Constitutional Design and Investment in Cooperatives and Investor-Owned Enterprises
This paper studies the role of the corporate governance system in cooperatives and in investor-owned enterprises. We abstract from all possible differences between the two systems except the type of majority needed to take decisions: this is one-head-one-vote for cooperatives and proportional to capital invested in investor-owned firms. We show that the institutional form chosen matters for the initial investment decision of the agents: in particular we find that members of a cooperative invest less than they would in an investor-owned enterprise. Copyright CIRIEC, 2004.
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Volume (Year): 75 (2004)
Issue (Month): 2 (06)
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References listed on IDEAS
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