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Are Cooperatives More Productive Than Investor-Owned Firms? Cross-Industry Evidence From Portugal

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  • Natalia P. MONTEIRO
  • Odd Rune STRAUME

Abstract

We analyse empirically whether cooperatives and investor-owned firms differ in terms of productive efficiency. Using rich Portuguese panel data covering a wide range of industries, we apply two different empirical approaches to estimate potential differences in productive efficiency. The results from our benchmark random-effects model show that cooperatives are significantly less productive, on average, than investor-owned firms, both at the aggregate level and for most of the industries considered. However, the results derived from a System-GMM approach, which is our preferred empirical strategy, are much less conclusive, and we cannot conclude that cooperatives are generally less efficient that investor†owned firms. With either approach, though, we find no evidence that cooperatives are more productive than investor†owned firms in any industry.

Suggested Citation

  • Natalia P. MONTEIRO & Odd Rune STRAUME, 2018. "Are Cooperatives More Productive Than Investor-Owned Firms? Cross-Industry Evidence From Portugal," Annals of Public and Cooperative Economics, Wiley Blackwell, vol. 89(2), pages 377-414, June.
    • Handle: RePEc:bla:annpce:v:89:y:2018:i:2:p:377-414
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    Cited by:

    1. Francisco J. Santos & Carmen Guzmán & Lidia Valiente, 2025. "Entrepreneurship and innovation in worker cooperatives and conventional firms: the role of external cooperation," Small Business Economics, Springer, vol. 64(3), pages 1415-1431, March.
    2. Marcelo Ferreira & Clea Macagnan & Daniel Vancin & Ana Toaldo, 2021. "Technical assistance: A determinant of cooperative member loyalty," Annals of Public and Cooperative Economics, Wiley Blackwell, vol. 92(4), pages 649-668, December.
    3. Zsuzsanna Kispál-Vitai & Yann Regnard & Klara Kövesi & Claude-André Guillotte, 2019. "Cooperative case studies from three countries: Is membership a problem or a solution in the 21 st century?," Post-Print hal-02351404, HAL.
    4. Elena Meliá-Martí & Guillermina Tormo-Carbó & Juan Francisco Juliá-Igual, 2020. "Does Gender Diversity Affect Performance in Agri-Food Cooperatives? A Moderated Model," Sustainability, MDPI, vol. 12(16), pages 1-27, August.
    5. Blanchard, Pablo & Burdin, Gabriel & Dean, Andrés, 2025. "Property rights, sick pay and effort supply," Journal of Development Economics, Elsevier, vol. 177(C).
    6. Andreea Preluca & Karin Hakelius & Cecilia Mark-Herbert, 2022. "Sustainability of Worker Co-Operatives," Sustainability, MDPI, vol. 14(18), pages 1-20, September.
    7. Correa Mautz, Felipe, 2022. "Productividad comparada de las empresas de la economía social en Chile," Documentos de Proyectos 48386, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    8. Carmen GUZMAN & Francisco J. SANTOS & María de la O BARROSO, 2020. "Cooperative Essence And Entrepreneurial Quality: A Comparative Contextual Analysis," Annals of Public and Cooperative Economics, Wiley Blackwell, vol. 91(1), pages 95-118, March.
    9. Zsuzsanna Kispál-Vitai & Yann Regnard & Klara Kövesi & Claude-André Guillotte, 2019. "Cooperative case studies from three countries: Is membership a problem or a solution in the 21st century?," Society and Economy, Akadémiai Kiadó, Hungary, vol. 41(4), pages 467-485, December.

    More about this item

    JEL classification:

    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
    • J54 - Labor and Demographic Economics - - Labor-Management Relations, Trade Unions, and Collective Bargaining - - - Producer Cooperatives; Labor Managed Firms
    • P12 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Capitalist Enterprises
    • P13 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Cooperative Enterprises

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