STATUTORY BODIES IN BRAZILIAN CREDIT COOPERATIVES PERFORMANCE: WHICH ASPECTS ARE DECISIVE?

Arthur Frederico Lerner, Leonardo Flach

Resumen


Credit cooperatives face competition not only from traditional banking institutions but also from emerging players like fintech’s. As a result, it becomes imperative for credit cooperatives to actively monitor their performance to stay competitive in the market. Given the economic significance of these entities, the study aims to explore the impact of the characteristics of statutory bodies on the economic performance of Brazilian credit cooperatives. Using panel data on 973 cooperatives over 2005-2022, we employed panel tests and the generalized method of moments (GMM) to address endogeneity, assessing how board size, gender diversity, and tenure of the board of directors, executive management, and supervisory board relate to performance. It was not possible to strongly support that those variables influence performance. Nevertheless, our models underscore the importance of accounting for both the dynamic relationship between variables and time-invariant unobservable heterogeneity in the analysis. The findings highlight the importance of tailored board composition and developing female leadership pipelines to balance member representation and financial oversight as cooperatives evolve. Monitoring board structure is key for these entities to remain competitive while upholding their social mission. This study is pioneering in investigated the influence of statutory bodies in performance of Brazilian credit cooperatives, given the difficulty in obtaining the dataset, which is not publicly available.


Palabras clave


Credit cooperatives; Cooperate Governance; Board of directors; Gender diversity; Financial performance.

Texto completo:

PDF (English)

Referencias


ASSENGA, M. P.; ALY, D.; HUSSAINEY, K. The impact of board characteristics on the financial performance of Tanzanian firms. Corporate Governance: The international journal of business in society, v. 18, n. 6, p. 1089-1106, 2018. https://doi.org/10.1108/CG-09-2016-0174.

BANCO CENTRAL DO BRASIL. Panorama do Sistema Nacional de Crédito Cooperativo. Data-base: dezembro/2022. 2022. Disponível em: https://www.bcb.gov.br/content/estabilidadefinanceira/coopcredpanorama/Panorama_do_sistema_nacional_de_credito_cooperativo_v3.pdf. Acesso em: 22 ago. 2024.

BARROS, L. A. et al. Endogeneidade em regressões com dados em painel: Um guia metodológico para pesquisa em finanças corporativas. Revista Brasileira de Gestão de Negócios, v. 22, p. 437-461, 2020. https://doi.org/10.7819/rbgn.v22i0.4059.

BITTENCOURT, W. R. et al. Rentabilidade em bancos múltiplos e cooperativas de crédito brasileiras. Revista de Administração Contemporânea, v. 21, n. 2, p. 22-40, 2017. https://doi.org/10.1590/1982-7849rac2017150349.

BRAHMA, S.; NWAFOR, C.; BOATENG, A. Board gender diversity and firm performance: The UK evidence. International Journal of Finance & Economics, v. 26, n. 4, p. 5704-5719, 2021. https://doi.org/10.1002/ijfe.2089.

CANASSA, B. J.; COSTA, D. R. M.; BONACIM, C. A. G. Transformations in the Ownership Structure of Credit Unions: Banking Service Rates and the Expectations of Members and Directors. BBR. Brazilian Business Review, v. 19, p. 607-625, 2022. https://doi.org/10.15728/bbr.2022.19.6.2.en.

CHENG, J. et al. Comparative analysis of environmental and economic performance of agricultural cooperatives and smallholder farmers for apple production in China. Agriculture, v. 12, n. 8, p. 1281, 2022. https://doi.org/10.3390/agriculture12081281.

COELHO, R. et al. Regulation and supervision of financial cooperatives. Bank for International Settlements, Financial Stability Institute, 2019. Disponível em: https://www.bis.org/fsi/publ/insights15.pdf. Acesso em: 22 ago. 2024.

COOK, M. L.; BURRESS, M. J. The impact of CEO tenure on cooperative governance. Managerial and decision economics, v. 34, n. 3-5, p. 218-229, 2013. https://doi.org/10.1002/mde.2585.

DI BIASE, P.; ONORATO, G. Board characteristics and financial performance in the insurance industry: An international empirical survey. Corporate Ownership & Control, v. 18, n. 3, p. 8-18, 2021. http://doi.org/10.22495/cocv18i3art1.

