2016_The Role and Strategy for a Community Association of Co‐operatives as a Secondary Organization: The Case of the Guro Community Association of Co‐operatives in Korea

제목

The Role and Strategy for a Community Association of Co‐operatives as a Secondary Organization: The Case of the Guro Community Association of Co‐operatives in Korea


저자

예나 (Yena Lee), 남윤환 (Yunhwan Nam), 이상훈 (Sanghoon Lee)


학술지명

Annals of Public and Cooperative Economics


권호사항

Vol.87 No.3 [2016]


발행처

CIRIEC International


초록(Abstract)

In 2012, the ‘Framework Act on Cooperatives’ was legislated and about 7,500 co-operatives have been newly established in Korea. However, most of them are small, less competitive, and less skilled in management. In addition, they have difficulties in obtaining financial and management support from other organizations due to the lack of general awareness about co-operatives in Korea. To assist these co-operatives, secondary self-formed organizations composed of co-operatives have been created. This study explores the characteristics of these organizations and proposes possible models and strategies for cooperation among co-ops through these secondary organizations. In detail, we explore (1) the cooperation model to encourage collaboration among co-ops, (2) the roles and possibilities of secondary organizations to activate this cooperation model, and (3) the specific strategies and challenges for a more accessible cooperation model. To answer these questions, we conduct focus group and in-depth interviews with member and non-member co-ops in the Guro Community Association of Co-operatives, which is a self-organized secondary association in the Guro district in Seoul. Based on the interviews, we tried to find out their needs and the possibility for cooperation among co-ops at the level of the association. Also, we drew a conceptual cooperation model and its specific strategies through the association from theoretical review and interviews.


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2016_What Determinants Affect the Capital Structure of Consumer Co-operatives? The Case of iCOOP KOREA

제목

What Determinants Affect the Capital Structure of Consumer Co-operatives? The Case of iCOOP KOREA


저자

서진선 ( Jinseon Seo ), 최우석 ( Woosuk Choi )


학술지명

Annals of Public and Cooperative Economics


권호사항

Vol.87 No.1 [2016]


발행처

CIRIEC International


초록(Abstract)

The capital structure of co-operatives can differ from that of IOB (Investor-Owned Businesses) since the two organizations differ in their aims, governance structures and decision-making principles. This paper examines whether the determinants verified in IOB affect the leverage ratio of consumer co-operatives. Consumer co-operatives in South Korea have been rapidly growing during the last decade. There are two leading theories in finance that explain capital structure: the trade-off and pecking order theories. Focusing on consumer co-operatives in South Korea, the paper aims to analyze empirically what determinants have effect on the capital structure of consumer co-operatives and which of the two theories is more plausible. This study reveals that profitability and firm size have a significantly negative effect on leverage while tangibility and growth have a significantly positive effect on it. In conclusion, it seems that neither of the theories above perfectly accounts for the capital structure of consumer co-operatives because of the differences in governance characteristics between consumer co-operatives and IOB as well as in the costs of bankruptcy, agency, informational asymmetry and securities issuance.


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