Governance Control Mechanisms in Portuguese Agricultural Credit Cooperatives

Table 1. Summary statistics (conclusion)

Board change ACCs

	# Observations	Mean	Median	Std.Deviation
Total Assets*__________________	___________51	41.236	27.252	44.814
Bad Loans__________________	___________51	0.092	0.078	0.072
Labour Costs/ Turnover_______	___________51	0.133	0.131	0.037
Administrative Costs/ Turnover	___________51	0.087	0.084	0.031
Return on Equity______________	___________51	0.368	0.205	________1.135
Solvency	51	0.083	0.078	0.060

Chairman change ACCs

	# Observations	Mean	Median	Std.Deviation
Total Assets*__________________	___________61	30.789	25.165	27.545
Bad Loans__________________	___________61	0.088	0.083	0.059
Labour Costs/ Turnover_______	___________61	0.146	0.153	0.043
Administrative Costs/ Turnover	___________61	0.094	0.102	0.033
Return on Equity______________	___________61	0.226	0.169	0.289
Solvency	61	0.069	0.050	0.087

ACCs with a central ACC Agent

	# Observations	Mean	Median	Std.Deviation
Total Assets*__________________	___________51	24.995	25.254	14.682
Bad Loans__________________	___________51	0.173	0.168	0.101
Labour Costs/ Turnover_______	___________51	0.143	0.133	0.065
Administrative Costs/ Turnover	___________51	0.100	0.097	0.040
Return on Equity______________	___________51	-0.538	0.020	________1.546
Solvency	51	-0.045	0.044	0.087

ACCs with a central ACC management board replacement

	# Observations	Mean	Median	Std.Deviation
Total Assets*__________________	__________79	53.361	30.716	65.313
Bad Loans__________________	__________79	0.215	0.178	0.148
Labour Costs/ Turnover_______	__________79	0.123	0.119	0.043
Administrative Costs/ Turnover	__________79	0.083	0.084	0.028
Return on Equity______________	__________79	-0.357	0.088	________1.917
Solvency	79	-0.179	0.019	1.604

Merged ACCs

	# Observations	Mean	Median	Std.Deviation
Total Assets*__________________	__________68	13.824	8.318	16.294
Bad Loans__________________	__________68	0.219	0.196	0.155
Labour Costs/ Turnover_______	__________68	0.158	0.149	0.059
Administrative Costs/ Turnover	__________68	0.103	0.095	0.043
Return on Equity______________	__________68	-0.800	0.046	2.731
Solvency	68	-0.038	0.002	0.145

* Million Euros

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