Meliá-Ma í, Elena; Mozas-Mo al, Ado ación; Be nal-Ju ado, En ique; Fe nández-
Uclés, Domingo
A icle
Global e iciency and p o i abili y: Coope a i es as social
inno a ion agen s s. Join s ock companies in he ag i-
ood sec o
Jou nal o Inno a ion & Knowledge (JIK)
P o ided in Coope a ion wi h:
Else ie
Sugges ed Ci a ion: Meliá-Ma í, Elena; Mozas-Mo al, Ado ación; Be nal-Ju ado, En ique; Fe nández-
Uclés, Domingo (2024) : Global e iciency and p o i abili y: Coope a i es as social inno a ion agen s
s. Join s ock companies in he ag i- ood sec o , Jou nal o Inno a ion & Knowledge (JIK), ISSN
2444-569X, Else ie , Ams e dam, Vol. 9, Iss. 3, pp. 1-11,
h ps://doi.o g/10.1016/j.jik.2024.100537
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Global e ficiency and p ofi abili y: Coope a i es as social inno a ion
agen s s. Join s ock companies in he ag i- ood sec o
Elena Meli
a-Ma í
a,
*, Ado aci
on Mozas-Mo al
b
, En ique Be nal-Ju ado
b
,
Domingo Fe n
andez-Ucl
es
b
a
Uni e si a Poli
ecnica de Val
encia, CEGEA, Camino de Ve a, s/n, 46022, Valencia, Spain
b
Uni e sidad de Ja
en, Campus Las Lagunillas s/n, 23071, Ja
en, Spain
ARTICLE INFO
A icle His o y:
Recei ed 5 June 2024
Accep ed 5 Augus 2024
A ailable online 22 Augus 2024
ABSTRACT
Coope a i ism, as an agen o social inno a ion, significan ly con ibu es o os e ing a dynamic economy and
plays a undamen al ole in u al a eas. Analyses o p ofi abili y in coope a i es e sus In es o -Owned Fi ms
(IOFs) show dispa a e esul s depending on he me hodology and indica o s used. This dispa i y o esul s is
la gely due o he ac ha common indica o s a e used in he business sphe e ha do no ake in o accoun
he duali y o in es o -supplie membe s in coope a i es. This pape deals wi h a compa a i e analysis o
he e ficiency and p ofi abili y o coope a i es and IOFs, which akes in o accoun he coope a i e specifici y
as a as pa ne -p oduce duali y is conce ned. The popula ions analyzed a e he oli e oil p oducing compa-
nies in Andalusia and he me hodology used is wo old: DEA, in he case o e ficiency, and p obi eg ession
o he analysis o p ofi abili y. Fo he la e , a coope a i e global p ofi abili y indica o has been defined.
The esul s poin o a supe io i y o he coope a i es in e ms o bo h e ficiency and o e all p ofi abili y com-
pa ed o he IOFs, which deno es a g ea e capaci y o be e emune a e he p oduce , especially in smalle
companies. Howe e , his supe io i y disappea s as he coope a i e gains dimension. Ou findings show ha
he ela i e pe o mance o coope a i es and IOFs a ies by size. This eali y wa an s he a en ion o bo h
socie y and go e nmen s, p omp ing he need o he de elopmen and implemen a ion o public policies
aimed a hei g ow h and sa egua ding. Addi ionally, i ini ia es a pa hway o u he esea ch in o o he
sec o s o ac i i y.
© 2024 The Au ho (s). Published by Else ie España, S.L.U. on behal o Jou nal o Inno a ion & Knowledge.
This is an open access a icle unde he CC BY-NC-ND license
(h p://c ea i ecommons.o g/licenses/by-nc-nd/4.0/)
Keywo ds:
Coope a i e
Economic p ofi abili y
DEA
Social inno a ion
Oli e sec o
IOFS
JEL Classifica ion:
Q14 (ag icul u al finance)
D24 (p oduc ion)
L25 (fi m pe o mance, size)
In oduc ion
Coope a i es a e en e p ises wi h s able and uncondi ional links
o he u al en i onmen and hus play a leading ole in he local
economy and in fixing he popula ion o he e i o y, making hem
ue agen s o u al de elopmen (Cos S
anchez, Esca díbul Fe
a&
Colom Go gues, 2021;Mozas & Be nal, 2006). Thei go e nance, p in-
ciples, and alues make coope a i es agen s o social inno a ion
1
ha
con ibu e o sol ing p oblems in socie y and mee ing social needs
ha he ma ke s canno ulfill h ough collec i e engagemen (Wind-
um, Scha inge , Rubalcaba, Gallouj & Toi onen, 2016).
Among he mul iple defini ions and pe spec i es on he concep
o social inno a ion, in 2013, he Eu opean Commission associa ed i
wi h he implemen a ion o new ideas (p oduc s, se ices, and mod-
els) o mee social needs and c ea e new social ela ionships o col-
labo a ions in a p ocess ha in ol es co ec ly iden i ying social
needs, de eloping inno a i e solu ions o hose needs, e alua ing
hei e ec i eness, and scaling up e ec i e solu ions (Eu opean Com-
mission, 2013).
The social s uc u e o ag icul u al coope a i es and hei u al
oo s make hem ue agen s o social inno a ion. Mo eo e , while
o -p ofi business o ganisa ions inno a e o add ess he changing
na u e o demand, coope a i es inno a e based on hei membe s’
changing and unme needs (Dong e & Pa anjo hi, 2020), hus gene -
a ing weal h in he communi ies in which hey a e based wi h he
consequen popula ion se lemen , a oiding p oduc ion o sho ing,
and p ese ing he en i onmen .
Examples o social inno a ion by coope a i es and o he social
economy o mulas a e ound wo ldwide, de eloped in esponse o
changes in he social needs o he communi y. In he ag i- ood sec o ,
coope a i es p esen inno a i e ini ia i es o espond o cu en
challenges, such as acili a ing join c opland managemen o comba
* Co esponding au ho .
E-mail add ess: [email p o ec ed] (E. Meli
a-Ma í).
1
K ugman (2023) indica ed ha , while ex eme inequali y is ea ing socie ies apa ,
and en i onmen al damage is making he plane inc easingly uninhabi able, much can
be done a he lowe le els, especially by hi d sec o o ganisa ions in which coope a-
i es make up he co e amily.
h ps://doi.o g/10.1016/j.jik.2024.100537
2444-569X/© 2024 The Au ho (s). Published by Else ie España, S.L.U. on behal o Jou nal o Inno a ion & Knowledge. This is an open access a icle unde he CC BY-NC-ND license
(h p://c ea i ecommons.o g/licenses/by-nc-nd/4.0/)
Jou nal o Inno a ion & Knowledge 9 (2024) 100537
Jou nal o Inno a ion
&Knowledge
h ps://www.jou nals.else ie .com/jou nal-o -inno a ion-and-knowledge
membe s’land abandonmen and he lack o gene a ional enewal
(Pi~
nei o, Meli
a-Ma í & Ga cía Al a ez-Coque, 2021), c ea ing g oups
o ne wo ks o ackle in es men s in R+D+i o imp o e he added
alue o hei membe s (Gallego-Bono & Cha es-A ila, 2016), wo k-
ing o ans o m membe s’c op p oduc ion sys ems in o o ganic o
in eg a ed me hods (Pa illa-Gonzalez & O ega-Alonso e al., 2021),
and sha ing economic expe iences (Dabbous & Ta hini, 2021).
