Kazuhiko Mikami (2007) Enterprise forms, ownership markets, and capital procurement of the firm..
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It is often argued that cooperative firms are financially less viable than investor-owned firms. From a fundamental point of view, however, this does not seem a fair comparison, since the market for firm ownership is usually only available to investor-owned firms in our economy. This paper examines potential roles of the market for ownership rights to cooperative firms, particularly in capital procurement of the firm. We show that, with a wellfunctioning membership market, consumer cooperatives are not necessarily financially weaker than investor-owned firms. The consumer cooperative can thus be a promising alternative to the investor-owned firm when the latter type of the firm induces some serious market failure in the product market.
This is a Accepted version This version's date is: 2007 This item is not peer reviewed
https://repository.royalholloway.ac.uk/items/11a99d63-c580-e210-01f2-3bf55ee15e8a/1/
Deposited by Leanne Workman (UXYL007) on 11-Oct-2012 in Royal Holloway Research Online.Last modified on 11-Oct-2012
©2007 Kazuhiko Mikami. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit including © notice, is given to the source.