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| Iliopoulos, Constantine. |
| During recent years, dramatic changes in the world food system have led to unprecedented competition between agribusiness firms. To compete in this environment, agricultural cooperatives should invest substantially in long-term activities such as R&D and advertisement. Co-operatives have a difficult problem in acquiring equity capital because the residual claimant (benefactor) is the patron of the firm, not the investor. This organizational design poses to cooperatives three investment constraints: a) the free rider problem, b) the horizon problem, and c) the portfolio problem. Empirical analysis utilizing a latent variable structural equation model and a large dual response survey suggests that in the U.S. member-patrons are more likely to invest in... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Agribusiness co-operatives; Investment constraints; Structural equation model; Agribusiness; Agricultural Finance. |
| Ano: 2003 |
URL: http://purl.umn.edu/31804 |
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| Iliopoulos, Constantine. |
| During recent years, dramatic changes in the world food system have led to unprecedented competition between agribusiness firms. To compete in this environment, agricultural cooperatives should invest substantially in long-term activities such as R&D and advertisement. Co-operatives have a difficult problem in acquiring equity capital because the residual claimant (benefactor) is the patron of the firm, not the investor. This organizational design poses to cooperatives three investment constraints: a) the free rider problem, b) the horizon problem, and c) the portfolio problem. Empirical analysis utilizing a latent variable structural equation model and a large dual response survey suggests that in the U.S. member-patrons are more likely to invest in... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Agribusiness co-operatives; Investment constraints; Structural equation model; Agribusiness. |
| Ano: 2002 |
URL: http://purl.umn.edu/24816 |
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