Se e al s udies ha e no ed ha p oduce coope a i es gene a e
highe e u ns han in es o -owned fi ms (IOFs) (Ba os & San os,
2007,D’Ama o e al., 2021,Yu & Huang, 2020), which is a esul o
he dual s a us o membe s, supplie s, and owne s, and hei g ea e
commi men o and alignmen wi h he in e es s o he coope a i e.
Howe e , his duali y o membe ship and he coope a i e go e -
nance model i sel , wi h a democ a ic s uc u e and aguely defined
p ope y igh s, en ails he appea ance o cos s, which may dilu e he
ad an age held by coope a i es.
The esul s o mos exis ing s udies compa ing he p ofi abili y o
coope a i es and IOFs aise many doub s inso a as hey do no con-
side he di e en ial elemen s be ween he wo ypes o en e p ises
and a e o en limi ed o compa ing p ofi abili y indica o s based on
co po a e p ofi s. Acco ding o Kaloge as, Pennings, Benos and
Doumpos (2013), p ofi abili y analyses conduc ed on ag icul u al
coope a i es can be g ouped in o wo ca ego ies: hose using indica-
o s ela ed o economic e ficiency and hose based on financial
a ios. Howe e , o he bes o ou knowledge, no esea ch o da e
has add essed bo h me hodologies oge he .
This s udy aims o conduc a compa a i e analysis o p oduce
coope a i es and IOFs ha in eg a es bo h app oaches (e ficiency
and p ofi abili y) and conside s he special dual ole o he coope a-
i e membe -supplie . This compa ison pays pa icula a en ion o
he impac o size on he p ofi abili y o bo h ypes o companies.
Fi s , p ofi abili y is analysed in an e ficiency s udy using da a
en elopmen analysis (DEA). DEA is he mos equen ly used ech-
nique in e ficiency s udies owing o i s use ulness and alidi y (Kuos-
manen, Johnson & Saas amoinen, 2015). Second, an analysis is
conduc ed using financial a ios. Howe e , as se e al s udies ha e
no ed, adi ional financial measu es do no conside he dual ole o
coope a i e membe s (use s and owne s) (Benos, Kaloge as, We zels,
de Ruy e & Pennings, 2018), o ha coope a i e owne s, unlike he
owne s o IOFs, a e no p ima ily o exclusi ely in e es ed in he
e u n on hei in es men , bu a he a e ocused on o he se ices
and benefi s coope a i es p o ide (Soboh, Oude Lansink & Van Dijk,
2011).
This s udy p oposes a a io ha allows he p ofi abili y o coope -
a i es and IOFs o be compa ed wi hou being a ec ed by he di e -
ences in weigh s o he pu chase o p oduc s om supplie s (also
coope a i e membe s) be ween he wo ypes o en i ies.
This s udy was conduc ed wi h oli e oil companies in Andalu-
sia, which is he main p oduc ion egion in Spain. Coope a i es
ep esen 50% o he o al numbe o mills and 67% o p oduc ion
in his egion. Thus, he coope a i es and IOFs in his analysis a e
in he same p oduc ion sec o , use he same echnology, and a e
loca ed in he same egion, making hem simila in all aspec s
excep o hose de i ed om hei di e en legal o ms. The e-
o e, he di e ences ha eme ge in he compa ison conduc ed in
his s udy can be a ibu ed o hei di e en o ganisa ional o
business o ms.
Howe e , as coope a i es g ow, hei o ganisa ional cos s
inc ease, along wi h hei capaci y o in es in asse s and se ices
aimed a imp o ing he p ofi abili y o hei membe s, he eby lead-
ing o inc eases in he uni cos s o coope a i es compa ed o hose o
IOFs. Bo h elemen s can place coope a i es in a lowe posi ion o
p ofi abili y compa ed o IOFs. Thus, o compa e p ofi abili y in he
di e en s ages o company g ow h, wo models a e conside ed, wi h
he second one including he impac o size on di e ences in p ofi -
abili y be ween bo h ypes o companies. S akeholde heo y and
ansac ion cos heo y a e used o explain he di e en beha iou s
o bo h ypes o companies conce ning company size.
To achie e he abo e objec i es, he emainde o his pape is
s uc u ed as ollows. Sec ion 2 p esen s he heo e ical amewo k
and hypo heses o be es ed. Sec ion 3 desc ibes he me hodology
and o igin o he da a used. Sec ion 4 epo s and discusses he main
esul s. Finally, Sec ion 5 summa ises he main conclusions and al-
ues de i ed in his s udy.
Theo e ical amewo k and hypo heses
In eg a ing he p oduc ion o nume ous en ep eneu s o sha e
p oduc ion and sales cos s is a key pilla o coope a i ism (Mozas &
Guzm
an, 2017). Mo eo e , coope a i es co ec o ma ke ailu es
by p o iding se ices o which a unc ioning ma ke does no exis ,
he eby imp o ing he quali y o li e and p ofi abili y o a me s and
hei a ms
2
(Pa liamen , Le man & Ful on, 1990). Coope a i es a e
new o ms o owne ship, ep esen ing a new way o os e be e
p oduc ion and engage in capi alism di e en ly. These fi ms ocus on
p o iding a coope a i e model o missions o empowe people and
nu u e hei capaci y o pa icipa e om he s a a he han jus
eac ing a e wa ds (Mazzuca o, 2023).
Economies o scale, as a sou ce o inc easing e ficiency and, hus,
compe i i eness (Allen & Liu, 2007;Ma gono, Sha ma & Mel in,
2010) a e key elemen s in he c ea ion o coope a i es. Economies o
scale a e p esen when a fi m inc eases i s ou pu i i can educe
cos s pe uni o ou pu while keeping he p opo ion o esou ces
used cons an . This concep has been used o explain indus ial con-
cen a ion (Cu y & Geo ge, 1983;Ve gos, Ch is opoulos, K ys allidis
& Papand oni, 2010).
In he oli e sec o , which p o ides he basis o his s udy, econo-
mies o scale a e i al. Acco ding o Minis e io de Ag icul u a (2021),
du ing he indus ial phase o oli e oil ex ac ion, he weigh ed a e -
age ex ac ion cos o 1 kg o oil and he ne ma gin gene a ed a e
highly dependen on o al p oduc ion olume. As economies o scale
in he oli e sec o a e a clea ac o in g ea e p oduc i i y, he p o-
cess o coope a i es concen a ion p o ides clea benefi s.
