{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2025,8,2]],"date-time":"2025-08-02T17:07:35Z","timestamp":1754154455852,"version":"3.41.2"},"reference-count":45,"publisher":"Emerald","issue":"3","license":[{"start":{"date-parts":[[2012,11,2]],"date-time":"2012-11-02T00:00:00Z","timestamp":1351814400000},"content-version":"tdm","delay-in-days":0,"URL":"https:\/\/www.emerald.com\/insight\/site-policies"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":[],"published-print":{"date-parts":[[2012,11,2]]},"abstract":"<jats:sec><jats:title content-type=\"abstract-heading\">Purpose<\/jats:title><jats:p>The paper aims to identify \u201cproblematic\u201d agricultural credit co\u2010operatives (CCAM) and to evaluate their risk of insolvency as a function of financial indicators, providing regulators and other stakeholders with a set of tools that would be predictive of future insolvency and perhaps bankruptcy.<\/jats:p><\/jats:sec><jats:sec><jats:title content-type=\"abstract-heading\">Design\/methodology\/approach<\/jats:title><jats:p>Using a database of CCAM failures in the period between 1995 and 2009, statistical models of failure of CCAM, are estimated and compared, using logistic regression analysis and multiple discriminant analysis for assessing the potential failure of CCAM as a function of financial\/economical indicators.<\/jats:p><\/jats:sec><jats:sec><jats:title content-type=\"abstract-heading\">Findings<\/jats:title><jats:p>The paper identified the variables customer resources growth, transformation ratio, credit overdue, expenses ratio, structural costs, liquidity, indebtedness and financial margin as determinants of CCAM failure. It suggests that CCAM take measures geared to boosting business, to shoring up the financial margin and the deposit base, to bolstering the complementary margin and to improving the credit recovery processes. Additionally it is necessary to increase cost efficiency, rationalizing structures and procedures consistent with reducing operating costs without detriment to the quality of service provided.<\/jats:p><\/jats:sec><jats:sec><jats:title content-type=\"abstract-heading\">Originality\/value<\/jats:title><jats:p>This paper helps to understand why agricultural credit co\u2010operatives fail.<\/jats:p><\/jats:sec>","DOI":"10.1108\/00021461211277222","type":"journal-article","created":{"date-parts":[[2012,10,22]],"date-time":"2012-10-22T12:21:27Z","timestamp":1350908487000},"page":"341-361","source":"Crossref","is-referenced-by-count":4,"title":["Why do credit cooperatives disappear?"],"prefix":"10.1108","volume":"72","author":[{"given":"Paula","family":"Cabo","sequence":"first","affiliation":[]},{"given":"Jo\u00e3o","family":"Rebelo","sequence":"additional","affiliation":[]}],"member":"140","reference":[{"key":"key2022013020362976000_b1","doi-asserted-by":"crossref","unstructured":"Altman, E. (1968), \u201cFinancial ratios, discriminant analysis and the prediction of corporation bankruptcy\u201d, Journal of Finance, Vol. 23 No. 4, pp. 589\u2010609.","DOI":"10.1111\/j.1540-6261.1968.tb00843.x"},{"key":"key2022013020362976000_b2","doi-asserted-by":"crossref","unstructured":"Altman, E. and Franco, P. (1994), \u201cCorporate distress diagnosis: comparisons using linear discriminant analysis and neural networks (the Italian experience)\u201d, Journal of Banking & Finance, Vol. 18, pp. 505\u201029.","DOI":"10.1016\/0378-4266(94)90007-8"},{"key":"key2022013020362976000_b3","doi-asserted-by":"crossref","unstructured":"Barney, D., Graves, O. and Johnson, J. (1999), \u201cThe farmers home administration and farm debt failure prediction\u201d, Journal of Accounting & Public Policy, Vol. 18, pp. 99\u2010139.","DOI":"10.1016\/S0278-4254(98)10018-2"},{"key":"key2022013020362976000_b4","unstructured":"Beck, T., Hesse, H., Kick, T. and von Westernhagen, N. (2009), \u201cBank ownership and stability: evidence from Germany\u201d, working paper."},{"key":"key2022013020362976000_b5","doi-asserted-by":"crossref","unstructured":"Braga, M., Fully Bressan, V., Colosimo, R. and Bressan, A. (2006), \u201cInvestigating the solvency of Brazilian credit unions using a proportional hazard model\u201d, Annals of Public and Co\u2010operative Economics, Vol. 77 No. 1, pp. 83\u2010106.","DOI":"10.1111\/j.1370-4788.2006.00298.x"},{"key":"key2022013020362976000_b6","unstructured":"Cabo, P. (2003), As Fus\u00f5es no Sistema Integrado de Cr\u00e9dito Agr\u00edcola M\u00fatuo, University of Minho, Braga."