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Heterogeneity of associates, capital structure and profitability of non-financial cooperatives in Colombia
Heterogeneidad de los asociados, estructura de capital y rentabilidad de las cooperativas no financieras en Colombia
Heterogeneidade dos associados, estrutura de capital e rentabilidade das cooperativas não financeiras na Colômbia
DOI:
https://doi.org/10.15446/cuad.econ.v39n79.77290Palabras clave:
cooperativas, estructura de capital, rentabilidad, heterogeneidad de los asociados (es)cooperatives, capital structure, profitability, member's Heterogeneity (en)
cooperativas, estrutura de capital, rentabilidade, heterogeneidade dos associados (pt)
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Esta investigación tiene como objetivo estudiar la estructura de capital y rentabilidad en organizaciones cooperativas. Con una base de datos de 199 cooperativas colombianas no financieras en el periodo 2009-2013 y estimando modelos panel, se encuentra que variaciones en la heterogeneidad socioeconómica de los asociados afecta la estructura de capital de largo plazo en 23%, la estructura de capital de corto plazo en 13% y la rentabilidad en 6%. Se concluye que el principio de libre entrada y salida de personas de organizaciones con propiedad colectiva y gobierno democrático incide en los indicadores financieros de la organización.
This research aims to study the relationship between the member ́s heterogeneity and capital structure and profitability in cooperative organizations. The database was built with 199 Colombian non-financial cooperatives between 2009-2013. The main finding is that variations in the socio-economic heterogeneity of associates affect long-term capital structure by 23%, short-term capital structure by 13% and profitability by 6%. It is concluded that the principle of people' free entry and exit from organizations with collective property and democratic governance affects the organization's financial indicators.
Esta pesquisa tem como objetivo estudar a estrutura de capital e rentabilidade em organizações cooperativas. Com uma base de dados de 199 cooperativas colombianas não financeiras no período 2009-2013 e estimando modelos de painel, se encontra que variações na heterogeneidade socioeconômica dos associados afeta a estrutura de capital de longo prazo em 23%, a estrutura de capital de curto prazo em 13% e a rentabilidade em 6%. Conclui-se que o princípio de livre entrada e saída de pessoas de organizações com propriedade coletiva e governo democrático incide nos indicadores financeiros da organização.
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