Comparative Financial Performance of Agricultural Cooperatives and Investor-Owned Firms

Shermain Hardesty · Vikas D. Salgia

33 citations0/0 files storedRePEc: Research Papers in Economics

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Cooperative Studies and Economics Agricultural economics and policies Corporate Finance and Governance

Abstract

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.

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References

1987Economic Efficiency in Cooperatives 1993What Do We Know About the Economic Efficiency of Cooperatives: An Evaluative Survey 1990Comparative performance of cooperatives and investor-owned firms in US food industries 1989SOME TESTS OF THE ECONOMIC THEORY OF COOPERATIVES: METHODOLOGY AND APPLICATION TO COTTON GINNING 1992Cooperative and Investor-Oriented Firm Efficiency: A Multiproduct Analysis

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