What is it about?
An investigation of corporate governance practiced by co-operatives and mutual societies in New Zealand and relationship between their ownership structure, capital structure and agency costs. The findings indicate that an increase in independent directors, board member experience and organisation size (measured by total annual sales) reduces agency costs in co-operatives and mutual societies in New Zealand. Also, borrowing from members rather than banks reduces agency cost and increases profitability in co-operatives and mutual societies.
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Perspectives
I am a firm believer in examining the uniqueness of own institutions, markets and financial frameworks and not running big sample studies on large mature economies.
Professor Stuart Locke
University of Waikato
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This page is a summary of: The relationship between ownership structure, capital structure and corporate governance practices, International Journal of Managerial Finance, August 2014, Emerald,
DOI: 10.1108/ijmf-12-2012-0130.
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