Identifying the impact of crisis on cooperative capital constraint. A short note on French craftsmen cooperatives
Anne Musson and
Finance Research Letters, 2020, vol. 35, issue C
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)
References: View references in EconPapers View complete reference list from CitEc
Citations: Track citations by RSS feed
Downloads: (external link)
Full text for ScienceDirect subscribers only
Working Paper: Identifying the impact of crisis on cooperative capital constraint. A short note on French craftsmen cooperatives (2020)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:35:y:2020:i:c:s1544612319303538
Access Statistics for this article
Finance Research Letters is currently edited by R. GenÃ§ay
More articles in Finance Research Letters from Elsevier
Bibliographic data for series maintained by Nithya Sathishkumar ().