Registro completo |
Provedor de dados: |
AgEcon
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País: |
United States
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Título: |
Cooperative Mergers and Acquisitions: The Role of Capital Constraints
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Autores: |
Richards, Timothy J.
Manfredo, Mark R.
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Data: |
2006-09-21
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Ano: |
2003
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Palavras-chave: |
Capital structure
Cooperative
Discrete choice
Joint ventures
Mergers
Multinomial logit
Strategic alliances
Agribusiness
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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.
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Tipo: |
Journal Article
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Idioma: |
Inglês
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Identificador: |
23739
http://purl.umn.edu/30718
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Editor: |
AgEcon Search
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Relação: |
Journal of Agricultural and Resource Economics>Volume 28, Number 01, April 2003
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Formato: |
17
application/pdf
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