The e o e, a la ge pa o coope a i es’ aison d’^
e e is based on he
concen a ion o ac i i y and business size, allowing hem o achie e
economies o scale. Howe e , he ela ionship be ween size and pe -
o mance is complex (Bola inwa & Obembe, 2017), and empi ical
s udies ha e no ob ained conclusi e esul s ega ding he sign o
his ela ionship. F om a heo e ical pe spec i e, some heo ies epo
ha his ela ionship is posi i e, whe eas o he s indica e he exac
opposi e (Camis
on-Zo zona, 1996). The o me includes, among
o he s, he heo y o he fi m, acco ding o which a fi m becomes
mo e e ficien as i app oaches i s op imal size, since i allows i s uni
cos s o be minimised, as well as he classical indus ial economics
app oach, acco ding o which he ela ionship be ween size and p o -
i abili y is posi i e, conside ing he ma ke sha e o concen a ion
ha i p o ides. Thus, acco ding o Demse z (1973), a la ge ma ke
sha e acili a es pac s/collusion wi h o he companies, leading o
g ea e ma ke powe and, hus, g ea e p ofi abili y. Finally, new
indus ial economics heo y a gues ha la ge companies ha e all he
op ions a ailable o small and medium-sized en e p ises, bu no ice
e sa. In addi ion, la ge fi ms ha e a g ea e compe i i e ad an age
in fi e a eas: economies o scale and expe ience cu es, financial
esou ces, human esou ces, ma ke ing esou ces, and echnological
esou ces (S
anchez & Ga cía, 2003). These heo ies ha e been sup-
po ed by nume ous empi ical s udies such as Begley and Boyd
(1986),Godda d and Wilson (1996),Majumda (1997), and Fu, Ke
and Huang (2002).
2
Ga cía P
e ez e al. (2024) no ed ha ag i- ood coope a i es adop analy ical o
hyb id s a egies ha aim o balance e ficiency and cos con ol wi h inno a ion.
E. Meli
a-Ma í, A. Mozas-Mo al, E. Be nal-Ju ado e al. Jou nal o Inno a ion & Knowledge 9 (2024) 100537
2
Howe e , he democ a ic s uc u e o coope a i es, sha ed iden-
i y o membe s as bo h owne s and use s, and pu sui o a dual
objec i e (i.e. o se e bo h membe s and business), can lead o he
eme gence o new cos s, bo h o ganisa ional and de i ed om he
g owing inco po a ion o se ices p o ided o membe s, especially
when coope a i es g ow in size and complexi y. This coun e ac s he
ad an ages achie ed h ough he concen a ion o ac i i y and size
and can place coope a i es in an in e io posi ion in e ms o business
p ofi abili y compa ed o o he en e p ise o ms, including IOFs.
S akeholde and ansac ion cos heo ies jus i y he di e en ial
na u e o coope a i e en e p ises compa ed wi h o he ypes o en i-
ies in e ms o hei pe o mance. S akeholde heo y (F eeman,
1984) indica es ha o ganisa ions comp ise a se o ac o s o in e es
g oups (s akeholde s) whose equi emen s managemen mus mee
o ensu e a company’s su i al (Donaldson & P es on, 1995). Acco d-
ingly, a la ge numbe o and g ea e di e si y in s akeholde s, such
as o la ge companies, can make i di ficul o fi ms o mee hei
needs and objec i es, hus nega i ely a ec ing business e ficiency
(Pa ma e al., 2010). This is he case in coope a i e socie ies, whe e
ela ionships wi h s akeholde s a e mo e complex han in o he
ypes o en i ies. This is mainly because o he di e en oles, wi h
di e en associa ed in e es s, assumed by he coope a i e membe s:
owne , supplie , cus ome , and in some cases, wo ke s.
The second heo y, ansac ion cos heo y, posi s ha cos s a e
associa ed wi h coo dina ion and ansac ions be ween pa ies, such
ha in la ge companies, hese cos s can inc ease o ganisa ional com-
plexi y and he e o e lead o lowe economic e ficiency (Madhok,
2002). In he case o coope a i es, g ea e o ganisa ional and ope a-
ional complexi y can inc ease go e nance cos s, he eby nega i ely
a ec ing e ficiency (Pa ma e al., 2010). Specifically, inc eases in
ac i i y and he numbe and he e ogenei y o membe s can inc ease
he cos s o collec i e decision-making (Nilsson, 2018) o o moni o -
ing managemen , as agency p oblems a e agg a a ed (Cook & Iliopo-
lus, 2016),
Va ious s udies ha e a emp ed o compa e he e ficiency le els
o coope a i es and capi al in es men companies (IOFs). Ba os
and San os (2007) main ained ha , on a e age, coope a i e socie-
ies achie e g ea e e ficiency han non-coope a i e socie ies. Fu -
he mo e, one esea ch s eam indica es ha membe ship in
coope a i es posi i ely influences he pe o mance o ag icul u al
p oduc ion due o he ad an ages a me s gain om his concen a-
ion (Ma, Renwick, Yuan & Ra na, 2018). Coope a i es a e a o m o
e ical in eg a ion o se ices p o ided o a me s (Valen ino &
Iliopoulos, 2013). Thus, he many se ices coope a i es p o ide o
hei membe s make hem s and ou om he es . Fo example,
hey usually ha e echnicians o ad ise membe s on how o imp o e
he yields o hei a ms, p o ide e ueling s a ions, and buy inpu s
o hei membe s in common. Yu and Huang (2020) epo ed a
b eak h ough in hei e alua ion o coope a i e e ficiency, including
social impac , a usually neglec ed a ea o s udy. Thei esul s
showed ha he coope a i e legal o m p o ides a highe le el o
pe o mance, conside ing he social dimension which cha ac e ises
i , and c ea es e en igh e links wi h sus ainabili y. Focusing on he
oli e sec o , Dios-Paloma es, Ma ínez-Paz and Ma ínez-Ca asco
(2006) show ha coope a i es a e less e ficien han o he business
s uc u es; howe e , his is a consequence o he cos o he se ices
coope a i es p o ide o hei membe s, which o he en i ies, includ-
ing IOFs, do no o e .
The peculia model o c op liquida ion in coope a i es, which is
a ec ed by he dual ‘owne -membe ’ ole, may bias e ficiency
compa isons be ween he wo ypes o en i ies. This is because
coope a i es ha e among hei objec i es no only o ob ain maxi-
mum p ofi s as a company bu also o gene a e maximum alue o
membe s (Laue mann, Mo ei a, Souza & Piccoli, 2020;Li, Jacobs &
A z, 2015); hus, hey can pay a highe p ice o he ha es s
deli e ed han indus ial mills. The e o e, i ‘pa ne -deli e ed
ha es ’is used as an inpu o assess he e ficiency o hese compa-
nies, i may eflec a lowe le el o e ficiency han ha ound in
o he ypes o en i ies.
Al hough he iden i y and go e nance o coope a i es can cause
hem o ace o ganisa ional cos s ha IOFs do no , we unde s and
ha he ad an ages in echnical e ficiency esul ing om he align-
men o membe s’objec i es wi h hose o hei coope a i es indi-
ca e he supe io i y o coope a i es o e IOFs. Acco dingly, we
p opose he ollowing hypo hesis:
H1. Coope a i e mills a e mo e e ficien han indus ial mills, i ‘ he
ha es deli e ed by he membe ’is excluded as a p oduc ion ac o .
