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Characterization And Analysis Of Cooperative Mergers And Their Results

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  • Elena MELIA-MARTI
  • Ana Maria MARTINEZ-GARCIA

Abstract

This study characterizes the mergers and acquisitions undertaken in the Spanish agrifood sector during the period 1995-2005. First, it aims to establish the pre-merger financial characteristics of the merging cooperatives in comparison with other firms in the agrifood sector. For this, the financial situation is analyzed in the different types of merger carried out (merger by formation or merger by acquisition), and the different roles played by the cooperatives (acquiring, acquired or involved in a merger in which a new cooperative is formed). The second and final objective is to determine whether these mergers have managed to improve the economic-financial situation of the companies involved, either by increasing income and size or by reducing relative costs. For this purpose, several non parametric tests and a probit model were used. The results show that on average following a merger there were no statistically significant improvements in the economic-financial indicators studied.

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  • Elena MELIA-MARTI & Ana Maria MARTINEZ-GARCIA, 2015. "Characterization And Analysis Of Cooperative Mergers And Their Results," Annals of Public and Cooperative Economics, Wiley Blackwell, vol. 86(3), pages 479-504, September.
    • Handle: RePEc:bla:annpce:v:86:y:2015:i:3:p:479-504
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    Cited by:

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    2. 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.
    3. Elena Meliá-Martí & Natalia Lajara-Camilleri & Ana Martínez-García & Juan F. Juliá-Igual, 2021. "Why Do Agricultural Cooperative Mergers Not Cross the Finishing Line?," Agriculture, MDPI, vol. 11(11), pages 1-19, November.
    4. Jasper GRASHUIS & Ye SU, 2019. "A Review Of The Empirical Literature On Farmer Cooperatives: Performance, Ownership And Governance, Finance, And Member Attitude," Annals of Public and Cooperative Economics, Wiley Blackwell, vol. 90(1), pages 77-102, March.
    5. Jorge Luis Sánchez‐Navarro & Narciso Arcas‐Lario & Miguel Hernández‐Espallardo, 2024. "Identifying the antecedents of opportunism in agri‐food cooperatives: a comparative analysis between first‐ and second‐tier cooperatives," Annals of Public and Cooperative Economics, Wiley Blackwell, vol. 95(1), pages 201-223, March.

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