{"id":9855,"date":"2020-01-15T14:25:39","date_gmt":"2020-01-15T14:25:39","guid":{"rendered":"https:\/\/euricse.staging.hgblu.com\/?post_type=publications&p=9855"},"modified":"2024-03-14T13:40:59","modified_gmt":"2024-03-14T13:40:59","slug":"wp-110-20-finance-property-rights-and-productivity-in-italian-cooperatives","status":"publish","type":"publications","link":"https:\/\/euricse.eu\/en\/publications\/wp-110-20-finance-property-rights-and-productivity-in-italian-cooperatives\/","title":{"rendered":"WP 110 | 20 Finance, property rights and productivity in Italian cooperatives"},"content":{"rendered":"

Edited by: Donald A. R. George<\/span>, Eddi Fontanari<\/span>, Ermanno Celeste Tortia<\/span><\/p>\n

Standard economic theory predicts that the accumulation of capital by means of indivisible reserves would lead to underinvestment and undercapitalization due to the truncated temporal horizon of worker-members in\u00a0cooperatives\u00a0(the so-called\u00a0\u201cFurubotn-Pejovich\u00a0effect\u201d). An inefficiently low stock of capital would imply, other conditions being equal, lower labour productivity. We test the real effects of collective capital on productivity using a large panel of Italian worker and social\u00a0cooperatives.\u00a0Firm-level balance sheet data from Bureau van Dijk Aida database are used to estimate the effects of collective and individual reserves of capital on total factor productivity using an augmented Cobb-Douglas production function. Social security data on employment contracts in all Italian enterprises are used to measure firm-level full-time\u00a0worker equivalents employment. Collective ownership and\u00a0total factor\u00a0productivity are positively and significantly related after controlling for factor productivity, individual capital ownership and other standard firm-level and sectoral controls. This result is robust to different specifications of the model and suggests a positive role of collective capital in strengthening financial sustainability, patrimonial and employment stability in the long run, favouring also favouring firm specific investments.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

This paper addresses the real effects of collective capital on productivity using a large panel of Italian worker and social\u00a0cooperatives.\u00a0<\/p>\n","protected":false},"author":30,"featured_media":9858,"parent":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"episode_type":"","audio_file":"","cover_image":"","cover_image_id":"","duration":"","filesize":"","date_recorded":"","explicit":"","block":"","itunes_episode_number":"","itunes_title":"","itunes_season_number":"","itunes_episode_type":"","filesize_raw":"","footnotes":""},"tags":[35,68,96,807,808],"class_list":["post-9855","publications","type-publications","status-publish","has-post-thumbnail","hentry","tag-cooperatives","tag-employment-en","tag-sustainability-en","tag-ownership","tag-italy","publications-cat-working-papers","publications-area-measurement-and-impact","arguments-measurement-and-statistics","organizational_types-social-cooperatives","organizational_types-worker-cooperatives"],"acf":[],"yoast_head":"\nWP 110 | 20 Finance, property rights and productivity in Italian cooperatives - 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