Cooperative pricing and scale efficiency: The case of Korean rice processing complexes
利用2002-2008年韩国大米加工企业的数据，研究发现只有大型合作社实现了规模效率，中小型合作社存在规模不经济，合并可降低成本并提高成员收益。
Abstract Unlike most investor‐owned enterprises, cooperatives often have freedom to choose among a variety of firm objectives. Using 2002–2008 plant‐ and province‐level data, we ask in the present article which of several alternative maximands a Korean cooperative rice processing firm pursues. In contrast to earlier studies, farmer‐member supply functions are incorporated into the cooperative's optimization framework. We show that only large cooperative firms have operated at efficient scale, while small and medium‐sized ones have been scale‐inefficient. Because the latter operate where scale returns are increasing, mergers of small and medium‐sized cooperatives likely would be cost‐reducing and member‐return‐enhancing.