ESTEBAN-SALVADOR, L.; GARGALLO-CASTEL, A.; PÉREZ-SANZ, J. The presidency of the governing boards of cooperatives in Spain: A gendered approach. Journal of Co-operative Organization and Management, v. 7, n. 1, p. 34-41, 2019. https://doi.org/10.1016/j.jcom.2019.03.002.

FONTEYNE, W. Cooperative banks in Europe – Policy issues. IMF Working Paper Nº 07/159, Washington DC: IMF, 2007. Disponível em: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1007908. Acesso em: 22 ago. 2024.

FRANKEN, J. R.; COOK, M. L. Do corporate governance recommendations apply to US agricultural cooperatives? Sustainability, v. 11, n. 19, p. 5321, 2019. https://doi.org/10.3390/su11195321.

GHOSH, S.; ANSARI, J. Board characteristics and financial performance: Evidence from Indian cooperative banks. Journal of Co-operative organization and management, v. 6, n. 2, p. 86-93, 2018. https://doi.org/10.1016/j.jcom.2018.06.005.

GRASHUIS, J. The agency cost of ownership and governance adaptations in farm producer organizations. Agricultural Finance Review, v. 80, n. 2, p. 200-211, 2020. https://doi.org/10.1108/AFR-07-2019-0079.

HAKELIUS, K. Understanding the board of Swedish farmer cooperatives–Cases focusing on board composition and interaction patterns. Journal of Co-operative Organization and Management, v. 6, n. 2, p. 45-52, 2018. https://doi.org/10.1016/j.jcom.2018.06.001.

HEMRIT, W. Determinants driving Takaful and cooperative insurance financial performance in Saudi Arabia. Journal of Accounting & Organizational Change, v. 16, n. 1, p. 123-143, 2020. https://doi.org/10.1108/JAOC-03-2019-0039.

HERNÁNDEZ-NICOLÁS, C. M.; MARTÍN-UGEDO, J. F.; MÍNGUEZ-VERA, A. The effect of gender diversity on the board of Spanish agricultural cooperatives on returns and debt: An empirical analysis. Agribusiness, v. 35, n. 4, p. 639-656, 2019. https://doi.org/10.1002/agr.21608.

JAMALUDDIN, F. et al. Cooperative Governance and Cooperative Performance: A Systematic Literature Review. SAGE Open, v. 13, n. 3, 2023. https://doi.org/10.1177/21582440231192944.

JUSTEN, A. (Ed.). Gênero dos Nomes. Brasil.io, 31 maio 2019. Disponível em: https://brasil.io/dataset/genero-nomes/nomes/. Acesso em: 22 ago. 2024.

KUSMIATI, E. et al. A study on the determinants of successful performance of Indonesian cooperatives. International Journal of Social Economics, v. 50, n. 9, p. 1285-1301, 2023. https://doi.org/10.1108/IJSE-02-2022-0078.

KUZNYETSOVA, A. et al. Development of financial inclusion from the standpoint of ensuring financial stability. Public and Municipal Finance, v. 11, n. 1, p. 20-36, 2022. http://dx.doi.org/10.21511/pmf.11(1).2022.03.

LIVNAT, J. et al. Board tenure and firm performance. Global Finance Journal, v. 47, 100535, 2021. https://doi.org/10.1016/j.gfj.2020.100535.

MACAGNAN, C. B.; SEIBERT, R. M. Sustainability indicators: Information asymmetry mitigators between cooperative organizations and their primary stakeholders. Sustainability, v. 13, n. 15, p. 8217, 2021. https://doi.org/10.3390/su13158217.

MATHUVA, D. M.; MBOYA, J. K.; MCFIE, J. B. Achieving legitimacy through co-operative governance and social and environmental disclosure by credit unions in a developing country. Journal of Applied Accounting Research, v. 18, n. 2, p. 162-184, 2017. https://doi.org/10.1108/JAAR-12-2014-0128.

MCKILLOP, D. et al. Cooperative financial institutions: A review of the literature. International Review of Financial Analysis, v. 71, 101520, 2020. https://doi.org/10.1016/j.irfa.2020.101520.

PÉRILLEUX, A.; SZAFARZ, A. Women in the boardroom: a bottom–up approach to the trickle-down effect. Small Bus Econ, v. 58, p. 1783-1800, 2022. https://doi.org/10.1007/s11187-021-00475-8.

PÉRILLEUX, A.; SZAFARZ, A. Women leaders and social performance: evidence from financial cooperatives in Senegal. World Development, v. 74, p. 437-452, 2015. https://doi.org/10.1016/j.worlddev.2015.05.011.

