Application of social indicatores on financial evalution of rural cooperatives. / Emprego de indicadores sócio-econômicos na avaliação financeira de cooperativas agropecuárias.

AUTOR(ES)
DATA DE PUBLICAÇÃO

2000

RESUMO

Most of the brazilian cooperatives are concerned with evaluating periodically only its economical and financial dimension, forgetting to consider that this kind of enterprise is also a society of people which have one main purpose: the assistance to its membership. The social indicators, which reflect the social performance of cooperatives, were introduced to improve the existent models of financial evaluation, developed for rural cooperatives. The importance of this study is based on the high amount of credit alocated on the Brazilian rural cooperativist segment. Only within the Banco do Brasil, its major creditor, this amount exceeded, in 1997, the sum of US$ 2,6 billion, with a default rate of about 50%. Using the theoretical basis of the “Agency Theory”, this dissertation focused the relation between the managers of the cooperative and their membership, as a typical principal-agent relation. Starting with this theory, three social indicators were choosen and a logit model was adjusted to test the influence of the selected indicators on default prediction of rural cooperatives. The results indicated that these social indicators actually interfere on default prediction of rural cooperatives and that their introduction in a model which have only economic indicators, increase the number of events correctly classified. Therefore, future studies related to the financial evaluation of rural cooperatives should consider the introduction of social indicators.

ASSUNTO(S)

cooperativa agrícola cooperativism finance indicador sócio-econômico economic evaluation avaliação econômica cooperativismo agricultural cooperative finança social and economic indicators

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