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| Rebelo, Joao; Caldas, Jose Vaz; Matulich, Scott C.. |
| Globalization is challenging the very core of cooperative governance and ownership decision, especially in Southern European countries, like Portugal, where a large number of producers are organized in traditional and Mediterranean-style agricultural cooperatives. This paper analyses the effects of governance and control variables related with size over two alternative indicators of performance: revenues transferred to members/patrons and capital structure. The results suggest that these cooperatives have difficulties being sustainable in the more competitive global wine markets, if they follow, essentially, a practice of maximum patronage refund, reducing their capacity to improve leverage and to finance more profitable, but risky, long run investments. |
| Tipo: Journal Article |
Palavras-chave: Agribusiness; Agricultural and Food Policy; Crop Production/Industries; Q13; D22; L25. |
| Ano: 2010 |
URL: http://purl.umn.edu/99100 |
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| Cabo, Paula; Rebelo, Joao. |
| Over the last decade Portuguese Agricultural Credit Cooperatives (ACCs) have increasingly face survival challenges related to their difficulty in gathering equity. The main source of ACCs equity is the net benefit; thus, understanding how ACCs governance can work on correcting bad economic performance is of crucial importance to overcome this constraint. The main objective of this paper is to describe the governance control mechanisms in the ACCs. Five governance mechanisms are identified: board and chairman change (internal mechanisms), central ACC intervention by an agent or by management board replacement and merger. Empirical analysis proved that the internal governance mechanisms activity is not related to the ACC performance. Additionally: (a) ACCs... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Cooperatives; Credit; Governance; Multinominal logit; Agricultural Finance; D23; L29. |
| Ano: 2005 |
URL: http://purl.umn.edu/24623 |
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| Rebelo, Joao; Caldas, Jose Vaz; Matulich, Scott C.. |
| Leverage is one of the most important financial factors to the survival and viability of agricultural cooperatives (e.g., wine cooperatives) during a period of intense competition. Leverage is influenced both by the behavior of managers and cooperative members. An empirical study for the Douro Demarcated Region Wine Cooperatives (DDRWC) supports the hypothesis that managers have a positive influence in the determination of the equity/total assets ratio and that individualistic behavior of cooperative members has a negative influence in the value of this ratio. This paper suggests that there may be value in reconsidering cooperatives in the context of a so-called Mediterranean model. |
| Tipo: Journal Article |
Palavras-chave: Agribusiness; Agricultural cooperatives; Governance; Behavior and leverage. |
| Ano: 2008 |
URL: http://purl.umn.edu/101052 |
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| Rebelo, Joao; Correia, Leonida; Caldas, Jose Vaz. |
| In the past two decades the world has seen acceleration in the process of globalisation, affecting virtually all industries and consumers. The wine sector is no exception, witnessing increased exports and imports, decreasing consumption per capita in the producing countries, and a wave of direct foreign investment and mergers and acquisitions in the industry. Among European wine producers the Port wine can be seen as a representative case of globalisation and as a benchmark, because almost 90% of its production is exported. With this in mind, the main objective of this paper is to analyse the structure and behaviour of the Port wine chain in terms of industrial organisation and trade. To achieve this objective a survey about the role of organisations in... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: International Relations/Trade. |
| Ano: 2007 |
URL: http://purl.umn.edu/9448 |
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| Cabo, Paula; Rebelo, Joao. |
| Over the last decade Portuguese Agricultural Credit Cooperatives (ACCs) have increasingly face survival challenges related to their difficulty in gathering equity. The main source of ACCs equity is the net benefit; thus, understanding how ACCs governance can work on correcting bad economic performance is of crucial importance to overcome this constraint. The main objective of this paper is to describe the governance control mechanisms in the ACCs. Five governance mechanisms are identified: board and chairman change (internal mechanisms), central ACC intervention by an agent or by management board replacement and merger. Empirical analysis proved that the internal governance mechanisms activity is not related to the ACC performance. Additionally: (a) ACCs... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Cooperatives; Credit; Governance; Multinomial logit; Agricultural Finance; D23; L29 . |
| Ano: 2006 |
URL: http://purl.umn.edu/25338 |
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