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Determinants of financing decisions and management implications: evidence from Spanish agricultural cooperatives

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Determinants of financing decisions and management implications: evidence from Spanish agricultural cooperatives

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dc.contributor.author Mateos-Ronco, Alicia es_ES
dc.contributor.author Guzmán-Asunción, Sandra es_ES
dc.date.accessioned 2019-05-24T20:02:35Z
dc.date.available 2019-05-24T20:02:35Z
dc.date.issued 2018 es_ES
dc.identifier.issn 1559-2448 es_ES
dc.identifier.uri http://hdl.handle.net/10251/121060
dc.description.abstract [EN] The unique characteristics of agricultural cooperatives are likely to affect the availability of the funding they can access. This paper analyses the determining factors behind the financing decisions made in these cooperatives, and the management and organisational implications these decisions have for these entities. Financial information obtained from a sample of 106 Spanish agricultural cooperatives was used to calculate the variables that modelled the research hypotheses, which were then introduced into regression models to determine which ones had a significant effect on their financing decisions. According to the economic theory of cooperativism, the results show that these entities come closer to the pecking order theory, i.e. policies that maximise the prices received by members to the detriment of the entity's self-financing abilities, coupled with restrictions on cooperatives' equity capital that may lead them to use debt to fund growth. The results also show positive relationships between cooperatives' indebtedness and other factors, such as investments in non-current assets, liquidity and cooperative size in terms of turnover per member. es_ES
dc.language Inglés es_ES
dc.publisher Wageningen Academic Publishers es_ES
dc.relation.ispartof International Food and Agribusiness Management Review es_ES
dc.rights Reconocimiento - No comercial - Compartir igual (by-nc-sa) es_ES
dc.subject Agricultural cooperative es_ES
dc.subject Financing decisions es_ES
dc.subject Debt es_ES
dc.subject Capital structure es_ES
dc.subject Financial theories es_ES
dc.subject.classification ECONOMIA, SOCIOLOGIA Y POLITICA AGRARIA es_ES
dc.title Determinants of financing decisions and management implications: evidence from Spanish agricultural cooperatives es_ES
dc.type Artículo es_ES
dc.identifier.doi 10.22434/IFAMR2016.0178 es_ES
dc.rights.accessRights Abierto es_ES
dc.contributor.affiliation Universitat Politècnica de València. Departamento de Economía y Ciencias Sociales - Departament d'Economia i Ciències Socials es_ES
dc.description.bibliographicCitation Mateos-Ronco, A.; Guzmán-Asunción, S. (2018). Determinants of financing decisions and management implications: evidence from Spanish agricultural cooperatives. International Food and Agribusiness Management Review. 21(6):701-721. https://doi.org/10.22434/IFAMR2016.0178 es_ES
dc.description.accrualMethod S es_ES
dc.relation.publisherversion http://doi.org/10.22434/IFAMR2016.0178 es_ES
dc.description.upvformatpinicio 701 es_ES
dc.description.upvformatpfin 721 es_ES
dc.type.version info:eu-repo/semantics/publishedVersion es_ES
dc.description.volume 21 es_ES
dc.description.issue 6 es_ES
dc.relation.pasarela S\381515 es_ES


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