Exchange rate exposure of agricultural cooperatives

Piccoli, Pedro

doi:10.1002/agr.21629

Cited by 3 publications

(4 citation statements)

References 24 publications

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“…Second, the Working Capital Management literature has attracted growing interest in the last 10 years. However, studies focusing on private firms remain scarce, mainly in the case of Emerging Economies, which is an important issue since private organizations account for the vast majority of firms in these countries (Piccoli, 2020). Since this study focuses on a unique dataset of Brazilian private firms, the findings reported here can provide a better understanding of the issues that private emerging organizations face with regard to working capital management.…”

Section: Introductionmentioning

confidence: 93%

“…As these are private data, the financial reports were made available without identifying the respective cooperatives to ensure their privacy. Even though our sample is limited to agricultural cooperatives in this state, it is worth mentioning how representative Paran a State is in this industry, since it is responsible for 40% of Brazilian exports of agricultural products and for 30% of the national agricultural GDP (Piccoli, 2020). Furthermore, the agricultural cooperatives are also relevant local agents as they correspond to 56% of the agricultural economy of Paran a, the leading industry in this State (Ocepar, 2016).…”

Section: Datamentioning

confidence: 99%

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Short-term financial sustainability of agricultural cooperatives

Piccoli

Bianchini

Coser

et al. 2020

AFR

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PurposeFrom 2006 to 2016, Brazilian agricultural cooperatives exhibited a sharp increase in sales. Since the operational cycle of these organizations demands a positive net working capital that is usually funded by debt, the authors examine whether this rise in sales was obtained at the cost of the short-term financial sustainability. As a matter of comparison, the authors conduct the same analysis for Brazilian agricultural public traded companies.Design/methodology/approachThe authors employ the dynamic analysis of working capital method to measure the short-term financial sustainability of these organizations.FindingsThe authors find that the expansion of net working capital caused by the growth of the revenues of the sampled cooperatives was mostly funded by short-term debt, which rose by 31% in annualized terms. The authors also document that around 60% of these firms displayed a current capital structure that can be considered risky in terms of indebtedness, and that the majority of firms exhibited a non-sustainable growth in the period, what contrasts with the performance presented by Brazilian agricultural publicly traded companies, since only 16% of the firms from this group have shown a non-sustainable growth. This distinction seems to be explained by the lower capacity of agricultural cooperatives to provide resources from their operations.Originality/valueThe authors investigate the short-term financial sustainability of a unique dataset of 65 Brazilian agricultural cooperatives and provide insight for researchers analyzing the dual nature of these firms.

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Section: Introductionmentioning

confidence: 93%

Section: Datamentioning

confidence: 99%

Short-term financial sustainability of agricultural cooperatives

Piccoli

Bianchini

Coser

et al. 2020

AFR

Self Cite

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“…The fact that they belong to this sector is explained by its importance to the local economy. Paran a State is the second largest agricultural producer in Brazil, responsible for around 30% of Brazilian agricultural GDP and 40% of this industry's exports (Piccoli, 2020).…”

Section: Context Of Training In Cooperativismmentioning

confidence: 99%

The relationship between training effectiveness and financial performance in cooperative organizations

Oliveira,

Weymer,

Piccoli

et al. 2024

SEJ

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Purpose The purpose of this study was to identify the relationship between training and financial performance in cooperative organizations. Design/methodology/approach To achieve this goal, the fixed-effect panel regression technique was used, from a single database containing hours and amounts invested in training by 35 large Brazilian agribusiness cooperatives over 10 years as the main independent variable of the econometric model. Financial performance was operationalized by the Net Margin and ROE. Findings It was possible to identify a positive relationship between expenditure on training and the future rate of return and profitability of the organizations in question. The results also indicate that this relationship grows stronger over the first three years after the investments are made and ceases to exist after this period. The findings are robust with regard to a series of alternative explanations and contribute to understanding the relationship between training and organizational performance in financial terms, considering the extent and duration of training. Originality/value The originality this study is justified by the pioneering spirit of presenting direct evidence linking investment in training and financial performance and the duration of this relationship. Thus, the study makes a significant contribution to the construction of knowledge on the subject.

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“…In the recent years, efforts to relate FXE to the firm level distress Prasad et al (2018) show significantly positive relationship between the two. Exposure in the agriculture industry has been studied with significant exposure and risk (Piccoli, 2020). Experts have contributed variously in developing measures and identifying factors and evaluating the impact of the exchange rate exposure from different angles.…”

Section: Literature Reviewmentioning

confidence: 99%

Factors Determining the Exchange Rate Exposure of Firms: Evidence from India

Sayed

Jayapal

2021

Business Perspectives and Research

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Exchange rate exposure is a strategic decision in finance and risk management at both the micro and macro level of business operations. Literature on the measurement, and management of this risk, has had no consensus on the factors affecting it as these factors seem to be dynamic. In an effort to consider a comprehensive study at the firm level, this article examines the exchange rate exposure of 271 constituent firms from the BSE S&P 500 index. The study period was 2001 to 2020 divided into sub-periods around the financial crises of 2008. The study uses two contemporary approaches (the capital market approach and the cash flow approach) and five relevant exchange rates (USD, EURO, GBP, JPY, and REER) to measure the foreign exchange. The sample firms were divided into 10 industrial sectors to identify the factors that lead to exposure of firms to exchange rate volatility. We use multinomial logistic regression to regress the select factors with the measured value of exchange rate exposure. The findings of the article suggest that multinationality, fixed asset utilization ratio, hedging activities, industrial sectors, size, and age of the firms are the significant determinants of such exposure. The results varied during the sub-periods and across industries.

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Exchange rate exposure of agricultural cooperatives

Cited by 3 publications

References 24 publications

Short-term financial sustainability of agricultural cooperatives

Short-term financial sustainability of agricultural cooperatives

The relationship between training effectiveness and financial performance in cooperative organizations

Factors Determining the Exchange Rate Exposure of Firms: Evidence from India

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