PERFORMANCE OF COOPERATIVES AND INVESTOR OWNED FIRMS IN THE DAIRY INDUSTRY

Claudia Parliament · Zvi Lerman · Joan R. Fulton

77 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

A comparison of regional dairy cooperatives with investor-owned dairy firms from the period 1976-87 produced empirical findings that are at variance with the hypotheses suggested by the theory of cooperatives. The cooperatives in the sample performed significantly better than the IOFs when compared by leverage, liquidity, asset turnover, and coverage ratios, while the rate of return to equity was not found to be significantly different. Techniques are also proposed for valuing the nonmarket aspects of cooperatives that are not captured by financial ratio analysis.

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1980Financial Theory and Corporate Policy.1986Measuring Water Quality Benefits 1962Cooperative Enterprise and Organization Theory

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1999Cooperative Organizational Strategies: A Neo-Institutional Digest 1991Size and industry effects in the performance of agricultural cooperatives 2009A Cooperative Life Cycle Framework 2018Harnessing a ‘Currency Matrix’ for Performance Measurement in Cooperatives: A Multi-Phased Study 2020Cooperative Entrepreneurship Model for Sustainable Development 1992Economies of Scale and Scope for Agricultural Supply and Marketing Cooperatives 2010Distinguishing dairy cooperatives from investor-owned firms in Europe using financial indicators 2017Financial and economic performance of major Brazilian credit cooperatives

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