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


  • Kazuhiko Mikami

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


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.

Suggested Citation

  • Kazuhiko Mikami, 2007. "Enterprise forms, ownership markets, and capital procurement of the firm," Royal Holloway, University of London: Discussion Papers in Economics 07/02, Department of Economics, Royal Holloway University of London, revised Jul 2007.
  • Handle: RePEc:hol:holodi:0702

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    enterprise form; owndership market; capital procurement;

    JEL classification:

    • P13 - Economic Systems - - Capitalist Systems - - - Cooperative Enterprises
    • P51 - Economic Systems - - Comparative Economic Systems - - - Comparative Analysis of Economic Systems

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