Corporate Governance in Cooperatives: a look at publications, trends, and relevance
- Jairo Alfonso Becerra Arévalo Universidad de La Salle (Colombia) https://orcid.org/0000-0002-0648-3600
- Yudy Elena Giraldo Pérez Universidad de La Salle (Colombia) https://orcid.org/0000-0001-5542-3332
Abstract
This article presents the results of a bibliometric and documentary analysis, its evolution and trends, on corporate governance in the solidarity sector, with an emphasis on cooperatives, during the period 1995-2024. The research is based on the analysis of documents indexed in the Web of Science (WoS) and Scopus databases, constructing indicators of productivity, impact and structure using data analysis tools such as Excel, VOSviewer and the Bibliometrix package in R. The results show a growing academic interest in the study of corporate governance in solidarity sector organisations, with an increase in academic productivity, a wide dispersion and dissemination among authors and journals, as well as a diversity of analytical-oriented approaches, where the role of boards of directors in the processes of cooperative organisations and the use of mainly quantitative approaches for their analysis, and the application of mathematical-statistical models in measuring corporate governance decisions in cooperatives are relevant. The study concludes that, despite advances in the scientific study of corporate governance in cooperatives, it remains a developing field of study, with theoretical and methodological gaps, which represents an opportunity for future research.
References
Adolfo Rubio-Rodriguez, G., Lucia Galvis-Gomez, A., Jairo Mosquera-Rodas, J., & Samuel Rodriguez-Barrero, M. (2021). The codes of cooperative good governance and the inclusion of demobilized populations and victims of the armed conflict in Colombia. Clio America, 15(30), 728–737. https://doi.org/10.21676/23897848.4552. DOI: https://doi.org/10.21676/23897848.4552
Agnieszka, A., & Anna, S. (2019). Corporate Governance In The Cooperative Banking Sector In Poland. Financial And Credit Activity-Problems Of Theory And Practice, 1(28), 4–15. DOI: https://doi.org/10.18371/fcaptp.v1i28.163681
Altamirano Salazar, A., Pazmiño Arroyo, H., Espinosa Ochoa, P., & Cerda Prado, N. (2016). Análisis del gobierno corporativo en las cooperativas de ahorro y crédito del Ecuador. DOI: https://doi.org/10.29019/eyn.v7i2.170
Altamirano Salazar, A. W., Garcia Aguilar, J. D. C., & Checa Arellano, T. L. (2018). Principles of the Organization for Economic Cooperation and Development as an instrument for measuring corporate governance in cooperatives. Revista Cooperativismo Y Desarrollo-Coodes, 6(2), 141–158. https://doi.org/10.4314/rejhs.v6i3.6.
Altman, M. (2006). Workers Cooperatives as an Alternative Competitive Organizational Form. In Advances in the Economic Analysis of Participatory and Labor-Managed Firms (Vol. 9). https://doi.org/10.1016/S0885-3339(05)09007-1.
Aria, M., & Cuccurullo, C. (2017). bibliometrix: An R-tool for comprehensive science mapping analysis. Journal of Informetrics, 11(4), 959–975. https://doi.org/10.1016/J.JOI.2017.08.007. DOI: https://doi.org/10.1016/j.joi.2017.08.007
Bacchiega, A., & De Fraja, G. (2004). Constitutional Design and Investment in Cooperatives and Investor-Owned Enterprises. Annals of Public and Cooperative Economics, 75(2), 265–293. https://doi.org/10.1111/j.1467-8292.2004.00252.x. DOI: https://doi.org/10.1111/j.1467-8292.2004.00252.x
Bass, B. M., & Steidlmeier, P. (1999). Ethics, character, and authentic transformational leadership behavior. Leadership Quarterly, 10(2), 181–217. https://doi.org/10.1016/S1048-9843(99)00016-8. DOI: https://doi.org/10.1016/S1048-9843(99)00016-8
Berle, A. A., & Means, G. C. (1932). The Modern Corporation and Private Property. https://api.semanticscholar.org/CorpusID:264268226.
Bijman, J., Hendrikse, G., & van Oijen, A. (2013a). Accommodating two worlds in one organisation: Changing board models in agricultural cooperatives. Managerial and Decision Economics, 34(3–5), 204–217. https://doi.org/10.1002/mde.2584.
