IDEAS home Printed from https://ideas.repec.org/a/ags/aergaa/101052.html
   My bibliography  Save this article

Manager Power, Member Behavior and Capital Structure: Portuguese Douro Wine Cooperatives

Author

Listed:
  • Rebelo, Joao
  • Caldas, Jose Vaz
  • Matulich, Scott C.

Abstract

Leverage is one of the most important financial factors to the survival and viability of agricultural cooperatives (e.g., wine cooperatives) during a period of intense competition. Leverage is influenced both by the behavior of managers and cooperative members. An empirical study for the Douro Demarcated Region Wine Cooperatives (DDRWC) supports the hypothesis that managers have a positive influence in the determination of the equity/total assets ratio and that individualistic behavior of cooperative members has a negative influence in the value of this ratio. This paper suggests that there may be value in reconsidering cooperatives in the context of a so-called Mediterranean model.

Suggested Citation

  • Rebelo, Joao & Caldas, Jose Vaz & Matulich, Scott C., 2008. "Manager Power, Member Behavior and Capital Structure: Portuguese Douro Wine Cooperatives," Agricultural Economics Review, Greek Association of Agricultural Economists, vol. 9(2), pages 1-11, July.
    • Handle: RePEc:ags:aergaa:101052
    DOI: 10.22004/ag.econ.101052
    as

    Download full text from publisher

    File URL: https://ageconsearch.umn.edu/record/101052/files/9_2_1.pdf
    Download Restriction: no
    File URL: https://libkey.io/10.22004/ag.econ.101052?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Cook, Michael L., 1994. "The Role of Management Behavior in Agricultural Cooperatives," Journal of Agricultural Cooperation, National Council of Farmer Cooperatives, vol. 9, pages 1-17.
    2. Russo, Carlo & Weatherspoon, Dave D. & Peterson, H. Christopher & Sabbatini, Massimo, 2000. "Effects Of Managers' Power On Capital Structure: A Study Of Italian Agricultural Cooperatives," International Food and Agribusiness Management Review, International Food and Agribusiness Management Association, vol. 3(1), pages 1-13.
    3. John M. Staatz, 1983. "The Cooperative as a Coalition: A Game-Theoretic Approach," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 65(5), pages 1084-1089.
    4. Fama, Eugene F, 1980. "Agency Problems and the Theory of the Firm," Journal of Political Economy, University of Chicago Press, vol. 88(2), pages 288-307, April.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Hakelius, Karin & Hansson, Helena, 2016. "Members’ attitudes towards cooperatives and their perception of agency problems," International Food and Agribusiness Management Review, International Food and Agribusiness Management Association, vol. 19(4), October.
    2. Goldsmith, Peter D. & Bender, Karen, 2003. "Ten Conversations about Identity Preservation: Implications for Cooperatives," 2003 Annual Meeting, October 29 31803, NCERA-194 Research on Cooperatives.
    3. Liang, Q.X. & Hendrikse, G.W.J., 2012. "Cooperative CEO Identity and Efficient Governance: Member or Outside CEO?," ERIM Report Series Research in Management ERS-2012-019-ORG, 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.
    4. Zivkovic, Sanja & Hudson, Darren & Johnson, Phillip & Park, John, 2016. "A Study in Attitudes Shaping Cooperative Leadership," 2016 Annual Meeting, February 6-9, 2016, San Antonio, Texas 229588, Southern Agricultural Economics Association.
    5. Theo Benos & Nikos Kalogeras & Frans J.H.M. Verhees & Panagiota Sergaki & Joost M.E. Pennings, 2016. "Cooperatives’ Organizational Restructuring, Strategic Attributes, and Performance: The Case of Agribusiness Cooperatives in Greece," Agribusiness, John Wiley & Sons, Ltd., vol. 32(1), pages 127-150, January.
    6. Feng, Li & Hendrikse, George W.J., 2008. "On the Nature of a Cooperative: A System of Attributes Perspective," 2008 International Congress, August 26-29, 2008, Ghent, Belgium 44398, European Association of Agricultural Economists.
    7. Wang Wenge, 2018. "Board Independence of Listed Companies in the US and China," Asian Journal of Law and Economics, De Gruyter, vol. 9(3), pages 1-21, December.
    8. Benkraiem, Ramzi & Boubaker, Sabri & Brinette, Souad & Khemiri, Sabrina, 2021. "Board feminization and innovation through corporate venture capital investments: The moderating effects of independence and management skills," Technological Forecasting and Social Change, Elsevier, vol. 163(C).
    9. Sang Cheol Lee & Mooweon Rhee & Jongchul Yoon, 2018. "Foreign Monitoring and Audit Quality: Evidence from Korea," Sustainability, MDPI, vol. 10(9), pages 1-22, September.
    10. Baarda, James R., 2003. "Current Law & Economics Debates: Tools for Assessing Fundamental Cooperative Changes?," 2003 Annual Meeting, October 29 31802, NCERA-194 Research on Cooperatives.
    11. Shaikh, Ibrahim A. & O'Brien, Jonathan Paul & Peters, Lois, 2018. "Inside directors and the underinvestment of financial slack towards R&D-intensity in high-technology firms," Journal of Business Research, Elsevier, vol. 82(C), pages 192-201.
    12. Cécile Cézanne, 2012. "Berle and Means," Chapters, in: Michael Dietrich & Jackie Krafft (ed.), Handbook on the Economics and Theory of the Firm, chapter 7, Edward Elgar Publishing.
    13. Brickley, James A. & Linck, James S. & Coles, Jeffrey L., 1999. "What happens to CEOs after they retire? New evidence on career concerns, horizon problems, and CEO incentives," Journal of Financial Economics, Elsevier, vol. 52(3), pages 341-377, June.
    14. Tom Coupé & Valérie Smeets & Frédéric Warzynski, 2006. "Incentives, Sorting and Productivity along the Career: Evidence from a Sample of Top Economists," The Journal of Law, Economics, and Organization, Oxford University Press, vol. 22(1), pages 137-167, April.
    15. Evans, Lewis & Meade, Richard, 2005. "The Role and Significance of Cooperatives in New Zealand Agriculture, A Comparative Institutional Analysis," Working Paper Series 3847, Victoria University of Wellington, The New Zealand Institute for the Study of Competition and Regulation.
    16. William S. Schulze & Michael H. Lubatkin & Richard N. Dino, 2002. "Altruism, agency, and the competitiveness of family firms," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 23(4-5), pages 247-259.
    17. Dirk Sliwka, 2001. "On the Costs and Benefits of Delegation in Organizations," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 157(4), pages 568-590, December.
    18. Jörn Hendrich Block & Andreas Thams, 2007. "Long-Term Orientation In Family And Non-Family Firms: A Bayesian Analysis," SFB 649 Discussion Papers SFB649DP2007-059, Sonderforschungsbereich 649, Humboldt University, Berlin, Germany.
    19. Charlie Weir & Oleksandr Talavera & Alexander Muravyev, 2011. "The Return on Human Capital: the Case of UK Non-executive Directors that are also Executive Directors," University of East Anglia Applied and Financial Economics Working Paper Series 029, School of Economics, University of East Anglia, Norwich, UK..
    20. Etienne Redor & Magnus Blomkvist, 2021. "Do all inside and affiliated directors hold the same value for shareholders?," Economics Bulletin, AccessEcon, vol. 41(3), pages 882-895.

    More about this item

    Keywords

    Agribusiness;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ags:aergaa:101052. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: AgEcon Search (email available below). General contact details of provider: https://edirc.repec.org/data/etagrea.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.