Governance Control Mechanisms in Portuguese Agricultural Credit Cooperatives



3.3. Results

Table 2 reports the results of model (1) estimation. For each event, the coefficients measure
the impact of each variable on the probability of each event with respect to the baseline case (no
governance interventions in the following year): they are to be interpreted as affecting the odds
ratio.

Table 2. Determinants of ACCs governance control mechanisms.

Variables

Board Change
(Y=1)

Chairman
Change
(Y=2)

Central ACC
Agent
(Y=3)

Management Board
Replacement
(Y=4)

Merger
(Y=5)

Constant

-2.704 *

-2.816*

-5.095*

-6.217*

-4.082 *

(0.740)

(0.673)

(0.753)

(0.731)

(0.682)

Year

-0.0515

-0.0922

0.071

0.401 *

0.044

(0.0732)

(0.067)

(0.075)

(0.064)

(0.074)

Total Assets

-0.004

-0.002

-0.012***

0.886*

-0.065 *

(0.004)

(0.005)

(0.008)

(0.003)

(0.014)

Bad Loans

-0.621

-1.425

9.711 *

14.838*

11.148 *

(X1)

(2.427)

(2.224)

(1.771)

(1.561)

(1.556)

Labour Costs /

-1.242

2.462

-0.229

-0.829

3.007

Turnover (X2)

(3.961)

(3.166)

(3.522)

(4.087)

(2.960)

Administ.Costs/

-0.223

4.121

10.711 **

-7.099

7.455 ***

Turnover (X3)

(6.023)

(4.879)

(4.993)

(6.445)

(4.424)

Return on

0.228

-0.010

-0.297**

-0.171

-0.192 ***

Equity (X4)

(0.177)

(0.206)

(0.120)

(0.120)

(0.111)

Solvency (X5)

0.942

-0.153

0.972

-0.980***

-0.928

(1.256)

(1.054)

(1.014)

(0.611)

(0.644)

Chi-squared (degrees of freedom) 363.99(35)

Significance level 0.00

1. Standard deviation in parenthesis

2. *, **, ***: Significance level of 1%, 5% and 10% respectively.

10



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