Bijman, J., Hendrikse, G., & van Oijen, A. (2013b). Accommodating two worlds in one organisation: Changing board models in agricultural cooperatives. Managerial and Decision Economics, 34(3–5), 204 – 217. https://doi.org/10.1002/mde.2584. DOI: https://doi.org/10.1002/mde.2584
Bretos, I., Errasti, A., & Marcuello, C. (2018). Ownership, governance, and the diffusion of HRM practices in multinational worker cooperatives: Case-study evidence from the Mondragon group. Human Resource Management Journal, 28(1), 76–91. https://doi.org/10.1111/1748-8583.12165. DOI: https://doi.org/10.1111/1748-8583.12165
Buang, M.; Abu Samah, A. (2020). Systematic review of factors influencing the effectiveness of the co-operative board. REVESCO. Revista de Estudios Cooperativos, vol. 136, e71855. https://dx.doi.org/10.5209/reve.71855. DOI: https://doi.org/10.5209/reve.71855
Canada, E., Izcara, C., & Campos, M. J. Z. (2023). Putting Fairness into the Gig Economy: Delivery Cooperatives as Alternatives to Corporate Platforms. SOCIETIES, 13(3). https://doi.org/10.3390/soc13030068. DOI: https://doi.org/10.3390/soc13030068
Cardona, D., Becerra, J., & Rodríguez, D. (2017). Análisis bibliométrico sobre direccionamiento de los estudios en Riesgos Financieros. Revista ESPACIOS, 38(59).
Chan, A., & Raharja, S. J. (2023). Mapping the Scholarly Research on Cooperative Corporation: A Bibliometric Analysis. Journal of System and Management Sciences, 13(2), 156–169. https://doi.org/10.33168/JSMS.2023.0211. DOI: https://doi.org/10.33168/JSMS.2023.0211
Companys, A. G. (2024). Gender diversity as a tool for good governance in cooperatives | La diversidad de género como instrumento de buen gobierno en las cooperativas. CIRIEC-Espana Revista de Economía Publica, Social y Cooperativa, 111, 39–67. https://doi.org/10.7203/CIRIEC-E.111.27970. DOI: https://doi.org/10.7203/CIRIEC-E.111.27970
Cook, M. L., & Burress, M. J. (2013). The impact of CEO tenure on cooperative governance. Managerial and Decision Economics, 34(3–5), 218–229. https://doi.org/10.1002/mde.2585. DOI: https://doi.org/10.1002/mde.2585
Cornforth, C. (2004). The Governance of cooperatives and mutual associations: A paradox perspective. Annals of Public and Cooperative Economics, 75(1), 11–32. https://doi.org/10.1111/j.1467-8292.2004.00241.x. DOI: https://doi.org/10.1111/j.1467-8292.2004.00241.x
Corporación Andina de Fomento CAF. (2013). Lineamientos para un Código Latinoamericano de Gobierno Corporativo (Corporación Andina de Fomento CAF, Ed.; Tercera). https://scioteca.caf.com/handle/123456789/555.
da Silva, F. F., Baggio, D. K., & Santos, D. F. L. (2022). Governance and performance model for agricultural cooperatives | Modelo de governança e desempenho para cooperativas agropecuárias | Modelo de gobernanza y desempeño para las cooperativas agrícolas. Estudios Gerenciales, 38(165), 464–478. https://doi.org/10.18046/j.estger.2022.165.5238.
D’Amato, A., & Gallo, A. (2017). Does Bank Institutional Setting Affect Board Effectiveness? Evidence from Cooperative and Joint-Stock Banks. Corporate Governance: An International Review, 25(2), 78–99. https://doi.org/10.1111/corg.12185. DOI: https://doi.org/10.1111/corg.12185
Davis, K. (1994). Prudential Regulation and Australian Credit Unions. 19(1), 31–46. https://doi.org/10.1177/031289629401900102. DOI: https://doi.org/10.1177/031289629401900102
De Moura Costa, D. R., & Neto, S. B. (2009). Rating methodology in agricultural cooperatives: A case study | Metodologia de rating em cooperativas agropecuárias: um estudo de caso. Gestao e Producao, 16(4), 612–623. https://doi.org/10.1590/s0104-530x2009000400010. DOI: https://doi.org/10.1590/S0104-530X2009000400010
Deakin, S., Hobbs, R., Konzelmann, S. J., & Wilkinson, F. (2006a). Anglo-American corporate governance and the employment relationship: A case to answer? Socio-Economic Review, 4(1), 155–174. https://doi.org/10.1093/SER/mwj037.
Deakin, S., Hobbs, R., Konzelmann, S. J., & Wilkinson, F. (2006b). Anglo-American corporate governance and the employment relationship: A case to answer? Socio-Economic Review, 4(1), 155 – 174. DOI: https://doi.org/10.1093/SER/mwj037
https://doi.org/10.1093/SER/mwj037.
