Why is labour-managed firm entry so rare?

Podivinsky, Jan M.; Stewart, Geoff

doi:10.1016/j.jebo.2006.02.001

Cited by 34 publications

(3 citation statements)

References 33 publications

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“…Some studies (e.g. Podivinsky and Stewart 2007) have revived interest in the marginal position, size and entry of cooperative firms into market economies. Nonetheless, as Perotin (2015) claims, most conventional firms are very small: around 90 per cent of the firms have less than 20 employees in the UK (93.7 per cent), the US (89.6 per cent) and France (90.4 per cent), and less than 10 employees in Spain.…”

Section: Size Of Cooperativesmentioning

confidence: 99%

Revisiting Globalization Challenges and Opportunities in the Development of Cooperatives

Bretos

Servós

2016

Ann Public Coop Econ

113

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Cooperatives have gained prominent attention in recent years as strategic elements to achieve sustainable economic development and greater social cohesion in the context of neoliberal globalization. This article explores, theoretically, the current challenges and opportunities for cooperatives to develop successfully in the globalizing economy. To this end, we provide an analytical, critical review of the key bibliography concerning some fundamental aspects that shape the relationship between economic globalization and cooperatives, an issue that has been generally neglected by previous literature. Three key fields are addressed: 1) the viability of cooperatives, based on their strengths and possible weaknesses, under current globalization; 2) the role of these organizations in promoting the local development and stability of local communities; and 3) the tensions and potentialities that internationalization entails for cooperatives. Based on the analytical review and the organization of the literature, we propose an agenda for further research. This includes some hypotheses and strategies for testing them that would be essential to assess the role of cooperatives in economic globalization, and sheds light on key areas for future research that could provide a better understanding of the complexity surrounding the relationship between globalization and cooperatives.

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Section: Size Of Cooperativesmentioning

confidence: 99%

Revisiting Globalization Challenges and Opportunities in the Development of Cooperatives

Bretos

Servós

2016

Ann Public Coop Econ

113

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“…The legally-imposed accumulation of indivisible reserves showed to be effective in preventing demutualization, but has been repeatedly accused to lead to dynamically inefficient investment choices, implying under-investment and under-capitalization [40,45,46]. Undercapitalization due to suboptimal reinvestment of net residuals into locked assets and limited access to financial markets (due to absence of tradable shares) have been taken as implying the self-selection of co-operatives into low-capital, high-labor intensive sectors [59,[61][62][63]. They have also been taken to explain the low rate of creation of new co-operative ventures due to limited financial support to new start-ups.…”

Section: Undercapitalization Common Ownership and Diffusion Of Co-omentioning

confidence: 99%

“…The spread of co-operatives, beyond their own financial sustainability dealt with in this paper, can help, if properly regulated, to support environmental sustainability in several ways. First, co-operatives have been reported to be concentrated in high labor-intensive sectors [63]. This feature, which clearly puts them at a disadvantage in capital-intensive sectors, signals a tendency to avoid resource-intensive production processes and to lower the consumption of resources.…”

Section: Environmental Sustainabilitymentioning

confidence: 99%

The Firm as a Common. Non-Divided Ownership, Patrimonial Stability and Longevity of Co-Operative Enterprises

Tortia

2018

Sustainability

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Contemporary literature dealing with the governance and exploitation of common-pool natural resources was initiated by Elinor Ostrom in 1990, and has been growing fast ever since. On the contrary, within the same research stream, the study of the presence and economic role of common resources in entrepreneurial organizations is, to date, under-researched. This work endeavors to fill some theoretical gaps in this research perspective by: (i) spelling out a new-institutionalist framework for the analysis of the accumulation and governance of common capital resources within organizational boundaries; (ii) considering cooperative enterprises as the organizational form that, on the basis of historical record, and of behavioral and institutional characteristics, demonstrated to be most compatible with a substantial role for common and non-divided asset-ownership and with its governance thereof; and (iii) evidencing and explaining the theoretical connection between cooperative longevity and the presence of non-divided asset ownership. The economic forces influencing the optimal level of self-financed common capital resources in cooperatives are enquired. Conclusions to the paper evidence the main reasons why the new approach can better explain than preceding ones the economic sustainability and longevity of cooperative enterprises.

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Shadow price of capital and the Furubotn–Pejovich effect: Some empirical evidence for Italian wine cooperatives

Maietta

Sena

2008

Appl Stoch Models Bus & Ind

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We test the underinvestment hypothesis (the so-called Furubotn-Pejovich effect) from the specialized literature on co-ops by comparing the shadow price of capital and the dual capacity utilization index for a panel of Italian cooperative and conventional firms, 1996-2003. The results do not show any difference between co-ops and conventional firms in this respect.At the point of approximation all w n , y and z q are indexed to 1, while t and t-squared are indexed to zero [23]. This corresponds to the sample mean given the estimation procedure of normalizing all the variables in their mean. * * Their formulas are nk = ( nk +s n s k )/s n ∀n = k nn = ( nn +s 2 n −s n )/s n the values for the input shares s n being their estimated values. SHADOW PRICE OF CAPITAL AND THE FURUBOTN-PEJOVICH EFFECT † † These measures, comprehensive of the scale effect, are: B m equal to −0.004 for co-ops and −0.005 for conventional firms; B s equal to −0.022 and −0.013 and B h equal to 0.007 and 0.024.

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Why is labour-managed firm entry so rare?

Cited by 34 publications

References 33 publications

Revisiting Globalization Challenges and Opportunities in the Development of Cooperatives

Revisiting Globalization Challenges and Opportunities in the Development of Cooperatives

The Firm as a Common. Non-Divided Ownership, Patrimonial Stability and Longevity of Co-Operative Enterprises

Shadow price of capital and the Furubotn–Pejovich effect: Some empirical evidence for Italian wine cooperatives

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