Data/hora: 09/06/2024 05:21:11

Provedor de dados: 	31	
País: 	United States	
Título: 	Cooperative Mergers and Acquisitions: The Role of Capital Constraints	
Autores: 	Richards,   Timothy J.; Manfredo,   Mark R.	
Data: 	2006-09-21	
Ano: 	2003	
Palavras-chave: 	Capital structure; Cooperative; Discrete choice; Joint ventures; Mergers; Multinomial logit; Strategic alliances; Agribusiness.	
Resumo: 	Several explanations for merger activity exist for publicly traded firms, but none consider the unique aspects of cooperatives. This study develops a test for the hypothesis that cooperative consolidation occurs primarily in response to capital constraints associated with a lack of access to external equity capital. An empirical model estimates the shadow value of long-term investment capital within a multinomial logit model of transaction choice in a panel data set of the 100 largest U.S. cooperatives. The results substantially confirm the capital-constraint hypothesis. Thus, the primary implication is that internal growth may be a more viable alternative to consolidation if new forms of cooperative financing are developed.	
Tipo: 	Journal Article	
Idioma: 	Inglês	
Identificador: 	23739

http://purl.umn.edu/30718	
Editor: 	AgEcon Search	
Relação: 	Journal of Agricultural and Resource Economics&gt;Volume 28, Number 01, April 2003	
Formato: 	17

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