Dominância de membros tomadores ou poupadores de recursos nas cooperativas de crédito e o desempenho: análise sob a ótica da teoria de agência

Abstract

Possible conflicts of interest in credit cooperatives have instigated research, given the proliferation of this model of association in Brazil and the rest of the world, seeking to understand characteristics of influential groups and the impacts on performance. The overall objective of this research was to analyze the extent to which dominance - understood as the decision-making power of borrowers or resource savers - affects the performance of credit cooperatives. This study integrates problems of agency between principal-principal and conceptions of cooperativism. The centrality of the discussions lies in the potential conflict between borrowers and credit savers and their effect on performance. From the literature review, two hypotheses have been proposed in order to evaluate the relationship between domination and performance. As research strategy was carried out data collection of cooperatives affiliated to the Cooperative Credit System SICREDI. In order to reach the objective of the research, multivariate data analysis was used as a technique with the use of panel data from 39 cooperatives affiliated to SICREDI, from 2008 to 2014. The data indicated that the dominance index is an influential factor and statistically significant return on assets (ROA). Another relevant contribution was the identification of domination by borrowers and the absence of neutral cooperatives, which may violate the real function of credit cooperatives, their sustainability and their commitment to the guiding principles of cooperativism, thus moving away from their assumptions, culminating in practices contradictory to his discourse.