},{"key":"key2022013020362976000_b7","doi-asserted-by":"crossref","unstructured":"Cabo, P. and Rebelo, J. (2005), \u201cWhy do agricultural credit co\u2010operatives merge? The Portuguese experience\u201d, Annals of Public and Co\u2010operative Economics, Vol. 76 No. 3, pp. 491\u2010516.","DOI":"10.1111\/j.1370-4788.2005.00287.x"},{"key":"key2022013020362976000_b8","unstructured":"Cabo, P. and Rebelo, J. (2010), \u201cOwnership and governance of Portuguese credit co\u2010operatives: the legal framework\u201d, paper presented Lyon' ICA European Research Conference, \u201cCo\u2010operatives Contributions to a Plural Economy\u201d, Lyon, 2\u20104 September."},{"key":"key2022013020362976000_b9","unstructured":"Carvalho, F., Kalatzis, A., Diaz, M. and Neto, S. (2009), \u201cMortalidade e Longevidade de Cooperativas de Cr\u00e9dito Brasileiras: uma Aplica\u00e7\u00e3o dos Modelos Logit e de Riscos Proporcionais de Cox\u201d, 9th Congresso USP Controladoria e Contabilidade: Da pesquisa que temos para a pesquisa que precisamos, School of Economics, Business and Accounting, University of S\u00e3o Paulo, S\u00e3o Paulo, 30\u201031 Jully."},{"key":"key2022013020362976000_b10","unstructured":"Cr\u00e9dito Agr\u00edcola (2010), Cr\u00e9dito Agr\u00edcola Report and Consolidated Accounts 2009, Cr\u00e9dito Agr\u00edcola, Lisbon."},{"key":"key2022013020362976000_b11","unstructured":"Dunn, D. and Frey, T. (1976), \u201cDiscriminant analysis of loans for cash grain farms\u201d, Agricultural Finance Review, Vol. 36, pp. 60\u20106."},{"key":"key2022013020362976000_b12","unstructured":"Emmery, D. and Finnerty, J. (1997), Corporate Financial Management, Prentice\u2010Hall, Upper Saddle River, NJ."},{"key":"key2022013020362976000_b13","doi-asserted-by":"crossref","unstructured":"Fiordelisi, F. and Mare, D. (2011), \u201cEfficiency and probability of default in co\u2010operative banking\u201d, 28 February, available at: http:\/\/ssrn.com\/abstract=1776423; http:\/\/dx.doi.org\/10.2139\/ssrn.1776423.","DOI":"10.2139\/ssrn.1776423"},{"key":"key2022013020362976000_b14","unstructured":"Fully\u2010Bressan, V. (2002), An\u00e1lise de Insolv\u00eancia das Cooperativas de Cr\u00e9dito Rural do Estado de Minas Gerais, Federal University of Vi\u00e7osa, Vi\u00e7osa."},{"key":"key2022013020362976000_b15","doi-asserted-by":"crossref","unstructured":"Fully\u2010Bressan, V., Braga, M. and Bressan, A. (2004), \u201cAn\u00e1lise do Risco de Insolv\u00eancia Pelo Modelo de Cox: uma Aplica\u00e7\u00e3o Pr\u00e1tica\u201d, RAE \u2013 revista de administra\u00e7\u00e3o de empresas, Vol. 44, p. 2004, Edi\u00e7\u00e3o Especial, abr\u2010dez.","DOI":"10.1590\/S0034-75902004000500007"},{"key":"key2022013020362976000_b16","unstructured":"Gomes, A. (2009), \u201cCapta\u00e7\u00e3o de Poupan\u00e7as em Meio Rural, Estudo de Casos na \u00e1rea social da Caixa de Cr\u00e9dito Agr\u00edcola M\u00fatuo da Costa Azul\u201d, Master dissertation, ISA, Technical University of Lisbon, Lisbon."},{"key":"key2022013020362976000_b17","unstructured":"Gordon, D. (1991), \u201cSource of losses to the National Credit Union Share Insurance Fund\u201d, Research Study No. 15, NCUA Office of the Chief Economist, National Credit Union Administration, Washington, DC."},{"key":"key2022013020362976000_b18","unstructured":"Gordon, D., Solt, M. and Bradford, C. (1987), \u201cCauses of credit union failures 1981\u201085\u201d, Research Study No. 4, NCUA Office of the Chief Economist, National Credit Union Administration, Washington, DC."},{"key":"key2022013020362976000_b19","doi-asserted-by":"crossref","unstructured":"Guiso, L., Sapienza, P. and Zingales, L. (2004), \u201cDoes local financial development matter?\u201d, Quarterly Journal of Economics, Vol. 119 No. 3, pp. 929\u201069.","DOI":"10.1162\/0033553041502162"},{"key":"key2022013020362976000_b20","doi-asserted-by":"crossref","unstructured":"Hellmann, T., Murdock, K. and Stiglitz, J. (1997), \u201cFinancial restraint: toward a new paradigm\u201d, in Aoki, M., Kim, H.K. and Okuno\u2010Fujiwara, M. (Eds), The Role of Government in East Asian Economic Development: Comparative Institutional Analysis, Oxford University Press, New York, NY.","DOI":"10.1093\/acprof:oso\/9780198294917.003.0006"},{"key":"key2022013020362976000_b21","doi-asserted-by":"crossref","unstructured":"Hellmann, T., Murdock, K. and Stiglitz, J. (2000), \u201cLiberalization, moral hazard in banking, and prudential regulation: are capital requirements enough?