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<p>In this paper, we examine the effects of introducing indirect democratic representation of cooperative members on the policies of cooperatives. For cooperative banks in a large federal state in Germany, we demonstrate that having a representative assembly in which members are only indirectly represented leads to a reduction in dividends. From a theoretical perspective, however, this may contribute to the cooperative bank’s long-term economic success and the interests of younger and future members.</p>

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Indirect member representation in cooperatives and dividend policy

  • 期刊论文

  • 出版模式：

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  • 发表日期：

    2026年7月27日

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  • Richard Reichel,
  • Matthias Wrede

摘要

In this paper, we examine the effects of introducing indirect democratic representation of cooperative members on the policies of cooperatives. For cooperative banks in a large federal state in Germany, we demonstrate that having a representative assembly in which members are only indirectly represented leads to a reduction in dividends. From a theoretical perspective, however, this may contribute to the cooperative bank’s long-term economic success and the interests of younger and future members.