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La financiación propia y ajena de las sociedades cooperativas


  • Paloma Bel Durán

    () (Universidad Complutense de Madrid, Escuela de Estudios Cooperativos)

  • Josefina Fernández Guadaño

    () (Universidad Complutense de Madrid, Escuela de Estudios Cooperativos)


This paper analyses the co-operative financial structure and compares it with the structure of conventional capitalist companies, showing the advantages and disadvantages of each form of finance. At the same time, we propose a classification of the different sources of co-operative company liabilities taking into account their singular characteristics and grouping liabilities into two large items; internal and external resources. Lastly, the paper makes reference to the new permanent methods of fund raising included in the Co-operatives Act 27/1999, which in order to facilitate business development of this business format has introduced novelties which could distort the workings and putting into use of some corporate principles.

Suggested Citation

  • Paloma Bel Durán & Josefina Fernández Guadaño, 2002. "La financiación propia y ajena de las sociedades cooperativas," CIRIEC-España, revista de economía pública, social y cooperativa, CIRIEC-España, issue 42, pages 101-130, November.
  • Handle: RePEc:cic:revcir:y:2002:i:42:p:101-130

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    Co-operatives companies; financial structure; internal finance; external finance; new finance instruments.;

    JEL classification:

    • P13 - Economic Systems - - Capitalist Systems - - - Cooperative Enterprises
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies


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