Djan, K. O., & Mersland, R. (2022). Are NGOs and cooperatives similar or different? A global survey using microfinance data. Journal of Management and Governance, 26(2), 641–683. https://doi.org/10.1007/s10997-021-09567-9. DOI: https://doi.org/10.1007/s10997-021-09567-9
Durieux, V., & Alain Gevenois, P. (2010). Bibliometric idicators: Quality masurements of sientific publication. In Radiology (Vol. 255, Issue 2, pp. 342–351). https://doi.org/10.1148/radiol.09090626. DOI: https://doi.org/10.1148/radiol.09090626
Esteban Salvador, M. L. (2013). Are the cooperatives in more favourable of having women in their board of directors than other entities? | ¿Son las cooperativas más favorables a la presencia de mujeres en los consejos que otras entidades? REVESCO. Revista de Estudios Cooperativos, 110, 96–128. https://doi.org/10.5209/rev_REVE.2013.v110.41443. DOI: https://doi.org/10.5209/rev_REVE.2013.v110.41443
Esteban-Salvador, L., Gargallo-Castel, A., & Pérez-Sanz, J. (2019). The presidency of the governing boards of cooperatives in Spain: a gendered approach. Journal of Co-Operative Organization and Management, 7(1), 34–41. https://doi.org/10.1016/j.jcom.2019.03.002. DOI: https://doi.org/10.1016/j.jcom.2019.03.002
Fama, E. F. (1980). Agency Problems and the Theory of the Firm. In Source: Journal of Political Economy (Vol. 88, Issue 2). DOI: https://doi.org/10.1086/260866
Fama, E. F., & Jensen, M. C. (1983). Separation of Ownership and Control. In Source: The Journal of Law & Economics (Vol. 26, Issue 2). DOI: https://doi.org/10.1086/467037
Franken, J. R. V, & Cook, M. L. (2019a). Do Corporate Governance Recommendations Apply to US Agricultural Cooperatives? Sustainability, 11(19). https://doi.org/10.3390/su11195321.
Franken, J. R. V, & Cook, M. L. (2019b). Do Corporate Governance Recommendations Apply to US Agricultural Cooperatives? Sustainability, 11(19). https://doi.org/10.3390/su11195321. DOI: https://doi.org/10.3390/su11195321
Gega, M., Höhler, J., Bijman, J., & Oude Lansink, A. (2025). Firm ownership and ESG performance in European agri-food companies: The mediating effect of risk-taking and time horizon. Corporate Social Responsibility and Environmental Management, 32(1), 1161–1181. https://doi.org/10.1002/csr.3008. DOI: https://doi.org/10.1002/csr.3008
Gorton, G., & Schmid, F. (1999). Corporate governance, ownership dispersion and efficiency: Empirical evidence from Austrian cooperative banking. Journal of Corporate Finance, 5(2), 119–140. https://doi.org/10.1016/s0929-1199(98)00019-4. DOI: https://doi.org/10.1016/S0929-1199(98)00019-4
Guerra, I. R., & Rubio, J. M. Q. (2014). Cooperative principles intangible capital as to the challenges of cooperative. Intangible Capital, 10(5), 897–921. https://doi.org/10.3926/ic.406. DOI: https://doi.org/10.3926/ic.406
Gupta, N., & Mirchandani, A. (2020). Corporate governance and performance of microfinance institutions: recent global evidences. Journal of Management and Governance, 24(2), 307 – 326. https://doi.org/10.1007/s10997-018-9446-4. DOI: https://doi.org/10.1007/s10997-018-9446-4
Guzmán, C., Santos, F. J., & Barroso, M. de la O. (2020). Analysing the links between cooperative principles, entrepreneurial orientation and performance. Small Business Economics, 55(4), 1075 – 1089. https://doi.org/10.1007/s11187-019-00174-5. DOI: https://doi.org/10.1007/s11187-019-00174-5
Hakelius, K. (2018). Understanding the board of Swedish farmer cooperatives – Cases focusing on board composition and interaction patterns. Journal of Co-Operative Organization and Management, 6(2), 45–52. https://doi.org/10.1016/j.jcom.2018.06.001. DOI: https://doi.org/10.1016/j.jcom.2018.06.001
Herchenbach, J. S., Briggeman, B. C., Bergtold, J. S., Shanoyan, A., Low, S. A., & Miller, B. (2024). A Skills Gap Analysis of Farmer Directors of US Farmer Cooperatives. Agribusiness. https://doi.org/10.1002/agr.21997. DOI: https://doi.org/10.1002/agr.21997
