Carlo borzaga part 1 en
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Transcript of Carlo borzaga part 1 en
Resilience of CooperativesLessons from Italy
Carlo Borzaga, University of Trento - Euricse
Loans per bank's size
Growth rates of added value and profits in JSC and Coops - 2006-2010
2006-2007 2007-2008 2008-2009 2009-2010 2006-2010
Joint stock companies: 20.082
Added value 6.96 0.73 -6.75 5.99 6.49
Profits 26.35 -19.08 -47.49 67.37 -10.15
Cooperatives: 8.230
Added Value 9.24 5.54 2.26 5.79 24.72
Profits 25.35 -58.34 -31.51 -3.63 -65.53
Growth rates of cost of labour and remunerations in JSC and Coops
2006-20102006-2007 2007-2008 2008-2009 2009-2010 2006-
2010
Joint stock companies: 20.082
Cost of labour 5.86 4.73 -2.86 4.67 12.72
Out of which: remunerations
5.72 4.49 5.19 5.49 22.58
Cooperatives: 8.230
Cost of labour 9.18 7.55 3.46 6.59 29.50
Out of which: remunerations
7.91 7.68 3.73 6.30 28.14
Explaining reasons
Cooperatives are created to satisfy needs shared by their members
In joint stock companies shareholders expect to gain profits
In times of crisis – needs increase– cooperatives tend to preserve employment and
production, reducing profit margins whenever necessary
– joint stock companies tend to protect the financial resources of their activities; hence they are more sensitive to the cyclical nature of the economic system