A Review of the Applicability of the Main Theories of Financial Structure to Spanish Worker Cooperatives

27 Pages Posted: 27 Mar 2024

See all articles by Beñat Herce-Lezeta

Beñat Herce-Lezeta

affiliation not provided to SSRN

Mónica Gago

Mondragon University - Ciencias Empresariales

Iñaki Arenaza Bengoa

affiliation not provided to SSRN

Abstract

The dominant financial theories have been developed, manly, under the schemes of large capitalist corporations, overlooking the special configuration of personalist societies such as worker cooperatives. As a consequence, the possibility of extrapolating to cooperative enterprises the findings of research focusing on understanding the financial dynamics of commercial companies, in quantity and quality, is limited. For this reason, it is necessary to carry out specific studies that delve into their singularities, considering that these may affect the applicability of the most relevant theories in the field of financial structure decisions, such as the trade-off or pecking order theories. Thus, this study concludes, based on a deductive analysis, that the behaviour of Spanish worker cooperative societies requires certain relevant nuances to be understood under the assumptions of these theories that any financial research, analysing worker cooperatives, should consider.

Keywords: worker cooperatives, Financing, Financial theories, Trade-off theory, Pecking order theory

Suggested Citation

Herce-Lezeta, Beñat and Gago, Mónica and Arenaza Bengoa, Iñaki, A Review of the Applicability of the Main Theories of Financial Structure to Spanish Worker Cooperatives. Available at SSRN: https://ssrn.com/abstract=4774331 or http://dx.doi.org/10.2139/ssrn.4774331

Beñat Herce-Lezeta (Contact Author)

affiliation not provided to SSRN ( email )

No Address Available

Mónica Gago

Mondragon University - Ciencias Empresariales ( email )

Iñaki Arenaza Bengoa

affiliation not provided to SSRN ( email )

No Address Available

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