On the Future of Co-Operatives
George W.J. Hendrikse
Erasmus University Rotterdam (EUR) - Rotterdam School of Management (RSM); Erasmus Research Institute of Management (ERIM)
Cees P. Veerman
October 2003 2,
ERIM Report Series Reference No. ERS-2003-007-ORG
Two extensions are formulated of the analysis of the allocation of decision rights in Hendrikse and Veerman (2001). First, the incomplete contracts in their article can be viewed as simple long-term contracts, i.e. it is not allowed to make the allocation of authority contingent on the circumstances. Contingent long-term contracts are now considered. Second, another aspect of decision rights is the frequency of meetings between the owners and managers of enterprises. This aspect will be addressed from a long-term contract perspective as well as a loss aversion perspective.
Number of Pages in PDF File: 16
Keywords: contingent control rights, frequency of board meetings
JEL Classification: M, M10, L2working papers series
Date posted: February 28, 2008
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