TY  - JOUR
AB  - During the 1990s, the rate of consolidation among agricultural cooperatives, including mergers, acquisitions, strategic alliances, and joint ventures, increased significantly. While post‐merger performance has been examined extensively for investor‐owned firms, this has not been the case for agricultural cooperatives, primarily because these firms do not have an explicit profit motive or publicly traded stock. Results from a two‐stage econometric model reveal that a major motivation for cooperatives to engage in these activities is to circumvent capital constraints. Furthermore, the decision to merge and financial performance are jointly endogenous, with profitability positively influenced and sales growth negatively influenced by the likelihood of merger.
VL  - 63
IS  - 2
SN  - 0002-1466
DO  - 10.1108/00215070380001148
UR  - https://doi.org/10.1108/00215070380001148
AU  - Richards Timothy J.
AU  - Manfredo Mark R.
PY  - 2003
Y1  - 2003/01/01
TI  - Post‐merger performance of agricultural cooperatives
T2  - Agricultural Finance Review
PB  - MCB UP Ltd
SP  - 175
EP  - 192
Y2  - 2024/09/20
ER  -