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The Curious Case of Stakeholder Ownership: Theoretical Insights into the Niche Persistence of the Cooperative and Mutual Form Across Advanced Economies

(2022) 38 Australian Journal of Corporate Law 94-131

46 PagesPosted: 17 Feb 2023

See all articles by Michael Duffy

Michael Duffy

Monash University

Chenxia Shi

Chinese Academy of Social Sciences (CASS)

Date Written: February 15, 2023

Abstract

Stakeholder ideas of the late twentieth century challenged the doctrine that corporate managers work exclusively for the interests of equity owners. Yet markets have long been delivering alternative models where workers, customers or suppliers own the firm and run it in their interests. Stakeholder ownership in the form of customer, supplier or worker owned cooperatives and mutuals also incidentally addresses possible managerial conflict of interest in duties to multiple constituencies by establishing obligations to a single species of stakeholder. This article examines the development of such forms locating them within the stakeholder paradigm and within the modern economy. It provides theoretical insights into the persistence of stakeholder owned enterprises with transaction cost, capital and market analyses, noting additional behavioural factors working both for and against their persistence. The article finds that comparative organisational advantages of cooperative and mutual forms appear to exist in particular niche service and product lines involving longer term contracts and weaker market governance due to asymmetric information or where there is excessive market power of other entities in the supply chain. It also examines the trend to demutualisation postulating the operation of a market for organisational forms and imperfections in such market.

Keywords: cooperatives, mutuals, stakeholder theory, corporate governance, demutualisation, agency theory, transaction costs economics

JEL Classification: K19, K20, K22, G22, G23, G31, N30, N37, L16, L20, L22, L31, L44, L97, M14, M38, N00

Suggested Citation:Suggested Citation

Duffy, Michael and Shi, Chenxia, The Curious Case of Stakeholder Ownership: Theoretical Insights into the Niche Persistence of the Cooperative and Mutual Form Across Advanced Economies (February 15, 2023). (2022) 38 Australian Journal of Corporate Law 94-131, Available at SSRN:https://ssrn.com/abstract=4359271 orhttp://dx.doi.org/10.2139/ssrn.4359271

Michael Duffy (Contact Author)

Monash University (email )

23 Innovation Walk
Wellington Road
Clayton, Victoria 3800
Australia

Chenxia Shi

Chinese Academy of Social Sciences (CASS) (email )

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