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Cooperatives: The governance of patronage dividends (A Corporate Finance viewpoint)

Author

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  • Rodolfo Apreda

Abstract

Members of cooperatives are patrons and owners simultaneously, which turns out to be a consequential feature ingrained in that sort of business associations. This paper puts forward some contributions to the subject. Firstly, it defines a primary cooperative, making hence a contrast with cooperatives of cooperatives and shaping up their distinctive incremental cash-flow structure. Secondly, it focuses on some governance attributes depicted by patronage dividends in their quest for cash flows from assets. Lastly, it points out that the pursuit of growth poses a threat to primary cooperatives, entailing both governance risks and costs whenever these organizations increase in size and scope.

Suggested Citation

  • Rodolfo Apreda, 2013. "Cooperatives: The governance of patronage dividends (A Corporate Finance viewpoint)," CEMA Working Papers: Serie Documentos de Trabajo. 508, Universidad del CEMA.
    • Handle: RePEc:cem:doctra:508
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    File URL: https://www.ucema.edu.ar/publicaciones/download/documentos/508.pdf
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    More about this item

    Keywords

    cooperatives; patronage dividends; cooperatives governance; incremental cash flows; governance risks; governance costs; patrons;
    All these keywords.

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • R10 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - General
    • Q13 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Agricultural Markets and Marketing; Cooperatives; Agribusiness

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