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Identifying the impact of crisis on cooperative capital constraint. A short note on French craftsmen cooperatives

Anne Musson and Damien Rousselière

Finance Research Letters, 2020, vol. 35, issue C

Abstract: This research note addresses for the first time the issue of capital constraint and credit rationing for craftsmen cooperatives, which are small to medium grassroots cooperatives. We estimate an ECM (Error correction model) using various specifications as robustness checks on an exhaustive French cooperative database. We find empirical evidence of an impact of crisis on cooperative financial constraint, but we highlight that this constraint is more stringent for cooperatives with medium volume of cash flow. This result leads to the question of cooperatives financing during the period of a global economic downturn.

Keywords: Capital constraint; Credit rationing; Cooperatives; Error correction model (search for similar items in EconPapers)
JEL-codes: D22 G32 P13 (search for similar items in EconPapers)
Date: 2020
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Working Paper: Identifying the impact of crisis on cooperative capital constraint. A short note on French craftsmen cooperatives (2020)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:35:y:2020:i:c:s1544612319303538

DOI: 10.1016/j.frl.2019.09.005

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