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|Are cooperatives more productive than investor-owned firms? Cross-industry evidence from Portugal
|Monteiro, Natália P.
Straume, Odd Rune
|Universidade do Minho. Núcleo de Investigação em Políticas Económicas (NIPE)
|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.
|NIPE working paper series; 09/2016
|Appears in Collections:
|NIPE - Documentos de Trabalho