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Type: Conference Paper
Year of publication: 2004
Source:
AgEcon
Collected from:
AGRIS
Subject:
cooperatives
agribusiness and cooperatives
Description:This study researches the validity of claims that cooperatives are destroying value by comparing the financial performance of agricultural cooperatives with investor-owned firms in four sectors--dairy, farm supply, fruit and vegetable, and grain. Traditional financial ratios measuring profitability, liquidity, leverage and asset efficiency were analyzed for 1991 through 2002. Overall, the financial performances of agricultural cooperatives and their investor-owned counterparts were comparable. Consistent with theoretical expectations, cooperatives demonstrated lower rates of asset efficiency, except in the dairy sector. Cooperatives in all four sectors were less leveraged, while results regarding the relative profitability and liquidity of cooperatives were not conclusive.
Related Resources
Beginning to inform the theory of the cooperative firm: Emergence of the new generation cooperativeProvider: Subject: agricultural development cooperatives agribusiness and cooperatives |
New producer strategies: the emergence of patron-driven entrepreneurshipProvider: Subject: cooperatives agribusiness and cooperatives |
Incentives to Efficient Investment Decisions in Agricultural CooperativesRecent studies have questioned the competitiveness of agricultural cooperatives in an industrialized food system, based on empirical results and economic theory. New organizational institutions have been proposed to overcome the cooperative main weaknesses (the so called new generation cooperatives). In this paper, we provide a simple model based on a financial approach to address the issue of cooperative competitiveness and to assess the investment efficiency of both traditional and new generation cooperatives. The main conclusions of the analysis are: i) cooperatives (both traditional and new generation ones) may have incentive to adopt projects that do not maximize the Net Present Value of the firm ii) the institutions of new generation cooperatives are not sufficient to ensure net present value maximization, even though they address some of the main concerns of traditional cooperatives iii) traditional cooperatives may have a competitive advantage in businesses that require the aggregation of a large number of farmers. Provider: Subject: cooperatives agribusiness and cooperatives Collected from: |
AGRERI Library
Beginning to inform the theory of the cooperative firm: Emergence of the new generation cooperativeProvider: Subject: agricultural development cooperatives agribusiness and cooperatives |
New producer strategies: the emergence of patron-driven entrepreneurshipProvider: Subject: cooperatives agribusiness and cooperatives |
External Library
Incentives to Efficient Investment Decisions in Agricultural CooperativesRecent studies have questioned the competitiveness of agricultural cooperatives in an industrialized food system, based on empirical results and economic theory. New organizational institutions have been proposed to overcome the cooperative main weaknesses (the so called new generation cooperatives). In this paper, we provide a simple model based on a financial approach to address the issue of cooperative competitiveness and to assess the investment efficiency of both traditional and new generation cooperatives. The main conclusions of the analysis are: i) cooperatives (both traditional and new generation ones) may have incentive to adopt projects that do not maximize the Net Present Value of the firm ii) the institutions of new generation cooperatives are not sufficient to ensure net present value maximization, even though they address some of the main concerns of traditional cooperatives iii) traditional cooperatives may have a competitive advantage in businesses that require the aggregation of a large number of farmers. Provider: Subject: cooperatives agribusiness and cooperatives Collected from: |
