Abstract

HERNANDEZ SALAZAR, Giovanni Andrés. Heterogeneity of associates, capital structure and profitability of non-financial cooperatives in Colombia. Cuad. Econ. [online]. 2020, vol.39, n.79, pp.1-30. ISSN 0121-4772.  https://doi.org/10.15446/cuad.econ.v39n79.77290.

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.

JEL: G31, G32, G34, L25, L31.

Keywords : cooperatives; capital structure; profitability; member's Heterogeneity.

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