This paper presents a simple framework in order to analyze different corporate governance mechanisms and their impact on firm structures and performance. Based on recent literature on the subject, the paper discusses the validity of Demsetz’s evolution hy

This paper analyzes the relationship between the dividend and debt policies, firm risk and the director’s ownership. Firstly, the results show that the payment of dividends reduces the risk and the leverage, and increases the ownership. Secondly, the firm risk presents a negative effect on the...

In this paper we aim at quantifying tax pressure generated by the benefits obtained through the sell of tangible fixed assets that are reinvested in cooperatives. To this end, we have considered the cooperatives regulated by Law 27/1999 and by the Valencian Cooperatives Law, taking into account...

This paper analyses the co-operative financial structure and compares it with the structure of conventional capitalist companies, showing the advantages and disadvantages of each form of finance. At the same time, we propose a classification of the different sources of co-operative company...

This article presents the results of research carried out between 1992 and 2002 into the economic situation of wine cooperatives in the “Alicante” Designation of Origin (D.O.). The study is divided into three sections. Firstly, the current situation of the D.O. is analysed, looking...

The objective of this study is to deepen in the knowledge of financial reality of the canaries social economy sector, trying to determining the factors that they can be conditioning their growth and survival. For this, we have made a comparative financial analysis of the cooperative and...

Mercantile law and in particular the National Accounting Plan do not consider the peculiarities of co-operatives, derived from their different nature and functioning, and making necessary the existence of rules of adaptation bringing together their peculiarities in order for financial...

The cooperative is a managerial reality with a collective ownership and democratic management that tries to foster solidarity, participation and joint responsibility. At the same time, as any other enterprise that runs according to the market pattern, it is within the market economy which makes...

Spanish corporate law claims to be inspired by the co-operative principles of the International Co-operative Alliance, which should always be applied in the terms which are gathered in the law. However, the law’s need to increase economic efficacy has led to the existence of permissive and...

Co-operative principles have a strong economic content and fix peculiarities in the financial structure and generation and sharing of a surplus. In Spain the specific difference between co-operatives and capitalist companies derives from the different rules and laws which have influenced the...