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| Registros recuperados: 17 | |
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| Royer, Jeffrey S.. |
| This paper describes the neo-institutional approaches of transaction cost economics, agency theory, and property rights analysis and summarizes efforts by economists to apply these concepts to cooperatives. Several problems intrinsic to the cooperative organizational form and its property rights structure are reviewed. These problems have been hypothesized to affect the comparative economic efficiency of cooperative firms and have led to the development of life cycle models seeking to explain the formation, growth, and eventual decline of cooperatives as markets evolve. In this context, statistical analyses of the comparative efficiency of cooperatives and ex post studies of cooperative conversions are surveyed. |
| Tipo: Journal Article |
Palavras-chave: Agribusiness. |
| Ano: 1999 |
URL: http://purl.umn.edu/46367 |
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| Royer, Jeffrey S.. |
| The criterion for allocative efficiency is derived for a market system consisting of producers, a processor, and consumers and compared to the solution conditions for cooperative and profit-maximizing processors. A cooperative that maximizes total member returns will restrict output to less than the social optimum unless it is a price taker in the processed product market. A cooperative that processes whatever quantity of raw product members choose to deliver will overproduce relative to the social optimum unless marginal and average processing costs are equal. An income tax can be used to move a cooperative that restricts output toward the social optimum. |
| Tipo: Journal Article |
Palavras-chave: Agribusiness; Marketing. |
| Ano: 2001 |
URL: http://purl.umn.edu/46414 |
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| Royer, Jeffrey S.; Shihipar, M.L. Mohamad. |
| This paper analyzes how the proportion of patronage refunds a cooperative pays in cash affects the cash flow of individual patrons and how an individual patron's preferences regarding patronage refunds and equity revolvement are affected by age and other factors. Using an estimated patron age distribution and a collective choice model based on the preferences of the median voter, we predict which patronage refund and equity revolvement practices should dominate under selected patron and cooperative characteristics. We also examine the role of former patrons in determining refund and revolvement practices and how outcomes may be affected by alternative voting schemes. |
| Tipo: Journal Article |
Palavras-chave: Agribusiness. |
| Ano: 1997 |
URL: http://purl.umn.edu/46197 |
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| Royer, Jeffrey S.. |
| This paper examines the role of the “principles of cooperation” in shaping the methods used by farmer cooperative associations for the provision of equity capital by members. Cooperative principles and financing practices based on them are evaluated in the context of some common issues and conflicts among patrons. The characteristics of a cooperative are compared with those of a patron-owned corporation, and two case studies in which patrons chose to organize businesses as patron-owned corporations are discussed. The paper concludes by making recommendations for patron-owned businesses operating within the cooperative framework. |
| Tipo: Journal Article |
Palavras-chave: Agribusiness. |
| Ano: 1992 |
URL: http://purl.umn.edu/46285 |
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| Royer, Jeffrey S.; Bhuyan, Sanjib. |
| Firms may seek contractual alternatives to vertical integration in order to achieve transactional economies or adjust for market imperfections. Blair and Kaserman have shown that under fixed-proportions production technology. Firms within bilateral and successive monopoly market structures can use formula price contracts to achieve results economically equivalent to integration. This paper examines whether formula price contracts are a viable alternative to forward integration for farmer cooperatives. Analysis of a three-stage vertical market structure indicates that the conditions under which a cooperative assembler can use a formula price contract are more restrictive than those for an investor-owned firm. |
| Tipo: Journal Article |
Palavras-chave: Agribusiness. |
| Ano: 1993 |
URL: http://purl.umn.edu/46390 |
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| Royer, Jeffrey S.; Bhuyan, Sanjib. |
| A model of a three-stage vertical market structure consisting of agricultural producers. an assembler, and a processor is developed to analyze the market incentives farmer cooperatives may have for integrating forward into processing activities and to evaluate the comparative impacts of cooperative forward integration on producers and consumers. Although forward integration by cooperatives generally provides benefits to both producers and consumers under fixed-proportions processing technology and constant assembly and processing costs. the existence of an integration incentive appears to depend upon the ability of the cooperative to restrict the raw product output of its producers to optimal levels. |
| Tipo: Journal Article |
Palavras-chave: Agribusiness. |
| Ano: 1995 |
URL: http://purl.umn.edu/46181 |
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| Matthey, Holger; Royer, Jeffrey S.. |
| This paper evaluates the implications of corporate restrictions on production agriculture using the case of the Nebraska hog industry. Corporate farming restrictions prohibit the acquisition or operation of agricultural land by nonfamily farm or ranch corporations. A partial adjustment model with a variable coefficient of adjustment is used to study the policy change. The results of the study support the hypothesis that the corporate farming restrictions in Nebraska have reduced the Nebraska hog industry's ability to adjust its inventory to target levels. A significant shift in inventory adjustment behavior is shown to coincide with the enactment of the corporate restrictions. |
| Tipo: Working or Discussion Paper |
Palavras-chave: Corporate restrictions; Hog industry; Partial adjustment; Nebraska; Livestock Production/Industries. |
| Ano: 2001 |
URL: http://purl.umn.edu/18518 |
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| Royer, Jeffrey S.; Smith, Darnell B.. |
| This paper presents a dynamic model of a processing cooperative in which patronage refunds are taken into consideration by producers in making marketing decisions and by the cooperative in establishing pricing strategies. An adaptive expectations framework is used to represent the formation of producer expectations of patronage refunds. The model suggests that cooperatives can successfully distribute earnings to producers as patronage refunds while using prices as instruments for achieving and maintaining optimal output levels. This result challenges conventional ideas about cooperative market behavior and implies that public support for cooperatives should be based on empirical analysis rather than theoretical arguments alone. |
| Tipo: Journal Article |
Palavras-chave: Agribusiness. |
| Ano: 2007 |
URL: http://purl.umn.edu/46577 |
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| Royer, Jeffrey S.. |
| This paper describes the neo-institutional approaches of transaction cost economics, agency theory, and property rights analysis and summarizes efforts by economists to apply these concepts to cooperatives. Several problems intrinsic to the cooperative organizational form and its property rights structure are reviewed. These problems have been hypothesized to affect the comparative economic efficiency of cooperative firms and have led to the development of life cycle models seeking to explain the formation, growth, and eventual decline of cooperatives as markets evolve. In this context, statistical analyses of the comparative efficiency of cooperatives and ex post studies of cooperative conversions are surveyed. |
| Tipo: Journal Article |
Palavras-chave: Agribusiness. |
| Ano: 1999 |
URL: http://purl.umn.edu/46367 |
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| Royer, Jeffrey S.. |
| A comparative ratio analysis using nonparametric statistical methods provides no evidence to support the hypothesis that U.S. farmer cooperatives generally are financially weaker than other firms. Although some cooperative groups had lower current ratios than industry standards, most of these groups consisted of marketing associations for which differences may be explained largely by the unique business relationships between the associations and their patrons. Comparisons of debt/equity ratios indicate that, except for regional grain and farm supply associations, cooperatives generally are less leveraged than other firms. The overall financial strength of cooperatives appears better than during the early 1980s. |
| Tipo: Journal Article |
Palavras-chave: Agribusiness. |
| Ano: 1991 |
URL: http://purl.umn.edu/46257 |
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| Registros recuperados: 17 | |
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