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Cooperative Financial Performance and Board of Director Characteristics: A Quantitative Investigation

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  • Bond, Jennifer Keeling

Abstract

This article empirically tests the hypothesis that cooperative boards of directors and board size, specifically, can influence firm performance. Most existing studies of cooperative governance rely on qualitative data to draw inferences; however, this chapter uses several USDA data sets and a survey of co-op managers to determine whether above-average board size has a negative impact on co-op performance. This approach is comparable to those found in the corporate governance literature; however, it contributes to the cooperative literature by providing statistically-based findings on optimal board size. Specifically, this study finds that additional board members do eventually reduce some measures of performance; however, board size must be quite large.

Suggested Citation

  • Bond, Jennifer Keeling, 2009. "Cooperative Financial Performance and Board of Director Characteristics: A Quantitative Investigation," Journal of Cooperatives, NCERA-210, vol. 22, pages 1-25.
    • Handle: RePEc:ags:jlcoop:56955
    DOI: 10.22004/ag.econ.56955
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    Cited by:

    1. Gardner, Justin G. & Franken, Jason R.V. & Boerngen, Maria A., 2022. "A Research Agenda for Cooperatives," Journal of Cooperatives, NCERA-210, vol. 36.
    2. Wendt, Jody S. & Briggeman, Brian C. & Bergtold, Jason S. & Shanoyan, Aleksan & Low, Sarah A., 2022. "A Skills Gap Analysis in Farmer Directors of Midwest Agricultural Cooperatives," 2022 Annual Meeting, July 31-August 2, Anaheim, California 322270, Agricultural and Applied Economics Association.
    3. Jason R. V. Franken & Michael L. Cook, 2019. "Do Corporate Governance Recommendations Apply to U.S. Agricultural Cooperatives?," Sustainability, MDPI, vol. 11(19), pages 1-16, September.
    4. Anchalee Nuansri & Avishek Datta & Takuji W. Tsusaka & Farhad Zulfiqar, 2024. "Factors influencing the profit and choice of agribusiness for agricultural cooperatives in Thailand," Journal of International Development, John Wiley & Sons, Ltd., vol. 36(1), pages 751-772, January.
    5. Liang, Q.X. & Hendrikse, G.W.J., 2012. "Cooperative CEO Identity and Efficient Governance: Member or Outside CEO?," ERIM Report Series Research in Management ERS-2012-019-ORG, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus University Rotterdam.
    6. Pokharel, Krishna & Archer, David W. & Featherstone, Allen M., 2018. "The Impact of Size and Specialization on the Financial Performance of Agricultural Cooperatives," 2018 Annual Meeting, August 5-7, Washington, D.C. 274109, Agricultural and Applied Economics Association.
    7. Adnan Ahmad & Humera Manzoor & Muhammad Ibrahim Khan, 2017. "Corporate Governance as a Determinant of Stock Price Synchronicity: Empirical Evidence from Pakistan," Global Regional Review, Humanity Only, vol. 2(1), pages 289-304, June.
    8. Hendrikse, G.W.J. & Nillson, J., 2022. "Board Structure Variety in Cooperatives," ERIM Report Series Research in Management ERS-2022-006-ORG, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus University Rotterdam.
    9. Liu Bin & Li Zhongbin, 2018. "Director-Generals’ Human and Social Capital, and Management Performance of Farmers’ Cooperatives: Evidence from China’s Fujian," International Journal of Management and Economics, Warsaw School of Economics, Collegium of World Economy, vol. 54(2), pages 149-165, June.
    10. Riswan Riswan & Eko Suyono & Mafudi Mafudi, 2017. "Revitalization Model for Village Unit Cooperative in Indonesia," European Research Studies Journal, European Research Studies Journal, vol. 0(4A), pages 102-123.
    11. Sebhatu, Kifle T. & Gezahegn, Tafesse W. & Berhanu, Tekeste & Maertens, Miet & Passel, Steven Van & D'Haese, Marijke, 2021. "Exploring variability across cooperatives: economic performance of agricultural cooperatives in northern Ethiopia," International Food and Agribusiness Management Review, International Food and Agribusiness Management Association, vol. 24(3), March.
    12. Constantine Iliopoulos & Rando Värnik & Taavi Kiisk & George Varthalamis & Liis Sinnott, 2022. "Governance in Estonian Agricultural Cooperatives: Structures and Processes," Sustainability, MDPI, vol. 14(23), pages 1-24, November.
    13. Theo Benos & Nikos Kalogeras & Martin Wetzels & Ko De Ruyter & Joost M. E. Pennings, 2018. "Harnessing a ‘Currency Matrix’ for Performance Measurement in Cooperatives: A Multi-Phased Study," Sustainability, MDPI, vol. 10(12), pages 1-38, December.
    14. Jasper Grashuis & Florentin Bercu & Andrei‐Mirel Florea & Riana Iren Radu, 2024. "The commercial growth of farmer cooperatives in Romania: A double‐hurdle model analysis," Annals of Public and Cooperative Economics, Wiley Blackwell, vol. 95(1), pages 113-127, March.
    15. Alisa Nazarovna Al-Kaisi & Alla Leonidovna Arkhangelskaya & Marina Alexandrovna Bragina & Bella Akhmedovna Bulgarova & Olga Ivanovna Rudenko-Morgun, 2017. "Blended Learning Russian as a Foreign Language: The Principles of Organization and Implementation Experience," European Research Studies Journal, European Research Studies Journal, vol. 0(4B), pages 82-98.

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    Keywords

    Agribusiness;

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