COOPERATIVES – UNDER PERFORMERS BY NATURE? AN EXPLORATORY ANALYSIS OF COOPERATIVE AND NON‐COOPERATIVE COMPANIES IN THE AGRI‐BUSINESS SECTOR
研究了英国农业合作社是否比同行业非合作社企业表现更差，发现两者在盈利、资本结构和流动性上无显著差异，但合作社在存货周转和应收账款比率上表现更好。
This paper sets out to determine whether agricultural cooperative companies in the UK are more likely to underperform when compared with non‐cooperative companies in the same sector. The research indicates, that on the basis of profitability, capital gearing and liquidity, there were no significant differences between the two groups. For the business operational efficiency indicators of sales/working capital ratios, and creditor ratios, there were also no significant differences although, for the indicators of stock turnover and debtor ratios, cooperatives were seen to have significantly higher rates when compared with the non‐cooperative companies. The findings of this research reveal that cooperatives do not perform differently to non‐cooperatives, despite being required to balance member needs with the attainment of corporate goals.