Agency and property rights theories in agricultural cooperatives: evidence from Spain

Abstract

[ENG] This manuscript examines the member-agricultural cooperative relationship from the point of view of the agency and the property rights theories. The sample analysed includes 277 personal surveys completed by members of agricultural cooperatives in the Region of Murcia (Spain). Results show that in all questions related to objectives and level of satisfaction, members value them with an average of 6.9 out of 10 or higher in all cases. For both objectives and satisfaction, the directors and the cooperative members who depend upon agricultural activity for a large percentage of their income have higher scores, compared with non-board members and members who are less dependent on agricultural activity (with a statistical significance of 1% and 5%, respectively). We also find that members who agree in more with the admission of new members, who think it is easy to recover their investments and who want to stay longer in the cooperative are those who are more willing to invest and to exert control. Furthermore, we find that members that prefer to have a participation in the assembly proportional to their contribution and that prefer that the cooperative diversifies more are those who are more willing to invest. In addition, control is favoured by members pertaining to the cooperative for a large period and for those members who think that investing in the cooperative is a high risk and who prefer long-term investments. Finally, directors are more willing to invest and to exert control.[This manuscript examines the member-agricultural cooperative relationship from the point of view of the agency and the property rights theories. The sample analysed includes 277 personal surveys completed by members of agricultural cooperatives in the Region of Murcia (Spain). Results show that in all questions related to objectives and level of satisfaction, members value them with an average of 6.9 out of 10 or higher in all cases. For both objectives and satisfaction, the directors and the cooperative members who depend upon agricultural activity for a large percentage of their income have higher scores, compared with non-board members and members who are less dependent on agricultural activity (with a statistical significance of 1% and 5%, respectively). We also find that members who agree in more with the admission of new members, who think it is easy to recover their investments and who want to stay longer in the cooperative are those who are more willing to invest and to exert control. Furthermore, we find that members that prefer to have a participation in the assembly proportional to their contribution and that prefer that the cooperative diversifies more are those who are more willing to invest. In addition, control is favoured by members pertaining to the cooperative for a large period and for those members who think that investing in the cooperative is a high risk and who prefer long-term investments. Finally, directors are more willing to invest and to exert control.[ESP]Este trabajo examina la relación socio-cooperativa agraria desde el punto de vista de las teorías de la agencia y los derechos de propiedad. La muestra analizada incluye 277 encuestas personales realizadas a los socios de las cooperativas agrarias de la Región de Murcia (España). Los resultados muestran que los niveles de valoración de los objetivos que se pueden alcanzar en la cooperativa y de satisfacción de los socios superan 6,9 sobre 10 en todas las cuestiones planteadas. Tanto para los objetivos como para el nivel de satisfacción, los miembros del consejo rector y los socios cuyo porcentaje de ingresos dependen en mayor medida de la actividad agraria presentan mayores valores (con una significación del 1 y 5% respectivamente). También encontramos los socios que están de acuerdo con la entrada de nuevos cooperativistas, que piensan que resulta fácil recuperar las aportaciones y que tienen intención de permanecer más tiempo en la cooperativa están más incentivados a la hora de invertir y de ejercer el control. Adicionalmente, se observa que aquellos que desean una participación proporcional a la aportación, y que desean diversificar más son los que están más dispuestos a realizar inversiones. Por otro lado, el control se ve favorecido por aquellos miembros más antiguos, o que piensan que invertir en la cooperativa supone un elevado riesgo o que prefieren inversiones a largo plazo. Finalmente, los consejeros se encuentran más incentivados a invertir y a realizar el control.