PUUSA, A.; HOKKILA, K.; VARIS, A. Individuality vs. communality - A new dual role of co-operatives? Journal of Co-operative Organization and Management, v. 4, n. 1, p. 22-30, 2016. https://doi.org/10.1016/j.jcom.2016.02.002.

SALLABERRY, J. D. et al. Income smoothing in Brazilian credit unions: the effects of default. Revista Ambiente Contábil, v. 16, n. 1, p. 1-22, 2024. https://doi.org/10.21680/2176-9036.2024v16n1ID34807.

SANTOS, M. B. D. Governança e desempenho em cooperativas de crédito. 2019. Tese (Doutorado em Administração) - Centro de Ciências Sociais e Humanas, Universidade Federal de Santa Maria, RS, 2019. Disponível em: https://repositorio.ufsm.br/handle/1/20333. Acesso em: 22 ago. 2024.

SANTOS, S. D. Práticas de Governança e Desempenho Financeiro em Cooperativas de Crédito. 2016. Dissertação (Mestrado em Administração) - Faculdade de Economia, Administração e Contabilidade, Universidade de São Paulo, SP, 2016. https://doi.org/10.11606/D.12.2016.tde-12082016-121333.

SILVA, A.; SANTOS, J. F.; RANCIARO NETO, A. Performance of Brazilian credit unions: An analysis from PEARLS indicators. Revista de Administração Mackenzie, v. 24, n. 1, p. 1-28, 2023. https://doi.org/10.1590/1678-6971/eRAMR230057.en.

SINGH, K. et al. A study on the determinants of financial performance of US agricultural cooperatives. Journal of Business Economics and Management, v. 20, n. 4, p. 633-647, 2019. https://doi.org/10.3846/jbem.2019.9858.

TEIXEIRA, E. G. et al. Solidarity economy cooperatives: The impact of governance and gender on member income. Nonprofit Management and Leadership, v. 32, n. 2, p. 263-285, 2021. https://doi.org/10.1002/nml.21480.

UNDA, L. A.; AHMED, K.; MATHER, P. R. Board characteristics and credit-union performance. Accounting & Finance, v. 59, n. 4, p. 2735-2764, 2019. https://doi.org/10.1111/acfi.12308.

VENTURA, E. C. F. et al. Governança cooperativa: diretrizes e mecanismos para fortalecimento da governança em cooperativas de crédito. Brasília: BCB, 2009. 1-256 p. Disponível em: https://www.bcb.gov.br/Pre/microFinancas/coopcar/pdf/livro_governanca_cooperativa_internet.pdf. Acesso em: 22 ago. 2024.

WINTOKI, M. B.; LINCK, J. S.; NETTER, J. M. Endogeneity and the dynamics of internal corporate governance. Journal of Financial Economics, v. 105, n. 3, p. 581-606, 2012. https://doi.org/10.1016/j.jfineco.2012.03.005.

YAMORI, N.; HARIMAYA, K.; TOMIMURA, K. Corporate governance structure and efficiencies of cooperative banks. International Journal of Finance & Economics, v. 22, n. 4, p. 368-378, 2017. https://doi.org/10.1002/ijfe.1593.

YU, L.; NILSSON, J. Social capital and the financing performance of farmer cooperatives in Fujian Province, China. Agribusiness, v. 34, n. 4, p. 847-864, 2018. https://doi.org/10.1002/agr.21560.

ZAID, M. A. A. et al. Corporate governance practices and capital structure decisions: the moderating effect of gender diversity. Corporate Governance, v. 20, n. 5, p. 939-964, 2020. https://doi.org/10.1108/CG-11-2019-0343.

ZANCAN, F.; CANASSA, B. J.; VALLE, M. R. Capital structure in Brazilian credit unions: which factors are really determinants? Revista Brasileira de Gestão de Negócios, v. 25, n. 2, p. 199-214, 2023. Disponível em: https://doi.org/10.7819/rbgn.v25i2.4223.


Enlaces refback

  • No hay ningún enlace refback.


Administração de Empresas em Revista, e-ISSN: 2316-7548

Rua Chile, 1678, Rebouças, Curitiba/PR (Brasil). CEP 80.220-181

Licença Creative Commons

Este obra está licenciado com uma Licença Creative Commons Atribuição-NãoComercial 4.0 Internacional.