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Individual Patron Preferences, Collective Choice, and Cooperative Equity Revolvement Practices

Author

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  • Royer, Jeffrey S.
  • Shihipar, M.L. Mohamad

Abstract

This paper analyzes how the proportion of patronage refunds a cooperative pays in cash affects the cash flow of individual patrons and how an individual patron's preferences regarding patronage refunds and equity revolvement are affected by age and other factors. Using an estimated patron age distribution and a collective choice model based on the preferences of the median voter, we predict which patronage refund and equity revolvement practices should dominate under selected patron and cooperative characteristics. We also examine the role of former patrons in determining refund and revolvement practices and how outcomes may be affected by alternative voting schemes.

Suggested Citation

  • Royer, Jeffrey S. & Shihipar, M.L. Mohamad, 1997. "Individual Patron Preferences, Collective Choice, and Cooperative Equity Revolvement Practices," Journal of Cooperatives, NCERA-210, vol. 12, pages 1-16.
    • Handle: RePEc:ags:jlcoop:46197
    DOI: 10.22004/ag.econ.46197
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    Cited by:

    1. Russell, Levi A. & Briggeman, Brian C., 2014. "The Effect of Taxes on Capital Structure in Farm Supply and Marketing Cooperatives," 2014 Annual Meeting, February 1-4, 2014, Dallas, Texas 162477, Southern Agricultural Economics Association.
    2. Russell, Levi A. & Briggeman, Brian C., 2014. "Distributing Patronage Income Under Differing Tax Rates and Member Risk Preferences," Journal of Cooperatives, NCERA-210, vol. 29, pages 1-24.
    3. Kenkel, Phil, 2020. "Comparison of Alternative Equity Management Systems," Journal of Cooperatives, NCERA-210, vol. 35.
    4. McKee, Gregory & Larsen, Ryan, 2012. "The Effects of Uncertainty and Capital Source on Cooperative Firm Leverage," Journal of Rural Cooperation, Hebrew University, Center for Agricultural Economic Research, vol. 40(2), pages 1-18.
    5. Zhang, Tianwei & Mallory, Mindy L., 2010. "Patronage Refunds Paying Decision of Farm Credit System Associations: A Logit Model," 2010 Annual Meeting, July 25-27, 2010, Denver, Colorado 61756, Agricultural and Applied Economics Association.
    6. Kenkel, Phil, 2015. "Profit Distribution Alternatives for Agricultural Cooperatives," Journal of Cooperatives, NCERA-210, vol. 30, pages 1-23.
    7. Royer, Jeffrey S., 2022. "Comparative Performance of Cooperative Equity Retirement Plans," Journal of Cooperatives, NCERA-210, vol. 36.

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    Keywords

    Agribusiness;

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