WP 83 | 15 The Spirit of the Law over its Letter: The Role of Culture and Social Norms in Shielding Cooperative Banks from Systemic Shocks

The macroeconomic impact of bank misconduct has deterred users of financial services from using the system, to the detriment of market integrity, and has prompted policymakers and supervisors to turn to "culture" as a tool to regain public trust. This paper addresses the definitional deficit on what "culture" is by exploring the illustrative case of cooperative banks. Read More

Cooperation in Italy during the crisis years

Second Euricse report – executive summary by Carlo BorzagaAs the economic crisis continues, it is becoming increasingly evident that in order to identify strategies to put Italy back on a path of economic growth it is necessary to carefully evaluate the potential contributions of every sector, every public and private institution, and from all types of enterprises including cooperatives and social enterprises. Recent census data from The National Institute for Statistics (Istat) shows a great diversification of enterprise forms in Italy over the decade from 2001 to 2011, with cooperative enterprises and, more generally, not-for-profit organizations growing at a faster rate than other types of businesses, either public or private. Consequently, understanding the existence and characteristics of cooperative enterprises should no longer be considered of interest solely to a limited number of scholars or representative organizations of the cooperative movement. Rather, this type of research now has broader implications and should be undertaken with renewed commitment. Read More

WP 51 | 13 The performance of service cooperatives during the crisis: an analysis during 2009-2011

This research, conducted using the traditional method of financial statement indices, concerns the economic and financial performance achieved in the years 2009-2011 by 30 worker cooperatives in the service sector. The cooperatives investigated are medium-sized (turnover 30-50 million euros) and large (turnover over 50 million euros). The results obtained support the thesis that cooperatives exhibit strong resilience in the face of the economic crisis. Read More

Cooperatives and s.p.a. corporations in Trentino compared: value added and income generated from 2006-2010

In recent years various scholars and representatives of important institutions have sustained that cooperatives have responded better to the crisis than other forms of enterprises. The resiliency of the cooperative model has been interpreted as the consequence of their different nature, in particular their orientation towards the satisfaction of a need rather than the distribution of profits. This particularity, it is suggested, pushes cooperatives to maintain production levels even under conditions of reduced or negative revenue. Read More