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Effects Of Managers' Power On Capital Structure: A Study Of Italian Agricultural Cooperatives

  • Russo, Carlo
  • Weatherspoon, Dave D.
  • Peterson, H. Christopher
  • Sabbatini, Massimo

Excessive leverage is one of the most important problems facing Italian agricultural cooperatives as the competition in the EU intensifies. An empirical study of 500 agricultural cooperatives supports the hypothesis that cooperatives characterized as having "powerful managers" have a capital structure that is significantly different from the "nonpowerful manager" cooperatives. Powerful manager cooperatives were less leveraged and had a long term strategy that focused on minimizing financial risk by increasing their equity/asset ratio. The result of this strategy is an increased probability of long term international competitiveness.

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File URL: http://purl.umn.edu/34565
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Article provided by International Food and Agribusiness Management Association (IAMA) in its journal International Food and Agribusiness Management Review.

Volume (Year): 03 (2000)
Issue (Month): 01 ()
Pages:

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Handle: RePEc:ags:ifaamr:34565
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  1. Staatz, John M., 1989. "Farmer Cooperative Theory: Recent Developments," Research Reports 52017, United States Department of Agriculture, Rural Development Business and Cooperative Programs.
  2. Titman, Sheridan & Wessels, Roberto, 1988. " The Determinants of Capital Structure Choice," Journal of Finance, American Finance Association, vol. 43(1), pages 1-19, March.
  3. Barton, David G. & Parcell, Joseph L. & Featherstone, Allen M., 1997. "Optimal Capital Structure in Centralized Agricultural Cooperatives," 1997 Annual Meeting, July 13-16, 1997, Reno\Sparks, Nevada 35809, Western Agricultural Economics Association.
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