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Article Dans Une Revue Finance Research Letters Année : 2020

Identifying the impact of crisis on cooperative capital constraint. A short note on French craftsmen cooperatives

Résumé

This research note addresses for the first time the issue of capital constraint and credit rationing for craftsmen cooperatives, which are small to medium grassroots cooperatives. We estimate an ECM (Error correction model) using various specifications as robustness checks on an exhaustive French cooperative database. We find empirical evidence of an impact of crisis on cooperative financial constraint, but we highlight that this constraint is more stringent for cooperatives with medium volume of cash flow. This result leads to the question of cooperatives financing during the period of a global economic downturn.
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hal-02290727 , version 1 (22-08-2022)

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Paternité - Pas d'utilisation commerciale

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Anne Musson, Damien Rousselière. Identifying the impact of crisis on cooperative capital constraint. A short note on French craftsmen cooperatives. Finance Research Letters, 2020, 35, ⟨10.1016/j.frl.2019.09.005⟩. ⟨hal-02290727⟩
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