Effects Of Managers' Power On Capital Structure: A Study On Italian Agricultural Cooperatives
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.
(This abstract was borrowed from another version of this item.)
|Date of creation:||1999|
|Date of revision:|
|Contact details of provider:|| Postal: Justin S. Morrill Hall of Agriculture, 446 West Circle Dr., Rm 202, East Lansing, MI 48824-1039|
Phone: (517) 355-4563
Fax: (517) 432-1800
Web page: http://www.aec.msu.edu/agecon/
More information through EDIRC
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Titman, Sheridan & Wessels, Roberto, 1988. " The Determinants of Capital Structure Choice," Journal of Finance, American Finance Association, vol. 43(1), pages 1-19, March.
- 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.
- Staatz, John M., 1989. "Farmer Cooperative Theory: Recent Developments," Research Reports 52017, United States Department of Agriculture, Rural Development Business and Cooperative Programs.
When requesting a correction, please mention this item's handle: RePEc:ags:midasp:11753. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (AgEcon Search)
If references are entirely missing, you can add them using this form.