Mos o he li e a u e ha compa a i ely analyses he pe o -
mance o coope a i es and IOFs has done so using di e en indica o s
a he coope a i e/en e p ise le el based on co po a e p ofi s, such as
e u n on asse s, e u n on equi y, e u n on sales, g oss p ofi o e
sales, ne p ofi o e asse s, p ofi ma gins, and ne p ofi s.
Howe e , hese p ofi abili y indica o s should only se e as a
basis o a compa ison be ween coope a i es and IOFs in coope a-
i es wi h he s a egy o maximizing hei p ofi abili y as en e -
p ises. This unde mines he e ec i eness o applying p ofi -based
pe o mance indica o s in coope a i es and calls o nuances in hei
in e p e a ion (Bijman, Pyykk€
onen & Ollila, 2012;Kon ogeo gos, Se -
gaki, Kosma & Semou, 2018;Soboh e al., 2011). In addi ion, o he di -
e en ial elemen s be ween bo h ypes o ins i u ions (i.e.
coope a i es and IOFs) may gene a e p ofi abili y biases no a ibu -
able o he managemen o he ins i u ions hemsel es. This is he
case o di e ences in he sou ces o financing o ax incen i es.
Economis s ag ee ha coope a i es finance a la ge pe cen age o
hei in es men s wi h equi y and use mo e sho - e m and less
long- e m deb han hei in es o -owned coun e pa s (Ha des y &
Salgia, 2004;Li e al., 2015;Russell, B iggeman & Fea he s one,
2017), which may ha e a posi i e e ec on p ofi abili y o he ex en
o which deb financing has a nega i e ‘ ela ionship’wi h ea nings
(Hailu, Je ey & Godda d, 2007;Pa liamen e al., 1990). Rega ding
ax incen i es and subsidies, as in mos ma ke -o ien ed economies
wi h ad anced ag icul u al sec o s, coope a i es ecei e public sup-
po , such as in he o m o a flexible legal amewo k o beneficial
ax ea men (Riba
sauskiene e al., 2019).
In con as , o he s udies compa e he pe o mance o bo h en i-
ies using combined p ofi abili y indica o s a he coope a i e/en e -
p ise-membe le el. Amongs hem, Soboh e al. (2011) inco po a ed
in o hei analysis he cos o aw ma e ials, (i.e. he acquisi ion cos
o he p oduc [milk in his case] he a me s deli e ed). D’Ama o,
Fes a, Dhi and Rossi (2021) used an adjus ed measu e based on
EBITDA o es ima e he g oss cos o aw ma e ials, he eby a oiding
dis o ions in coope a i es’ma gins caused by hei cos s o aw
ma e ials being highe han hose o o he simila companies. Ling
and Lieb and (1998) and G ashuis and Cook (2016) inco po a e he
ex a- alue index (EVI), which measu es he e ficiency o a fi m’s
ope a ions in adding alue o he fi m o s akeholde s (Table 1).
Howe e , he esul s o s udies compa ing he pe o mance o
IOFs and ha o coope a i es a he coope a i e/en e p ise le el ha e
been con adic o y. Al hough mos ound no significan di e ences
be ween he wo en i y ypes (Fe e , Abella-Ga c
es & Maza, 2019;
Gen zoglanis, 1997;Ha des y & Salgia, 2004;Ha is e al., 1996;Ma -
ínez-Vic o ia, A cas La io, & Ma
eS
anchez Val, 2018;Pa liamen e
al., 1990), o he s ha e ound IOFs o be mo e p ofi able. Fo example,
Ananiadis, No a and Ous apassidis (2003) and No a e al. (2007),
who conduc ed di e en s udies on dai y coope a i es and IOFs in
G eece, sugges ed ha he di e ences in p ofi abili y be ween he
wo g oups can be a ibu ed mainly o he highe e ficiency o he
capi al s uc u e and ma ke sha e in IOFs. No s udies ha e ca ego i-
cally a fi med he supe io i y o coope a i es o e IOFs in e ms o
p ofi abili y, al hough some ela ed elemen s ha e been explo ed,
such as coope a i es ha ing highe su i abili y (Vale e, Sen is &
E. Meli
a-Ma í, A. Mozas-Mo al, E. Be nal-Ju ado e al. Jou nal o Inno a ion & Knowledge 9 (2024) 100537
3
Amadieu, 2016) and less ola ile pe o mance o e all (Challi a,
Au ie , & Sen is, 2019) han IOFs.
Howe e , s udies ha analyze pe o mance a he coope a i e/
en e p ise-membe le el ha e yielded di e en esul s, especially
hose ha inco po a e a iables ha quan i y he cos o pu chasing
p oduc s om membe s. Fo example, D’Ama o e al. (2021) pe -
o med a compa a i e analysis be ween coope a i es and IOFs in he
wine sec o in I aly and ound a clea supe io i y o coope a i es.
O he s ha e epo ed di e en esul s, such as Soboh, Oude Lansink
and Van Dijk (2012), who ound ha Eu opean dai y coope a i es
end o ha e highe ma e ial cos s, which migh esul om coope a-
i es paying highe p ices o aw milk and may he e o e be p e-
e ed by dai y a me s. Consequen ly, coope a i es ea n lowe
p ofi s. Howe e , coope a i es also end o ha e a highe u no e -
o-fixed-asse s a io and a lowe u no e - o-in en o y a io. These
esul s led Soboh e al. (2012) o sugges ha coope a i es demon-
s a e be e ope a ional e ficiency compa ed wi h IOFs.
Based on his analysis o he li e a u e, we can p esume ha i we
use an indica o ha conside s p ofi abili y globally a he coope a-
i e-membe le el, and conside ha , as we ha e p oposed in H1, we
expec he ad an ages inhe en in he coope a i e s uc u e o ou -
weigh he cos s, coope a i es will pe o m be e han IOFs. The e-
o e, we hypo hesize he ollowing:
H2. The o e all pe o mance o coope a i es is supe io o ha o IOFs
(calcula ed a a coope a i e-membe le el).
Ma e ial and me hods
Popula ion
The s udy popula ion comp ised oli e oil p oduc ion and p ocess-
ing o ganisa ions in Andalusia, which is he wo ld’s main oli e oil-
Table 1
Empi ical li e a u e on he compa a i e pe o mance o coope a i es and IOFs.
