Long-term Financing in European Agribusiness Cooperatives: Emerging Methods for Ameliorating Investment Constraints

摘要: During recent years, dramatic changes in the world food system have led to unprecedented competition between agribusiness firms. To compete this environment, agricultural cooperatives should invest substantially long-term activities such as R&D and advertisement. Co-operatives a difficult problem acquiring equity capital because residual claimant (benefactor) is patron of firm, not investor. This organizational design poses three investment constraints: a) free rider problem, b) horizon c) portfolio problem. Empirical analysis utilizing latent variable structural equation model large dual response survey suggests that U.S. member-patrons are more likely co-operatives which adopt well defined property rights policies structures than traditional characterized by vaguely-defined right structures. Agribusiness European Union gradually adopting financing methods possess one or characteristics found successful "New Generation Cooperatives." However, it seems they paid less attention designing their (e.g., membership policies). may inhibit efforts gain competitive advantage over investor-owned