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TitleAre cooperatives more productive than investor-owned firms? Cross-industry evidence from Portugal
Author(s)Monteiro, Natália P.
Straume, Odd Rune
Investor-owned firms
Productive efficiency
Issue dateJun-2016
PublisherUniversidade do Minho. Núcleo de Investigação em Políticas Económicas (NIPE)
Abstract(s)We analyse empirically whether cooperatives and investor-owned firms differ in terms of productive efficiency. Using rich Portuguese panel data covering a wide range of industries, we apply two diferent empirical approaches to estimate potential dfferences in total factor productivity between the two groups of firms. The results from our benchmark random-effects model show that cooperatives are significantly less productive, on average, than investor-owned firms. This conclusion is to a large extent confirmed by the results from System-GMM estimations. The lower productivity of cooperatives applies to a wide spectrum of industries. In six out of thirteen industries, cooperatives are outperformed by investor-owned firms in all empirical specifications considered, while there is no industry in which cooperatives are consistently found to be the more productive type of firm.
TypeWorking paper
DescriptionNIPE working paper series; 09/2016
AccessOpen access
Appears in Collections:NIPE - Documentos de Trabalho

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