Au ho Yea Coun y Sec o Me hod Pe o mance indica o s Pe o mance Resul s
Ananiadis e al. 2003 G eece Dai y P ofi model, panel
da a
Ne e u ns on asse s Coop <IOF
Challi a e al. 2019 F ance Wine Reg ession model Re u n on Asse s (ROA), Vola ili y
o pe o mance (S anda d de i-
a ion o ROA; Re u n on sales
(Income/sales)
- The main ac o con ibu ing o s able
financial pe o mance is he coope a-
i e owne ship s uc u e
- The pe o mance o coope a i es is
less ola ile han ha o IOFs
D’Ama o e al. 2021 I aly Wine Reg ession (fixed
e ec s)
EBITDA+ Cos o aw ma e ials/
Re enue
Coop >IOFs
Fe e e al. 2019 Spain Wine Logi eg ession
mode
P ofi ma gin, Re u n on own cap-
i al and ne p ofi s
Coop = IOFs
Gen zoglanis 1997 Canada Dai y Mean di e ences Re u n o equi y a e axes; To al
capi al employed be o e in e -
es and axes; Re u n on capi al
employed a e axes
Coop = IOFs
G ashius e al. 2016 USA Food Th ee-s age leas
squa es
eg ession
E ficiency: ROA; P ofi abili y:
ROE; ex a alue index (EVI)
Di e en impac o go e nance on pe -
o mance in coops and IOFs. Go e -
nance has a s onge e ec on he
coope a i e sample.
Ha des y & Salgia 2004 USA Dai y, a m supply,
ui and ege a-
bles, and g ain
Reg ession Re u n on equi y (ROE); ROA;
Ope a ing ma gin; Asse u n-
o e (AT)
-Asse s e ficiency (AT): Coop <IOFs
(excep in he dai y sec o )
- Resul s abou p ofi abili y a e no
conclusi e.
Ha is and Ful on 1996 Canada Re ail g oce y, g ain
and oilseeds, eed,
and fishing
Wilcoxon ank sum
es
ROA; ROE; Re u n on Sales (ROS) Coop = IOFs
Kon ogeo gos e al. 2018 G eece Food Reg ession G oss p ofi o e sales O ganisa ional ype a ec s pe o -
mance. Managemen ine ficiency is
p esen , especially o adi ional
coope a i es
Ling and Lieb and 1998 USA Dai y Compa ison by
ankings o e
ime
ROE and EVI (ex a alue index).
EVI = Ne ope a ing ma gin -
in e es on equi y
Compa ison by ankings o e ime
Ma inez-Vic o ia e al. 2017 Spain F ui and ege ables Su i al unc ion ROA Coops = IOFs
No a and Vlach ei 2007 G eece Dai y Mean di e ences
and panel da a
(fixed e ec )
Ne p ofi s/ asse s Coops <IOFs
Pa liamen e al. 1990 USA Dai y Wilcoxon ank sum
es o median
P ofi abili y: ROE E ficiency: Asse
Tu no e
- Asse u no e : Coop >IOFs
- Re u n o equi y: Coops = IOFs
Soboh e al. 2012 Eu ope Dai y DEA Ou pu : u no e ; Inpu : fixed
asse s, ma e ial, labo
In inpu -o ien ed echnical, scale and
alloca i e e ficiencies: Coop <IOFs.
The pe o mance o coope a i es s.
IOFs is imp o ed using a measu e
ha expands he use o ma e ials and
ou pu .
Soboh e al. 2011 Eu ope Dai y Logis ic eg ession P ofi abili y: P ofi be o e axes o
o al asse ; a io o ma e ial cos
o o al asse s; Ope a ional e fi-
ciency: Tu no e o fixed asse s
Coope a i es a e, on a e age, less p o -
i able, pay a highe milk p ice o
a me s, and ope a e mo e e fi-
cien ly.
Vale e e al. 2016 F ance Wine F ench wine
coope a i es
Fi m ailu e (disappea ance), ROA,
ROE, Ne income/sales
Coope a i es su i e longe han co -
po a ions and can pe o m be e
han IOFs
Sou ce: Au ho .
E. Meli
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4
p oducing egion. These o ganisa ions a e in ol ed in p ocessing
oli es in o oil and ma ke ing he esul ing p oduc s.
Table 2 shows he echnical da a used in his s udy.
Me hod
Da a en elopmen analysis
The DEA echnique is conside ed one o he main me hods o
conduc ing e ficiency analyses in e ms o i s popula i y and use
(Kuosmanen e al., 2015;Liu, Lu & Lu, 2015). I compa es he same
inpu s and ou pu s o each decision-making uni (DMU) by using a
linea p og amming echnique which de e mines he e ficiency ank-
ing o each one (Samoilenko e al., 2014).
Among he a ious ad an ages o DEA is i s flexibili y, in addi ion
o he la ge numbe o de elopmen s and ex ensions p oposed in he
li e a u e (Cha nes, Coope , Lewin & Sei o d, 2013). Liu e al. (2015)
highligh ed i s alidi y and use ulness compa ed wi h simila echni-
ques. We selec ed DEA in his s udy owing o i s abili y o e alua e
he ela i e e ficiency among DMUs wi hou equi ing explici
assump ions abou he unde lying p oduc ion unc ion. This me hod
is pa icula ly use ul o compa ing he pe o mance o coope a i es
and IOFs ac oss a ying scales and o ganisa ional s uc u es, p o id-
ing insigh s in o e ficiency dispa i ies wi hou p ede e mined e fi-
ciency sco es o unc ional o ms.
Among he di e en DEA a ian s, he classic BCC model has been
used o e alua e inpu s and ou pu s by conside ing a iable e u ns
o scale (Cha nes e al., 2013)(Fig. 1). Fu he mo e, an o ien a ion
owa ds maximizing ou pu s (BCC-O) was chosen o he p oposed
model because he significan comme cial p oblems hese ag icul-
u al en i ies ace, as well as hei ag icul u al na u e in which inpu s
a e pa ially subjec o c op seasonali y, makes he BCC model mo e
ui ul han o he s.
Howe e , a cen al d awback o his me hodology is i s high sensi-
i i y o ou lie s, as hey a e used o de e mine he e ficiency o bes
p ac ice on ie (Cha nes e al., 2013). Thus, de ec ing and emo ing
hese noise-con amina ed obse a ions will lead o mo e accu a e
esul s and mo e e ficien ankings (Banke & Chang, 2006). To alle i-
a e his handicap, we used he supe -e ficiency echnique, elimina -
ing obse a ions ha exceed an e ficiency h eshold o 2, which can
be conside ed ou lie s (Banke & Chang, 2006). The p ima y DEA
app oach in i s BCC-O e sion is as ollows:
max;;λ;sþ;sz0¼;þe¢~
1sþþe¢~
1s
s: :;Y0Yþsþ¼0
Xþs¼X0
~
1λ¼1
λ;sþ;s0
In his case, i ;=1, he e alua ed uni is conside ed e ficien ; hus,
no o he uni p oduces mo e o achie es he same le el o ou pu
wi h ewe esou ces. Table 3 shows he a iables conside ed o he
p oposed model.
