Impact of Board Structure and Process on Cooperative Performance
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Limited inquiry into cooperative governance and performance suggests that best practices from corporate governance literature may not apply uniformly to cooperatives. The rarely addressed issue of endogeneity limits confidence in recommendations for corporations and cooperatives alike. By accounting for the most commonly recognized sources of endogeneity, expectations of better performance by larger cooperatives with smaller boards are confirmed, while mixed evidence is obtained on effects of seating outside experts on the board and the board’s share of equity. A comprehensive understanding of implications of governance choices requires consideration of trade-offs between financial performance and effectively serving other needs of patron-members.