power In A Theory Of The Firm," The Quarterly Journal of Economics, MIT Press, vol. 113(2), pages 387-432, May. [Downloadable!] (restricted)
    Other versions:
  2. Tversky, Amos & Kahneman, Daniel, 1992. " Advances in Prospect Theory: Cumulative Representation of Uncertainty," Journal of Risk and Uncertainty, Springer, vol. 5(4), pages 297-323, October.
  3. Hendrikse, George W J & Bijman, Jos, 2002. " Ownership Structure in Agrifood Chains: The Marketing Cooperative," American Journal of Agricultural Economics, American Agricultural Economics Association, vol. 84(1), pages 104-19, February. [Downloadable!] (restricted)
  4. George W. J. Hendrikse & Cees P. Veerman, 2001. "Marketing Co-operatives: An Incomplete Contracting Perspective," Journal of Agricultural Economics, Blackwell Publishing, vol. 52(1), pages 53-64. [Downloadable!] (restricted)
  5. 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. [Downloadable!] (restricted)
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  6. Benartzi, Shlomo & Thaler, Richard H, 1995. "Myopic Loss Aversion and the Equity Premium Puzzle," The Quarterly Journal of Economics, MIT Press, vol. 110(1), pages 73-92, February. [Downloadable!] (restricted)
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  7. George Baker & Robert Gibbons & Kevin J. Murphy, 2002. "Relational Contracts And The Theory Of The Firm," The Quarterly Journal of Economics, MIT Press, vol. 117(1), pages 39-84, February. [Downloadable!] (restricted)
  8. Fershtman, Chaim, 1996. "On the value of incumbency managerial reference points and loss aversion," Journal of Economic Psychology, Elsevier, vol. 17(2), pages 245-257, April. [Downloadable!] (restricted)
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  9. Raghuram G. Rajan & Luigi Zingales, 2000. "The Governance of the New Enterprise," NBER Working Papers 7958, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
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