Cooperatives: The governance of patronage dividends (A Corporate Finance viewpoint)

Rodolfo Apreda

No 508, CEMA Working Papers: Serie Documentos de Trabajo. from Universidad del CEMA

Abstract: Members of cooperatives are patrons and owners simultaneously, which turns out to be a consequential feature ingrained in that sort of business associations. This paper puts forward some contributions to the subject. Firstly, it defines a primary cooperative, making hence a contrast with cooperatives of cooperatives and shaping up their distinctive incremental cash-flow structure. Secondly, it focuses on some governance attributes depicted by patronage dividends in their quest for cash flows from assets. Lastly, it points out that the pursuit of growth poses a threat to primary cooperatives, entailing both governance risks and costs whenever these organizations increase in size and scope.

Keywords: cooperatives; patronage dividends; cooperatives governance; incremental cash flows; governance risks; governance costs; patrons (search for similar items in EconPapers)
JEL-codes: G32 G34 Q13 R10 (search for similar items in EconPapers)
Pages: 24 pages
Date: 2013-03
References: View complete reference list from CitEc
Citations:

Downloads: (external link)
https://www.ucema.edu.ar/publicaciones/download/documentos/508.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:cem:doctra:508

Access Statistics for this paper

More papers in CEMA Working Papers: Serie Documentos de Trabajo. from Universidad del CEMA Contact information at EDIRC.
Bibliographic data for series maintained by Valeria Dowding ().