Identifying the impact of crisis on cooperative capital constraint. A short note on French craftsmen cooperatives
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2020
- handle: 10670/1.0pg401
- hal: hal-02290727
- doi: 10.1016/j.frl.2019.09.005
- PII: S1544-6123(19)30353-8
- PRODINRA: 483807
- WOS: 000542678200027
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info:eu-repo/semantics/altIdentifier/doi/10.1016/j.frl.2019.09.005
http://creativecommons.org/licenses/by-nc/ , info:eu-repo/semantics/OpenAccess
Mots-clés
Error correction model Cooperatives Credit rationing Capital constraint D - Microeconomics/D.D2 - Production and Organizations/D.D2.D22 - Firm Behavior: Empirical Analysis G - Financial Economics/G.G3 - Corporate Finance and Governance/G.G3.G32 - Financing Policy • Financial Risk and Risk Management • Capital and Ownership Structure • Value of Firms • Goodwill P - Economic Systems/P.P1 - Capitalist Systems/P.P1.P13 - Cooperative EnterprisesSujets proches
Distribution, Cooperative Cooperative associations Co-operative societies Cooperative distribution Co-ops (Cooperative societies) Stores, Cooperative Cooperatives Cooperative stores Coops (Cooperative societies)Citer ce document
Anne Musson et al., « Identifying the impact of crisis on cooperative capital constraint. A short note on French craftsmen cooperatives », HAL-SHS : économie et finance, ID : 10.1016/j.frl.2019.09.005
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Résumé
This research note addresses for the first time the issue of capital constraint and credit rationing for craftsmen cooperatives, which are small to medium grassroots cooperatives. We estimate an ECM (Error correction model) using various specifications as robustness checks on an exhaustive French cooperative database. We find empirical evidence of an impact of crisis on cooperative financial constraint, but we highlight that this constraint is more stringent for cooperatives with medium volume of cash flow. This result leads to the question of cooperatives financing during the period of a global economic downturn.