The ou pu used in he model is a classic a iable in e ficiency s ud-
ies, especially o DEA (O hman, Manso & Ka i, 2014;Raja, La io & de
Lema, 2006). Fo he inpu s used in he model, ‘ o al asse s’was chosen
as he fixed ac o because i includes all he capi al employed in p o-
duc ion. Rega ding he choice o ac o s, al hough he main cos ele-
men o he oli e-g owing coope a i e is he ha es membe s deli e ,
his a iable canno be used. This is because he coope a i es’se le-
men sys em, based on ’g oss ma gins’, means ha his cos compo-
nen is no independen bu a he is closely ela ed o he ’ u no e ’
a iable. The e o e, his a iable has been excluded om he a iable
p oduc ion ac o s and he a iable ‘o he ope a ing cos s’has been
included ins ead, inco po a ing he ex e nal se ices con ac ed by
companies such as independen p o essionals, anspo cos s, ene gy
o wa e supplies, insu ance, and ad e ising, oge he wi h ‘pe sonnel
cos s’and ‘dep ecia ion o angible fixed asse s’.
Table 2
S udy ac shee .
S udy Uni e se Oli e ope a o s in Andalusia
Geog aphical scope Andalusia
Da e da a ob ained om
he egis y
Janua y 2020
Popula ion egis e Food In o ma ion and Con ol Agency
Size o he uni e se 827 o ganiza ions
Sampling uni Oli e oil p ocessing en i y
Sample 385 o ganiza ions (203 co-ops and 182 IOFs)
Sampling e o and
confidence le el
3.65% sampling e o , wi h a confidence
in e al o 95%.
Sou ce: Au ho .
Fig. 1. G aphical ep esen a ion o he e ficiency on ie o he BCC model. Sou ce:
Adap ed om Cha nes e al. (2013).
Fig. 2. Pa ne emune a ion based on esul s.Sou ce: Au ho
E. Meli
a-Ma í, A. Mozas-Mo al, E. Be nal-Ju ado e al. Jou nal o Inno a ion & Knowledge 9 (2024) 100537
5
P obi model
A p obi eg ession was conduc ed o in es iga e whe he he pe -
o mance le els o coope a i es di e om hose o IOFs, as well as
o he ac o s. P obi eg ession is a disc e e choice model used o p e-
dic he p obabili y an e en will occu . Se e al s udies ha e demon-
s a ed ha disc e e choice models a e desc ip i e ools ha can be
employed o empi ically disc imina e o in es iga e di e ences
be ween wo ca ego ies, as ep esen ed by he dependen a iable,
and hey ha e been used specifically o compa e coope a i es and
IOFs (Fe e e al., 2019;Soboh e al., 2011).
The dependen a iable o he model (Y) is ca ego ical (dicho o-
mous) and e e s o he p obabili y o a fi m being ei he a coope a-
i e o IOF (Y= 1, coope a i e; Y= 0, IOF):
Y¼b0þb1X1þb2X2þ...þbkXkþm
wi h
PY¼1jX1;X2;...;XkÞ¼ Gb0þb1X1þb2X2þ...þbkXk
ðÞ
G is he s anda d no mal cumula i e dis ibu ion unc ion
exp essed as an in eg al,
GzðÞ¼
FzðÞ Z
z
1
ðÞd
whe e (z) is he s anda d no mal densi y,
zðÞ¼ 2pðÞ
1
2expz2
2
Independen a iables
Global pe o mance (GP) has been p oposed as a join coope a-
i e/en e p ise-membe p ofi abili y a iable. This mixed indica o
inco po a es he join capaci y o coope a i es/IOFs o gene a e p o -
i s and emune a e supplie s (also membe s in coope a i es) o
deli e ing goods (cos o goods sold o ma e ials) and is simila o he
indica o s p oposed in p e ious esea ch (D’Ama o e al., 2021)(Fig.
2;Melia-Ma i & Ma inez-Ga cia, 2015).
Global pe o mance GPðÞ¼
Ope a ing income be o e ma e ials
Ope a ing Re enue
This indica o ep esen s he pe cen age (%) o ope a ing e enue
o sales ha a company can alloca e o supply p oduc ion and busi-
ness p ofi s (be o e in e es and axes) once i s ope a ing cos s ha e
been me (pe sonnel, dep ecia ion, and o he ope a ing expenses).
This GP indica o is alid o bo h coope a i es and IOFs and has he
ad an age o no being dis u bed by he di e en se lemen s o p o-
duc ion o he supplie (membe in he case o coope a i es) be ween
coope a i es and IOFs, as i uses he ope a ing income be o e ma e i-
als in he nume a o . A company and a coope a i e wi h iden ical
e enues and cos s, wi h he only di e en cos being ha co e-
sponding o he paymen o p oduce s (membe s in coope a i es and
supplie s in he IOFs), would yield iden ical GP.
To a oid bias de i ed om he possible di e ences be ween coop-
e a i es and IOFs in hei financing sou ces and ax sys ems, we used
ope a ing income in he GP indica o , inso a as his is calcula ed
be o e in e es and axes.
In he coope a i es included in he analysis, membe s a e hei
only oli e supplie s. The e o e, he i em ‘ma e ials’, also known as
‘cos o goods sold’, co esponds o pu chases o oli es om membe s
and, o a lesse ex en , o he consumables such as con aine s o pack-
aging. Howe e , gi en ha he second i em is a e y small mino i y
compa ed o he fi s , we conside his indica o o be app op ia e
when measu ing GP. The o he dependen a iables a e as ollows:
Asse s u no e (ATu n): a common a iable o measu ing pe -
o mance in coope a i es (Ha des y & Salgia, 2004;Pa liamen e
al., 1990).
Ope a ing e enue (OR): income gene a ed om no mal business
ope a ions and measu e o size.
G ow h o he fi m (G ow h): Measu ed as e enue in 2018 com-
pa ed o e enue in 2017 minus one (D’Ama o e al., 2021;Singh,
Mis a, Kuma & Tiwa i, 2019;Soboh, Lansink, Giesen & Van Dijk,
2009)
Con ol a iables (Region): moni o s po en ial egional e ec s and
ep esen s he eigh egions o Andalusia (Alme ia, Cadiz, Co -
doba, G anada, Huel a, Jaen, Malaga, and Se ille).
Ano he conce n is he possible endogenei y p oblem in he
model. To es o i s exis ence, he esiduals o he eg ession we e
ob ained and hei deg ee o co ela ion (Spea man) wi h he di e -
en independen a iables o he eg ession was es ed (H0: he inde-
penden a iables and he esiduals a e independen ), which did no
p o e he exis ence o a co ela ion. Fo he cen al a iable o he
model (GP), because he Spea man es ( ho = 0.12, p= 0.0569) did
no yield s ong esul s, he Wald es o exogenei y was de eloped
(H0: he e was no endogenei y, co = 0), confi ming he non-endo-
genei y o GP (p ob >chi2 = 0.0665).
To alida e he esul s, a mul iple linea eg ession was p oposed,
wi h GP as he dependen a iable and he independen a iables
being Type ( ype = 1: coope a i e, ype = 0: IOF), Asse s u no e ,
G ow h, and Ope a i e e enue, as well as con ol a iables. This
model allows us o con as he a iables ha influence o de e mine
he p ofi abili y o a company in he oli e oil sec o in Andalusia,
especially he business ypology (coope a i e/IOF) and i s p oduc s,
wi h he company size.
