Personas jurídicas en el gobierno cooperativo: efectos sobre las finanzas de las cooperativas en Colombia

• Martínez Avella, Mario Ernesto ^[1] ; Hernández Salazar, Giovanni Andrés ^[1]
  1. [1] Universidad de La Sabana

     Universidad de La Sabana

     Colombia

     
• Localización: CIRIEC - España. Revista de economía pública, social y cooperativa, ISSN 0213-8093, Nº. 116, 2026, págs. 307-338
• Idioma: español
• DOI: 10.7203/CIRIEC-E.116.27722
• Enlaces
  • Texto completo
• Resumen

  • Esta investigación explica cómo las cooperativas no financieras con un gobierno cooperativo mixto, integrado por personas naturales y representantes de personas jurídicas cooperativas, presentan rentabilidades y niveles de endeudamiento de corto y largo plazo sig­nificativamente diferentes en comparación con aquellas cooperativas cuyo gobierno está cons­tituido exclusivamente por personas naturales. Para tal fin, se emplean datos de cooperativas colombianas correspondientes a un período de 14 años. Se estiman modelos de datos de panel con efectos fijos mediante el método de mínimos cuadrados ordinarios y se aborda el proble­ma de endogeneidad mediante estimadores GMM. Se encontró que la presencia de personas jurídicas en las juntas de vigilancia y en la revisoría fiscal contribuye a un mayor control de la deuda de corto y largo plazo, mientras que la participación de personas naturales se asocia con una mayor propensión a solicitar y aprobar niveles más elevados de endeudamiento. Asi­mismo, se identifica una relación positiva y estadísticamente significativa entre la presencia de personas jurídicas en el gobierno cooperativo y la rentabilidad financiera, independientemen­te del órgano de gobierno en el que participen. Desde el punto de vista teórico, se argumenta que la teoría de la agencia y la teoría del mayordomo (Stewardship Theory) se complementan para explicar la relación entre la composición de los órganos de gobierno y el desempeño de las cooperativas.

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