Are cooperatives more productive than investor-owned firms? Cross-industry evidence from Portugal

Natália Monteiro and Odd Rune Straume

No 9/2016, NIPE Working Papers from NIPE - Universidade do Minho

Abstract: We analyse empirically whether cooperatives and investor-owned fims differ in terms of productive efficiency. Using rich Portuguese panel data covering a wide range of industries, we apply two different empirical approaches to estimate potential diffferences in total factor productivity between the two groups of fi rms. The results from our benchmark random-effects model show that cooperatives are signi cantly less productive, on average, than investor-owned fi rms. This conclusion is to a large extent confi rmed by the results from System-GMM estimations. The lower productivity of cooperatives applies to a wide spectrum of industries. In six out of thirteen industries, cooperatives are outperformed by investor-owned firms in all empirical speci cations considered, while there is no industry in which cooperatives are consistently found to be the more productive type of firm.

Keywords: Cooperatives; investor-owned fi rms; productive effiiciency (search for similar items in EconPapers)
JEL-codes: D24 J54 P12 P13 (search for similar items in EconPapers)
Date: 2016
New Economics Papers: this item is included in nep-cse, nep-eff, nep-hme, nep-lab and nep-net
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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Related works:
Journal Article: ARE COOPERATIVES MORE PRODUCTIVE THAN INVESTOR-OWNED FIRMS? CROSS-INDUSTRY EVIDENCE FROM PORTUGAL (2018)
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