This paper studies the role of the corporate governance system in cooperatives and in investor-owned enterprises. We abstract from all possible differences between the two systems except the type of majority needed to take decisions: this is one-head-one-vote for cooperatives and proportional to...

This paper studies the role of the corporate governance systems in cooperatives and in investor-owned enterprises. The difference between the two forms is reduced to the type of majority needed to take decisions: one head one vote for cooperatives and proportional to capital invested in...