Managerial vision bias and cooperative governance
研究发现，合作社中成员CEO和专业CEO对上下游项目的管理视野存在偏差，成员CEO偏向上游项目，对下游项目有负面偏见；当下游项目更重要时，需更换为专业CEO，但若董事会偏见过强，投资者所有的企业可能更有效。
What causes firms to behave the way they do when they face different investment opportunities? We argue that both people and processes are behind the decision-making of project implementation. Member and professional CEOs of cooperatives differ regarding their managerial vision towards upstream and downstream projects. Cooperatives with member CEOs are upstream focused and it is reflected by the cascading effect of negative vision bias towards downstream projects. When downstream activities become more important, cooperatives need to replace the member CEOs with professional CEOs. However, a cooperative with a professional CEO may still be in a disadvantageous position if the member-dominated Board of Directors' negative bias towards downstream projects is too strong, which may result in an investor owned firm being the efficient governance structure.