Resul s
Da a en elopmen analysis
In he e ficiency model (Table 3), a e he supe -e ficiency calcu-
la ions we pe o med, he numbe o o ganisa ions in he oli e sec o
was educed by one uni ( he analysis con inued wi h 384 DMUs).
Table 4 p esen s he e ficiency esul s ob ained once he ou lie s
we e elimina ed. The esul s show ha 5.73% o he o ganisa ions in
Andalusia’s oli e sec o a e e ficien . These da a e ealed ha e en
wi h ou lie s excluded, e y ew companies s and ou om he es
by making he mos e ficien use o hei esou ces. The a e age e fi-
ciency in he sample is 0.47, which is lowe han he a e age
Table 3
Va iables o economic e ficiency analysis using DEA.
Type o a iable Va iable
Ou pu Ne u no e
Inpu s S a cos s
O he ope a ing expenses
Dep ecia ion o angible fixed asse s
To al asse s
Table 4
Resul s o DEA analysis.
Values BCC_O
N 384
Numbe o e ficien DMUs 22
Pe cen age o e ficien DMUs 5.73%
A e age e ficiency 0.47
S anda d de ia ion 0.24
E. Meli
a-Ma í, A. Mozas-Mo al, E. Be nal-Ju ado e al. Jou nal o Inno a ion & Knowledge 9 (2024) 100537
6
ine ficiency le el, conside ing he dis ance be ween e ficien o gani-
sa ions and he o he companies.
A second analysis was subsequen ly pe o med o assess whe he
he ob ained e ficiency esul s showed s a is ically significan di e -
ences be ween coope a i es and IOFs. Fi s , o apply he co espond-
ing s a is ic, we e ified ha hese da a do no con o m o a no mal
dis ibu ion, he eby leading us o use he Mann−Whi ney U es o
conduc a non-pa ame ic s a is ical analysis o he di e ence in
means. The esul s a e shown in Table 5.
Based on he esul s o he Mann−Whi ney U es , we could ejec
he null hypo hesis ha ‘bo h g oups ha e a simila dis ibu ion’,
0.00 <0.05. The e o e, we concluded ha coope a i es and IOFs ha e
s a is ically significan di e ences in ela ion o he e ficiency indices.
Based on hese da a, we obse ed a posi i e and significan ela-
ionship be ween coope a i es and he o e all economic e ficiency
le els. Thus, he esul s suppo H1 and alida e he supe io a e age
e ficiency o coope a i es o e ha o IOFs, which aligns wi h he
esul s p e iously epo ed by Ba os and San os (2007).
P obi model
The desc ip i e da a o coope a i es and IOFs we e analysed
be o e he p obi analysis. Some da a we e no included in he p obi
model because o high co ela ions wi h he o he explana o y
a iables. This is he case o he expendi u e e ficiency indica o s
(Table 6). They eflec expenses as a pe cen age o e enue
(expenses/ e enue) as ollows:
Dep = Dep ecia ion/Ope a ing e enue
Sal = Sala ies/Ope a ing e enue
Oope = Sales and gene al and adminis a i e cos s/Ope a ing
e enue
Mo eo e , he no mali y o he sample dis ibu ion (Shapi o
−Wilk no mali y es ) and he (Le ene) homogenei y o a iances
es we e compa ed. The assump ions o no mali y and homogenei y
o a iances we e no me ; he e o e, we used he Mann−Whi ney U
es o independen and non-pa ame ic samples o de e mine
whe he bo h samples (coope a i es and IOFs) showed significan
di e ences (Tables 6 and 7).
The desc ip i e s a is ics show ha coope a i es a e la ge han
IOFs in bo h asse olume and u no e (sig 0.1%). Fu he mo e, he
GP o coope a i es is highe han ha o IOFs (sig 10%). The di e en-
ces in asse u no e a e no significan . The coope a i es demon-
s a ed lowe g ow h capaci y han IOFs om 2017 o 2018 (sig 10%).
Rega ding e ficiency, coope a i es we e obse ed o be capable o
ope a ing wi h a lowe p opo ion o hei income alloca ed o s a
emune a ion (sig 10%) and o he ope a ing expenses (sig 0.1%).
Table 6
Desc ip i e s a is ics (2018).
2018 IOFs Coope a i es
N= 384 Mean Median s de Mean Median s de p- alue*
Pe o mace (GP)% 89.6 94.6 12.7 94.2 95.1 3.3 0.052
To al asse s (TA) (€000) 6832.5 2448.8 25,757.5 9048.4 5540.0 13,404.3 0.000
Ope a ing e enue (€000) 8202.6 1971.5 41,9 6623.4 5124.1 6951.2 0.000
G ow h 2017−2018 94.5 17.5 997.3 16.1 22.1 45.3 0.097
Asse s u no e (ATu n) 1.07 0.92 0.85 1.06 0.95 0.65 0.325
Sal (%) 10.36 5.38 12.79 5.76 4.89 3.32 0.052
Dep (%) 5.77 3.23 8.38 3.24 2.79 2.03 0.104
Oope (%) 16.22 9.40 29.19 6.39 5.10 3.82 0.000
p- alue (Mann−Whi ney U es ).
Table 5
Mann-Whi ney U es and mean alues.
Tes BCC_O Type N Mean S anda d de ia ion
S a is ician Mann-Whi ney U es 22,389,00 Coop 203 .5085 .20646
W o Wilcoxon 43,095,00 IOFs 181 .4350 .26622
Asymp o ic sign (bila e al) 0,001
Table 7
Desc ip i e s a is ics by size (2018).
Mic o en e p ises (Op Re <2 mill€) Small en e p ises (2 mill€<Op Re ac <10 mill€) Medium en e p ises (10 mill€<Op Re <50 mill€)
Median IOF COOP p- alue IOF COOP p- alue IOF COOP p- alue
N 92 35 68 134 19 33
Pe o mance (GP)% 89.7 93.3 0.0065 96.2 95.0 0.0052 96.6 95.9 0.3469
Ope a ing e enue (€000) 693.1 1138.4 0.0000 4178.1 5127.3 0.3344 21,231.9 13,562.0 0.0154
To al asse s (TA) (€000) 1150.7 1636.3 0.0970 3930.9 5521.9 0.0027 14,438.5 11,235.5 0.9621
Asse s Tu no e (A u n) 0.6 0.7 0.0508 1.3 1.0 0.0041 1.47 1.1 0.0243
Sal (%) 10.3 6.7 0.0073 3.8 5.0 0.0433 3.4 4.0 0.3469
Dep (%) 5.3 3.3 0.0086 2.5 2.9 0.0433 1.7 2.4 0.0199
Oope(%) 14.7 5.9 0.0000 6.3 5.0 0.0157 5.4 4.3 0.0209
G ow h 17−18 20.31 58.40 0.0000 21.88 22.03 0.5029 7.38 0.25 0.8122
p- alue (Mann-Whi ney U es ).
Classifica ion on he basis on Commission Recommenda ion o 6 May 2003.
The e a e h ee la ge companies (wi h e enues abo e 50 million eu os, and hey ha e been excluded om he compa ison).
