search query: @indexterm co-operatives / total: 120
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| Author: | Engels, M. |
| Title: | Verwässerung der Verfügungsrechte in Genossenschaften |
| Journal: | Schmalenbachs Zeitschrift für Betriebswirtschaftliche Forschung
1997 : VOL. 49:7/8, p. 674-684 |
| Index terms: | CO-OPERATIVES COMPANIES COMPANY OWNERSHIP COMPANY CONTROL PROPERTY RIGHTS GERMANY |
| Language: | ger |
| Abstract: | Given the separation of ownership and control in the large corporation and the resulting conflict of interests, it is asked whether the cooperative as a business enterprise might not avoid the problem altogether. After all, with its goal of promoting each stockholder's economic welfare, its reliance on pure democracy as a means of coordination, and the concurrent roles of members as investors and customers, the cooperative should be best suited to make the owners prevail. A property-rights approach to the issue, considered under German law, however, leads to the conclusion that none of the cooperative's traits can serve as a surrogate for the owner's will. Rather, they aggravate the potential conflict by effectively shielding management from opposition. In the extreme, adverse selection is spurred and the conflict overcome. It entails social pessimum. |
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