Performance de las cooperativas tradicionales: las cooperativas portuguesas de Viño del Duero

João Rebelo; José Caldas; Scott C. Matulich

doi:10.7201/earn.2010.02.07

Authors

João Rebelo University of Trás-os-Montes and Alto Douro (UTAD)
José Caldas University of Trás-os-Montes and Alto Douro (UTAD)
Scott C. Matulich Washington State University

DOI:

https://doi.org/10.7201/earn.2010.02.07

Keywords:

Econometric model, Economic analysis, Traditional cooperatives, Wine sector

Abstract

Globalization is challenging the very core of cooperative governance and ownership decision, especially in Southern European countries, like Portugal, where a large number of producers are organized in traditional and Mediterranean-style agricultural cooperatives. This paper analyses the effects of governance and control variables related with size over two alternative indicators of performance: revenues transferred to members/patrons and capital structure. The results suggest that these cooperatives have difficulties being sustainable in the more competitive global wine markets, if they follow, essentially, a practice of maximum patronage refund, reducing their capacity to improve leverage and to finance more profitable, but risky, long run investments.

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Author Biographies

João Rebelo, University of Trás-os-Montes and Alto Douro (UTAD)

Department of Economics, Sociology and Management (DESG) and CETRAD University of Trás-os-Montes and Alto Douro (UTAD)

José Caldas, University of Trás-os-Montes and Alto Douro (UTAD)

Department of Economics, Sociology and Management (DESG) and CETRADUniversity of Trás-os-Montes and Alto Douro (UTAD)

Scott C. Matulich, Washington State University

School of Economic Sciences

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