This article examines the takeover of a cooperative (Dairyworld) by an investor-owned firm (Saputo) that was not previously present in the industry, determines if this takeover generates greater returns for the investor-owned firms (IOF), and on the basis of this evidence makes some inferences about the behavior and performance of cooperatives and IOFs. The empirical evidence strongly supports the conclusion that Saputo's stock price rose with its takeover announcement. This outcome is consistent with a number of explanations, including that Saputo was unaffected by hubris, a factor often suggested as the reason that many firms overbid when they undertake acquisitions. Dairyworld's poor liquidity and capital shortage problems, as well as a limited number of suitors, may have weakened its bargaining position in its dealings with Saputo. The observed increase in Saputo's stock price is also consistent with the possibility that, by taking over a cooperative, Saputo was able to decrease competition and thus increase its profits. A fruitful area for future research would be a rigorous theoretical and empirical determination of the impact that these various factors have on acquisition profitability. Such analysis is required before inferences about the behavior and performance of cooperatives and IOFs can be fully answered.JEL classifications: G34, L13, L21, L22, Q13

Purpose The purpose of this paper is to introduce the concept of embeddedness, highlight its connection with corporate social responsibility (CSR) strategies, and argue for its importance in securing and strengthening organizational resiliency. Design/methodology/approach Embeddedness and CSR are both well-researched topics but have been typically addressed on separate literature streams. The paper draws upon this diverse literature to introduce a conceptual framework for embeddedness in CSR. Findings The paper illustrates the importance of embeddedness and how it can enhance existing CSR strategies. A strongly embedded organization becomes deeply rooted on its socio-economic and natural environments, thus setting a symbiotic relationship that extends beyond any narrowly defined business purposes. Strong embeddedness has the potential to increase and further expand any CSR-related benefits while shielding the firm from economic downturns and thus increasing its resilience. Originality/value The paper builds upon CSR literature by incorporating the concept of embeddedness and then proposing how such an approach can strengthen an organization and increase its resilience.

This study aims to identify the methods and associated indicators that are commonly used in value chain analyses (VCA) and to determine the areas of interest that have been excluded. Value chain analysis generally includes four different dimensions, which are institutional/functional, economic/financial, social, and environmental. This study has two main sources of literature. The first is the guidelines and the other is case studies on value chain analysis. The case study review is limited by the time between 2000 and 2022. The results showed that the researchers mainly focused on the institutional/functional analysis of the value chain, which is the first step of the analysis. Studies were mostly concentrated on the mapping of value chains, which includes the mapping of agents, core activities, and the marketing channels and flows of products. The second important area of interest is economic/financial analysis. Value added analysis is a top research area on the economical side of the value chain (VC). Consumer behavior and financial analysis are also included in the case studies. The research on consumer behavior of the value chain analysis has focused on the preferences, attitudes, and behaviors of the consumers. Financial analysis is another area of interest which generally concentrates on the cost of intermediate inputs, total output value, net present value, internal rate of return, cash flows and cost of fixed assets, and break-even point. The social and environmental sides of the value chain have been studied with less attention. This is much more important for a sustainable food VC.

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