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Cramb, Rob A.; Ferraro, Deanna. |
The oil palm boom in Southeast Asia has increased demand for institutional arrangements facilitating large-scale plantation development on customary lands. A financial model of an oil palm plantation in Sarawak, Malaysia, is used to explore six project types, including managed smallholders, three different joint-venture arrangements, renting, and (for comparison) a private plantation on state land. Benefit-cost analysis is used as basis for project, private (shareholder), and stakeholder analyses. There is a trade-off between the efficiency and equity outcomes of the alternative arrangements. While joint venture projects provide higher aggregate net benefits, managed smallholder projects provide more benefits to landholders. When the actual performance of... |
Tipo: Conference Paper or Presentation |
Palavras-chave: Malaysia; Oil palm; Plantation development; Customary tenure; Managed smallholders; Joint ventures; Benefit-cost analysis.; International Development. |
Ano: 2010 |
URL: http://purl.umn.edu/59072 |
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Richards, Timothy J.; Manfredo, Mark R.. |
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 |
Palavras-chave: Capital structure; Cooperative; Discrete choice; Joint ventures; Mergers; Multinomial logit; Strategic alliances; Agribusiness. |
Ano: 2003 |
URL: http://purl.umn.edu/30718 |
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