The non-a ailabili y o da a on he numbe o employees has mean ha he classifica ion has been ca ied ou on he basis o he u no e a iable only, al hough he o ficial also
akes as a e e ence figu es o he olume o asse s and he numbe o employees.
E. Meli
a-Ma í, A. Mozas-Mo al, E. Be nal-Ju ado e al. Jou nal o Inno a ion & Knowledge 9 (2024) 100537
7
Companies we e classified by size o de e mine i his a iable
showed any di e ences be ween g oups (Table 7). We fi s obse ed
ha , o bo h coope a i es and IOFs, pe o mance inc eases wi h fi m
size, which aligns wi h he p e ious findings o au ho s such as
Pokha el, A che and Fea he s one (2020). Significan di e ences in
GP we e obse ed o mic o and small en e p ises be ween coope a-
i es and IOFs. Among mic o-en e p ises, coope a i es showed by a
he highes p ofi abili y (GP) (1% sig), owing o hei la ge size ( u n-
o e (0.1% sig)), highe asse u no e (10% sig), and lowe cos pe
uni o income (sala ies, dep ecia ion, and oope) (1%). Howe e , o
small en e p ises, IOFs we e mo e p ofi able (GP) (1% sig) as a esul
o g ea e in es men in asse s in coope a i es ha a e no su fi-
cien ly compensa ed o in he o m o e enue (despi e being highe
han in IOFs), leading o a lowe asse u no e (1%). In many coope -
a i es, his inc eased asse in es men is linked o he p o ision o
se ices o membe s o acili a e hei ope a ions o educe he cos
o hei inpu s. This explains he highe pe sonnel and dep ecia ion
cos s pe mone a y uni o sales e enue (5%).
Among medium-sized companies, IOFs ha e a much highe u n-
o e a e compa ed wi h coope a i es, and al hough hey also ha e
g ea e in es men s in asse s, he weigh o hese in es men s is
lowe wi h espec o income, and consequen ly, IOFs ha e highe
asse u no e (5% sig).
As in he small en e p ises, dep ecia ion and pe sonnel cos s pe
uni o sales e enue a e highe in coope a i es (5% sig), leading o
lowe p ofi abili y (GP) in he coope a i es, al hough he di e ence is
no significan in his case. The only i em ha was significan ly lowe
in all analysed g oups was he oope pe uni o sales e enue (0.1−5%
sig), which includes supplies con ac ed by he company.
Table 8 p esen s he esul s o he p obi eg ession wi h he a i-
ables included and hei be a alues, significance, and ma ginal
e ec s. This s udy used wo models. Model I, he baseline model,
includes he a iables GP, G ow h, Asse s u no e , and Ope a ing
e enue, as well as he con ol a iables. Model II includes an in e ac-
ion e m, GPxOpe a ing e enue, o es he influence o size and GP
on he p obabili y ha a fi m will be a coope a i e. The o e all a e o
co ec classifica ion was es ima ed as 66.93%, and 69.33% in Models I
and II, espec i ely.
The esul s show ha he companies did no expe ience signifi-
can u no e g ow h om 2017 o 2018. Rega ding GP, he esul s
show ha coope a i es a e supe io o IOFs (1% sig), indica ing ha ,
among oli e oil p oduc ion companies in Andalusia, he highe he
GP, he highe he p obabili y ha a company will be a coope a i e.
This supe io i y o coope a i es o e IOFs comes om hei highe
e ficiency, as demons a ed using DEA, no om he highe asse
u no e , which has a nega i e coe ficien (1% sig).
Howe e , as a company inc eases in size, his e ec changes
(Model II). The sign o he in e ac ion e m ‘GP x Ope a ing e enue’
becomes nega i e (sig 1%), implying ha in he case o la ge and
mo e p ofi able companies, he highe he GP, he highe he p oba-
bili y he company is an IOF and no a coope a i e. Acco ding o he
ma ginal e ec s, o each addi ional pe cen age poin o pe o mance
afi m showed, he p obabili y o i being a coope a i e inc eased by
2.2%. These esul s pa ially suppo H2. A smalle sizes, coope a i es
p o e o be mo e p ofi able han IOFs; howe e , as company size
inc eases, he coope a i e s uc u e gene a es new cos s ha cause
hem o lose hei ad an age o e IOFs.
The eg ession esul s (Table 9) confi m he posi i e impac o
coope a i e business ypology on GP (1% sig), in addi ion o o he ele-
men s such as business size (Ope a ing e enue) and asse u no e ,
which ha e posi i e e ec s (1% sig in bo h cases). Howe e , in line
wi h he p obi eg ession esul s, as coope a i es g ow la ge , he
impac on GP becomes nega i e (5% sig).
Discussion
This s udy’s esul s indica e he supe io i y o coope a i es o e
IOFs in e ms o bo h e ficiency and p ofi abili y. These findings sup-
po H1, pa ially suppo H2, and align wi h he esul s o D’Ama o
e al. (2021). This g ea e e ficiency is due o he coope a i e’s di e -
en ial cha ac e is ics, especially he duali y o he pa ne (supplie
and owne ), which places hem in a p e e en ial posi ion in key a eas,
such as p oduc supply secu i y, and a g ea e alignmen and com-
mi men o pa ne s wi h he company’s s a egy (Bon ems & Ful on,
2009).
Table 8
P obi eg ession (2018).
Mod I Mod II
Coe Ma ginal e ec Coe Ma ginal e ec
Pe o mance (GP)% 0,0640 *** 0,0220 *** 0,0823 *** 0,0279 ***
G ow h 17−18 0,0434 0,0149 0,0456 0,0155
Asse s Tu no e (A u n) 0,2656 *** 0,0914 ** 0,2310 ** 0,0783 **
Ope a ing e enue (OR) (€million) 0,0942 0,0032 *** 0,9699 *** 0,3289 ***
GP X OR 0,9972 *** 0,3381 ***
Cons an 5624 *** 7,3669
Con ol YES YES
n= 375
Log Likelihood 64,16 72,5
LR Chi2 0,0000 0,0000
P ob>chi2 0,124 0,1395
Table 9
Resul s o eg ession analysis (2018).
Mod I Mod II
Type 3527*** 5,8682***
(0,950) (1364)
Op e enue (million €) 0,3747*** 0,6999***
(0,107) (0,173)
Asse s Tu no e (A u n) 4,4791*** 4,2341***
(0,619) (0,624)
G ow h 17−18 0,0233 0,0322
(0,062) (0,061)
Type x OR 0,5176**
(0,218)
Cons an 81,1117*** 80,6993***
(1875) (1870)
Con ol YES YES
R-squa ed 0,2655 0,2770
Adjus ed R-squa ed 0,2430 0,2527
F 11,77*** 11,4***
Va dep: GP; Type= company ype (Coop/IOF): Type 1 i
Coop; Type =0 i IOF.
E. Meli
a-Ma í, A. Mozas-Mo al, E. Be nal-Ju ado e al. Jou nal o Inno a ion & Knowledge 9 (2024) 100537
8
