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Manager Power, Member Behavior and Capital Structure: Portuguese Douro Wine Cooperatives

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  • Rebelo, Joao
  • Caldas, Jose Vaz
  • Matulich, Scott C.

Abstract

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.

Suggested Citation

  • Rebelo, Joao & Caldas, Jose Vaz & Matulich, Scott C., 2008. "Manager Power, Member Behavior and Capital Structure: Portuguese Douro Wine Cooperatives," Agricultural Economics Review, Greek Association of Agricultural Economists, vol. 9(2), pages 1-11, July.
    • Handle: RePEc:ags:aergaa:101052
    DOI: 10.22004/ag.econ.101052
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    References listed on IDEAS

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    1. Fama, Eugene F, 1980. "Agency Problems and the Theory of the Firm," Journal of Political Economy, University of Chicago Press, vol. 88(2), pages 288-307, April.
    2. Russo, Carlo & Weatherspoon, Dave D. & Peterson, H. Christopher & Sabbatini, Massimo, 2000. "Effects Of Managers' Power On Capital Structure: A Study Of Italian Agricultural Cooperatives," International Food and Agribusiness Management Review, International Food and Agribusiness Management Association, vol. 3(1), pages 1-13.
    3. Cook, Michael L., 1994. "The Role of Management Behavior in Agricultural Cooperatives," Journal of Agricultural Cooperation, National Council of Farmer Cooperatives, vol. 9, pages 1-17.
    4. John M. Staatz, 1983. "The Cooperative as a Coalition: A Game-Theoretic Approach," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 65(5), pages 1084-1089.
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