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Orientador(es)
Resumo(s)
Over the last decade, increasing financial problems
in the Portuguese Agricultural Credit Cooperatives (ACCs),
mainly difficulty in gathering equity, have forced them to pursue
an intensivemerger activity. This paper describes the economic reasons
that have led the ACCs to merge, and analyses the ex post merger
impact on their economic performance. The results show that:
(a) incorporating ACCs are larger, more profitable and hold a
better credit management; (b) incorporated ACCs are smaller,
face difficulties in reaching a minimum efficient scale and have
weaker credit management as well as leverage problems; and
(c) merged ACCs have a heavy administrative cost structure and
also face profitability problems. Regarding the mergers’ ex post
impact on the ACCs performance, we find no positive influence
on cost reduction, credit management and solvency ratio.
Descrição
Palavras-chave
Credit cooperatives Merger Multinomial logit
Contexto Educativo
Citação
Cabo, Paula; Rebelo, João (2005). Why do agricultural credit cooperatives merge? The portuguese experience. Annals of Public and Cooperative Economics. ISSN 1467-8292. 76:3, p. 491–516