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| Hardesty, Shermain D.. |
| Few agricultural marketing cooperatives have nationally prominent brand names. Instead, they tend to concentrate in commodity-oriented markets, which can be attributed to the cooperative principlesuser-benefit, user-financed and user-control. However, these structural disadvantages can be overcome. Due to the user-benefit principle, cooperatives often have seasonal product availability and/or limited product lines; they also suffer from the horizon problem, lacking the structure to provide long-term returns to members who invest in brand building. The user-benefit principle can be converted into an advantage by using the cooperative identity as a marketing strategy, and the horizon problem can be remedied by implementing a delivery-rights system.... |
| Tipo: Journal Article |
Palavras-chave: Agribusiness; Marketing. |
| Ano: 2005 |
URL: http://purl.umn.edu/26774 |
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| Hardesty, Shermain D.; Salgia, Vikas D.. |
| This study researches the validity of claims that cooperatives are destroying value by comparing the financial performance of agricultural cooperatives with investor-owned firms in four sectors--dairy, farm supply, fruit and vegetable, and grain. Traditional financial ratios measuring profitability, liquidity, leverage and asset efficiency were analyzed for 1991 through 2002. Overall, the financial performances of agricultural cooperatives and their investor-owned counterparts were comparable. Consistent with theoretical expectations, cooperatives demonstrated lower rates of asset efficiency, except in the dairy sector. Cooperatives in all four sectors were less leveraged, while results regarding the relative profitability and liquidity of cooperatives... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Agribusiness. |
| Ano: 2004 |
URL: http://purl.umn.edu/31797 |
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| Hardesty, Shermain D.. |
| Three aspects of property rights theory are particularly relevant to the conversion of the walnut-marketing cooperative, Diamond Walnut Growers (DWG), into a publicly traded stockholder-owned corporation. The horizon problem became apparent when DWG began investing heavily in branded, value-added products. The resulting need for additional member capital raised the free rider problem. The principal-agent problem was also relevant, given the increasing complexity of DWG’s financing and marketing activities. An additional economic issue surrounding the conversion was the monopsonistic situation created when members signed long-term marketing agreements with the new firm that was maximizing shareholder value, rather than grower returns. |
| Tipo: Journal Article |
Palavras-chave: Agribusiness; Crop Production/Industries. |
| Ano: 2009 |
URL: http://purl.umn.edu/56901 |
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