Promoting the understanding of cooperatives for a better world

This report summarizes the main findings of the conference ‘Promoting the Understanding of Cooperatives for a Better World’, which was co-organized by Euricse and the International Co-operative Alliance (ICA) on 15 and 16 March 2012 in Venice, Italy. The report draws mainly, but not exclusively, on the papers and presentations delivered by the invited speakers. Read More

WP 70 | 14 Pricing and Price Regulation in a Customer-Owned Monopoly

In the first part of the paper we study the pricing policies of a customer-owned firm in the absence of external regulation. The main result is that the effect of self-regulation generally ensures the dominance of customer ownership over investor ownership in terms of welfare, although in neither rule is sufficient to achieve first-best in equilibrium. Read More

WP 33 | 12 Stakeholder orientation and capital structure: Social enterprises versus for-profit firms in the Italian social residential service sector

In this paper, we investigate whether capital structure differs between for-profit and nonprofit sectors by focusing on two key aspects of the latter: the non-distribution constraint and the stakeholder oriented governance system. We develop a theoretical model and show that the former negatively affects leverage, defined as the amount borrowed over the total investment, whilst the latter has a positive effect. Read More