Better performance after mergers and acquisitions? The case of US farmer cooperatives

IF 1.5 Q3 AGRICULTURAL ECONOMICS & POLICY

Agricultural Finance Review Pub Date : 2023-04-18 DOI:10.1108/afr-12-2022-0145

J. Grashuis

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引用次数: 1

Abstract

PurposeThis study analyzes the long-term effect of merger and acquisition (M&A) activity on the profitability, efficiency and liquidity of the largest 500 farmer cooperatives in the United States.Design/methodology/approachSecondary data from the U.S. Department of Agriculture are complemented with primary data collected from print media publications about M&A activity by US farmer cooperatives. The analysis is based on group comparisons of means and distributions to study the effect of M&A activity on financial performance.FindingsFarmer cooperatives with M&A activity generally have lower profitability, efficiency and liquidity than farmer cooperatives without M&A activity, both at the time of the merger or acquisition as well as afterward. Marketing cooperatives in particular perform worse following M&As. Also, the post-merger performance of farmer cooperatives with M&A activity is not affected by the profitability, efficiency or liquidity of the target.Originality/valueResearch on the post-merger performance of farmer cooperatives is both scarce and dated. This study analyzes the effect of M&A activity for a relatively large sample and a relatively long time period (2005–2020).

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并购后业绩更好？美国农民合作社案例

目的本研究分析了并购活动对美国最大的500个农民合作社的盈利能力、效率和流动性的长期影响。设计/方法/方法美国农业部的次要数据与从印刷媒体出版物中收集的有关美国农民合作社并购活动的主要数据相补充。该分析基于均值和分布的分组比较，以研究并购活动对财务绩效的影响。发现有并购活动的农民合作社在并购时或并购后的盈利能力、效率和流动性通常低于没有并购活动的农村合作社。市场合作社在并购后的表现尤其糟糕。此外，有并购活动的农民合作社合并后的绩效不受目标的盈利能力、效率或流动性的影响。原创性/价值性关于农民合作社合并后绩效的研究既缺乏又过时。本研究分析了相对较大样本和相对较长时间段（2005-2020）的并购活动的影响。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Agricultural Finance Review AGRICULTURAL ECONOMICS & POLICY-

CiteScore

3.70

自引率

18.80%

发文量

期刊介绍： Agricultural Finance Review provides a rigorous forum for the publication of theory and empirical work related solely to issues in agricultural and agribusiness finance. Contributions come from academic and industry experts across the world and address a wide range of topics including: Agricultural finance, Agricultural policy related to agricultural finance and risk issues, Agricultural lending and credit issues, Farm credit, Businesses and financial risks affecting agriculture and agribusiness, Agricultural policies affecting farm or agribusiness risks and profitability, Risk management strategies including the use of futures and options, Rural credit in developing economies, Microfinance and microcredit applied to agriculture and rural development, Financial efficiency, Agriculture insurance and reinsurance. Agricultural Finance Review is committed to research addressing (1) factors affecting or influencing the financing of agriculture and agribusiness in both developed and developing nations; (2) the broadest aspect of risk assessment and risk management strategies affecting agriculture; and (3) government policies affecting farm profitability, liquidity, and access to credit.