Legal approach to the cooperative regulation of non-traditional financial instruments and their use in the Spanish agri-food sector
Abstract
The aim of this paper is to analyze if the Spanish agri-food cooperatives make use of obligations, special participations and participatory titles as an alternative financial system. Therefore, the main legal and accounting aspects of these financial instruments are going to be considered in order to identify their most relevant characteristics. In order to conduct this research, it was necessary to analyze the annual accounts of some cooperative companies of the agri-food sector. Additionally, with the aim of being more accurate in our analysis, we compared the obtained results with some S.R.L and S.A. from the agri-food sector. However, none of the selected societies had made used of obligations, special participations and participatory titles, so we think that it might be necessary to adapt our cooperatives legislation in order to develop new financial instruments which were better for the cooperatives of the agrifood sector.
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