New Generation Cooperatives as a Response to the Economic Crisis in Greece

Ioannis Galatoulas, Panagiota Sergaki, Konstantinos D. Apostolopoulos and Aristidis Papagrigoriou
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Ioannis Galatoulas: Harokopio University of Athens, Kallithea, Greece
Panagiota Sergaki: Aristotle University of Thessaloniki, Thessaloniki, Greece
Konstantinos D. Apostolopoulos: Harokopio University of Athens, Kallithea, Greece
Aristidis Papagrigoriou: University of West Attica, Athens, Greece

International Journal of Corporate Finance and Accounting (IJCFA), 2018, vol. 5, issue 1, 37-50

Abstract: The severe Greek economic crisis has created several financial and social challenges. The rise in unemployment had a consequence that a significant percentage of city-dwellers had to leave their homes mostly in Athens and continue their life in rural areas of Greece. Small agricultural holdings that were inherited and never utilized in the years of economic prosperity are now utilized. New business structures have emerged to tackle unemployment and the loss of income. As a result, the first new generation cooperative (NGC) named Efkarpon was established in Karditsa, Greece, in 2012. It is a vertically integrated cooperative, which uses innovation in production and processing of superfood fruits. Factor analysis and SWOT analysis are used to specify the cooperative potentials and manage members' expectations. The results reveal that the members joined in the Efkarpon mostly because they liked the innovative attributes of the effort and recognized entrepreneurial opportunities in superfoods. The credibility of the pioneers of this innovative venture seem to have played the key role.

Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:igg:jcfa00:v:5:y:2018:i:1:p:37-50

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