Hillier, D., Hodgson, A., Stevenson-Clarke, P., & Lhaopadchan, S. (2008). Accounting window dressing and template regulation: A case study of the Australian credit union industry. Journal of Business Ethics, 83(3), 579–593. https://doi.org/10.1007/s10551-007-9640-9. DOI: https://doi.org/10.1007/s10551-007-9640-9
Hirsch, J. E. (2005). An index to quantify an individual’s scientific research output. https://doi.org/10.1073/pnas.0507655102. DOI: https://doi.org/10.1073/pnas.0507655102
Husain, Z., & Juhmani, O. I. (2020). Corporate governance mechanisms and corporate debt: A study on non-financial firms listed in GCC stock exchanges. 2020 2nd International Sustainability and Resilience Conference: Technology and Innovation in Building Designs. https://doi.org/10.1109/IEEECONF51154.2020.9319996. DOI: https://doi.org/10.1109/IEEECONF51154.2020.9319996
Jensen, M. C., Meckling, W. H., Benston, G., Canes, M., Henderson, D., Leffler, K., Long, J., Smith, C., Thompson, R., Watts, R., & Zimmerman, J. (1976). Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. In Journal of Financial Economics (Issue 4). Harvard University Press. https://www.sciencedirect.com/journal/journal-of-financial-economics/vol/3/issue/4. DOI: https://doi.org/10.1016/0304-405X(76)90026-X
Kaufman, A., & Englander, E. (2005). A team production model of corporate governance. Academy of Management Executive, 19(3), 9 – 22. https://doi.org/10.5465/AME.2005.18733212. DOI: https://doi.org/10.5465/ame.2005.18733212
Lee, S. H., & Yoo, T. (2008). Competing rationales for corporate governance in France: Institutional complementarities between financial markets and innovation systems. Corporate Governance: An International Review, 16(2), 63 – 76. https://doi.org/10.1111/j.1467-8683.2008.00669.x. DOI: https://doi.org/10.1111/j.1467-8683.2008.00669.x
Lee, S.-H., Kang, H.-J., & Lee, S.-Y. (2022). The Influence of Board Diversity and Board Conflict on Performance in Consumer Cooperatives in South Korea. Journal of Entrepreneurial and Organizational Diversity, 11(1), 55 – 81. https://doi.org/10.5947/jeod.2022.003. DOI: https://doi.org/10.5947/jeod.2022.003
Muñoz Pasadas, R., & Tirado Valencia, P. (2014). Social responsibility and transparency in the web: An analysis applied to Spanish agro-food cooperatives | Responsabilidad social y transparencia a través de la web: Un análisis aplicado a las cooperativas agroalimentarias Españolas. REVESCO. Revista de Estudios Cooperativos, 114, 84–105. http://dx.doi.org/10.5209/rev_REVE.2014.v114.44293.
Nazzaroi, C., Stanco, M., Uliano, A., Lerro, M., & Marotta, G. (2022). Collective smart innovations and corporate governance models in Italian wine cooperatives: the opportunities of the farm-to-fork strategy. International Food And Agribusiness Management Review, 25(5), 723–736. https://doi.org/10.22434/IFAMR2021.0149. DOI: https://doi.org/10.22434/IFAMR2021.0149
Neto, S. B. (2007). Um ensaio sobre desempenho econômico e participação em cooperativas agropecuárias. Revista de Economia e Sociologia Rural, 45(1), 119–138. https://doi.org/10.1590/S0103-20032007000100006. DOI: https://doi.org/10.1590/S0103-20032007000100006
ONU. (2024). Resolución aprobada por la Asamblea General el 19 de junio de 2024. https://digitallibrary.un.org/record/4053387?ln=es&v=pdf.
Organización Internacional del Trabajo. (2022). Resolución relativa al trabajo decente y la economía social y solidaria. https://www.ilo.org/sites/default/files/wcmsp5/groups/public/%40ed_norm/%40relconf/documents/meetingdocument/wcms_848664.pdf.
Organización para la Cooperación y el Desarrollo Económico OCDE. (2024). Liberando el potencial de la economía social y solidaria para las personas, los territorios y las empresas de América Latina y el Caribe. https://doi.org/https://doi.org/10.1787/a8c53fcc-es.
Organización para la Cooperación y el Desarrollo Económicos (OCDE). (2016). Principios de Gobierno Corporativo de la OCDE y del G20. https://doi.org/10.1787/9789264259171-es.
