Enterprise forms, ownership markets, and capital procurement of the firm

Kazuhiko Mikami ()
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Kazuhiko Mikami: Department of Economics, Royal Holloway, University of London and Department of Applied Economics, University of Hyogo, Kobe, Hyogo, Japan

No 07/02, Royal Holloway, University of London: Discussion Papers in Economics from Department of Economics, Royal Holloway University of London

Abstract: It is often argued that cooperative firms are financially less viable than ivestor-owned firms. From a fundamental point of view, however, this does not seem a fair comparison, since the market for firm ownership is usually only available to investor-owned firms in our economy. This paper examines potential roles of the market for ownership rights to cooperative firms, particularly in capital procurement of the firm. We sho that, with a well-functioning membership market, consumer cooperatives are not necessarily financially weaker than investor-owned firms. The consumer cooperative can thus be a promising alternative to the investor-owned firm when the latter type of firm induces some serious market failure in the product market.

Keywords: enterprise form; owndership market; capital procurement (search for similar items in EconPapers)
JEL-codes: P13 P51 (search for similar items in EconPapers)
Date: 2007-07, Revised 2007-07
New Economics Papers: this item is included in nep-mic
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