Decomposing the dividend
Grifell-Tatjé, Emili (Universitat Autònoma de Barcelona. Departament d'Economia de l'Empresa)
Lovell, C. A. Knox (University of Georgia. Department of Economics)

Date:	2004
Abstract:	Most theoretical and empirical research on cooperatives focuses on the comparative statics behavior of optimizing cooperatives. We focus on the magnitude and sources of variation in the dividend that cooperatives are presumed to maximize. Variation in the dividend leads to an inefficient allocation of labor among cooperatives. For a panel of 59 Spanish cooperative financial institutions, from 1994 to 2001, we decompose dividend variation into mutually exclusive and exhaustive sources. We also compare the performance of all other cooperative financial institutions to that of Caja Laboral Popular, which provides financial services to the Mondragón group of cooperatives.
Rights:	Tots els drets reservats.
Language:	Anglès
Document:	Article ; recerca ; Versió acceptada per publicar
Published in:	Journal of comparative economics, Vol. 32 Núm. 3 (2004) , p. 500-518, ISSN 0147-5967

DOI: 10.1016/j.jce.2004.05.002

Postprint 45 p, 201.6 KB

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