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Enterprise forms, ownership markets, and capital procurement of the firm

  • Kazuhiko Mikami

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    (Department of Economics, Royal Holloway, University of London and Department of Applied Economics, University of Hyogo, Kobe, Hyogo, Japan)

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    It is often argued that cooperative firms are financially less viable than ivestor-owned firms. From a fundamental point of view, however, this does not seem a fair comparison, since the market for firm ownership is usually only available to investor-owned firms in our economy. This paper examines potential roles of the market for ownership rights to cooperative firms, particularly in capital procurement of the firm. We sho that, with a well-functioning membership market, consumer cooperatives are not necessarily financially weaker than investor-owned firms. The consumer cooperative can thus be a promising alternative to the investor-owned firm when the latter type of firm induces some serious market failure in the product market.

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    File URL: http://www.rhul.ac.uk/economics/Research/WorkingPapers/pdf/dpe0702.pdf
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    Paper provided by Department of Economics, Royal Holloway University of London in its series Royal Holloway, University of London: Discussion Papers in Economics with number 07/02.

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    Date of creation: Jul 2007
    Date of revision: Jul 2007
    Handle: RePEc:hol:holodi:0702
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