Pacelli, V., Pampurini, F., & Labini, S. S. (2019). The peculiarity of the cooperative and mutual model: Evidence from the european banking sector. Journal of Financial Management, Markets and Institutions, 7(1). https://doi.org/10.1142/S2282717X19400012. DOI: https://doi.org/10.1142/S2282717X19400012
Pasadas, R. M., & Valencia, P. T. (2014). Responsabilidad social y transparencia a través de la Web: un análisis aplicado a las cooperativas agroalimentarias españolas. REVESCO. Revista de Estudios Cooperativos, 114, 84-105. http://dx.doi.org/10.5209/rev_REVE.2014.v114.44293. DOI: https://doi.org/10.5209/rev_REVE.2014.v114.44293
Permatasari, P., & Gunawan, J. (2023). Sustainability policies for small medium enterprises: WHO are the actors? Cleaner and Responsible Consumption, 9. https://doi.org/10.1016/j.clrc.2023.100122. DOI: https://doi.org/10.1016/j.clrc.2023.100122
Rajablu, M. (2016). Corporate governance: a conscious approach for Asia and emerging economies. International Journal of Law and Management, 58(3), 317–336. https://doi.org/10.1108/IJLMA-04-2015-0017. DOI: https://doi.org/10.1108/IJLMA-04-2015-0017
Romero, M. J. (2020). Revisión Sistemática del Concepto Gobernanza Cooperativa. Ciencias Administrativas, 18, 083. https://doi.org/10.24215/23143738e083. DOI: https://doi.org/10.24215/23143738e083
Rueda, G., Gerdsri, P., & Kocaoglu, D. F. (2007). Bibliometrics and social network analysis of the nanotechnology field. Portland International Conference on Management of Engineering and Technology, 2905–2911. https://doi.org/10.1109/PICMET.2007.4349633. DOI: https://doi.org/10.1109/PICMET.2007.4349633
Shleifer, A., & Vishny, R. W. (1997). A Survey of Corporate Governance. The Journal of Finance, 52(2), 737–783. https://doi.org/https://doi.org/10.1111/j.1540-6261.1997.tb04820.x. DOI: https://doi.org/10.1111/j.1540-6261.1997.tb04820.x
Siqueira, L. C. (2014). Práticas de governança corporativa indicadas para monitoramento: uma análise do nível de adoção em cooperativas agropecuárias. Revista de Gestão, 21(1), 43–63. DOI: https://doi.org/10.5700/rege518
Surroca, J., García-Cestona, M. A., & Santamaria, L. (2006). Corporate governance and the mondragón cooperatives. Management Research, 4(2), 99–112. https://doi.org/10.2753/JMR1536-5433040202. DOI: https://doi.org/10.2753/JMR1536-5433040202
Teixeira, M. G., Caleman, S. M. Q., & Américo, J. C. S. (2020). Multiple rational management and governance in agriculture cooperatives. Corporate Governance (Bingley), 20(4), 653–671. https://doi.org/10.1108/CG-08-2019-0245. DOI: https://doi.org/10.1108/CG-08-2019-0245
Teixeira, M. G., De Déa Roglio, K., & Marcon, R. (2016). Institutional logics and the decision-making process of adopting corporate governance at a cooperative organization. Journal of Management and Governance, 21(1), 181–209. https://doi.org/10.1007/s10997-016-9340-x. DOI: https://doi.org/10.1007/s10997-016-9340-x
Vidal, J. (2012). Teoría de la Decisión: Proceso de interacciones u organizaciones como sistemas de decisiones. https://doi.org/10.4067/S0717-554X2012000200004. DOI: https://doi.org/10.4067/S0717-554X2012000200004
Yobe, C. L., Ferrer, S. R. D., & Mudhara, M. (2020). Measuring the financial efficiency of agricultural cooperatives in South Africa: an application of the Simar-Wilson methodology. AGREKON, 59(3), 269–286. https://doi.org/10.1080/03031853.2020.1761845. DOI: https://doi.org/10.1080/03031853.2020.1761845
Format
Crossmark
License
In order to support the global exchange of knowledge, the journal Revesco. Revista de Estudios Cooperativos is allowing unrestricted access to its content as from its publication in this electronic edition, and as such it is an open-access journal. The originals published in this journal are the property of the Complutense University of Madrid and any reproduction thereof in full or in part must cite the source. All content is distributed under a Creative Commons Attribution 4.0 use and distribution licence (CC BY 4.0). This circumstance must be expressly stated in these terms where necessary. You can view the summary and the complete legal text of the licence.