\u201d, American Economic Review, Vol. 90 No. 1, pp. 147\u201065.","DOI":"10.1257\/aer.90.1.147"},{"key":"key2022013020362976000_b22","unstructured":"Hossari, G. (2007), \u201cBenchmarking new statistical techniques in ratio\u2010based modelling of corporate collapse\u201d, International Review of Business Research Papers, Vol. 3 No. 3, pp. 141\u2010216."},{"key":"key2022013020362976000_b23","doi-asserted-by":"crossref","unstructured":"Janot, M. (2001), \u201cEarly warning models of banking failures in Brasil\u201d, Banco Central do Brasil Working Paper No. 13.","DOI":"10.2139\/ssrn.300854"},{"key":"key2022013020362976000_b24","unstructured":"Judge, G., Griffiths, W., Hill, R., Lutkepohl, H. and Lee, T. (1985), The Theory and Practice of Econometrics, 2nd ed., Wiley, New York, NY."},{"key":"key2022013020362976000_b25","doi-asserted-by":"crossref","unstructured":"Kane, E.J. and Hendershott, R. (1996), \u201cThe federal deposit insurance fund that didn't put a bite on US taxpayers\u201d, Journal of Banking & Finance, Vol. 20, pp. 1305\u201027.","DOI":"10.1016\/0378-4266(96)00027-1"},{"key":"key2022013020362976000_b26","unstructured":"Kanitz, S. (1978), Como prever fal\u00eancias, McGraw\u2010Hill, S\u00e3o Paulo."},{"key":"key2022013020362976000_b27","unstructured":"Kharadia, V.C. and Collins, R.A. (1981), \u201cForecasting credit union failures\u201d, Journal of Economics and Business, Vol. 33 No. 2, pp. 147\u201052."},{"key":"key2022013020362976000_b28","doi-asserted-by":"crossref","unstructured":"Lo, A. (1986), \u201cLogit versus discriminant analysis\u201d, Journal of Econometrics, Vol. 31, pp. 151\u201078.","DOI":"10.1016\/0304-4076(86)90046-1"},{"key":"key2022013020362976000_b29","unstructured":"Lufburrow, J., Barry, P.J. and Dixon, B.L. (1984), \u201cCredit scoring for farm loan pricing\u201d, Agricultural Finance Review, Vol. 44, pp. 8\u201014."},{"key":"key2022013020362976000_b30","doi-asserted-by":"crossref","unstructured":"Maggiolini, P. and Mistrulli, P. (2005), \u201cA survival analysis of de novo co\u2010operative credit banks\u201d, Empirical Economics, Vol. 30, pp. 359\u201078.","DOI":"10.1007\/s00181-005-0237-9"},{"key":"key2022013020362976000_b31","unstructured":"Mansinho, M.A. (1989), \u201cPoliticas de Cr\u00e9dito Agr\u00edcola: Atribui\u00e7\u00e3o e Recupera\u00e7\u00e3o de Fundos. Melhoramentos Agr\u00edcolas 1946\u20101979\u201d, PhD thesis, ISA, Technical University of Lisbon, Lisbon."},{"key":"key2022013020362976000_b32","unstructured":"Maroco, J. (2003), An\u00e1lise estat\u00edstica com utiliza\u00e7\u00e3o do SPSS, 2nd ed., Edi\u00e7\u00f5es S\u00edlabo, Lisboa."},{"key":"key2022013020362976000_b33","unstructured":"Matias, A. and Siqueira, J. (1996), \u201cRisco banc\u00e1rio: modelo de previs\u00e3o de insolv\u00eancia de bancos no Brasil\u201d, Revista de Administra\u00e7\u00e3o, Vol. 31 No. 2, pp. 19\u201028."},{"key":"key2022013020362976000_b34","unstructured":"Norusis, M.J. (1993), SPSS for Windows: Advanced Statistics, Release 6.0, SPSS Inc., Chicago, IL."},{"key":"key2022013020362976000_b35","unstructured":"Santos, S. (1989), \u201cO Cr\u00e9dito como Instrumento de Pol\u00edtica Agr\u00edcola. Sua Integra\u00e7\u00e3o no Mercado Financeiro Rural, O caso portugu\u00eas visto do lado da oferta\u201d, Master dissertation, Technical University of Lisbon, Lisbon."},{"key":"key2022013020362976000_b36","unstructured":"Schaeck, K. and Wolfe, S. (2005), \u201cIdentifying \u2018problem banks\u2019 in the German co\u2010operative and savings bank sector: an econometric analysis\u201d, paper presented at MMF 2005: 37th Annual Conference of the Money, Macro and Finance Research Group, Crete, Greece, 1\u20103 September."},{"key":"key2022013020362976000_b37","unstructured":"Shafroth, M. (1997), An Analysis of Unexpected Credit Union Failures in 95 and 96, CUNA Economics & Statistics, Madison, WI."},{"key":"key2022013020362976000_b38","unstructured":"Shephard, W. (1979), Market Power and Economic Welfare, Random House, New York, NY."},{"key":"key2022013020362976000_b39","unstructured":"Stiglitz, J. (1993), \u201cIncentives organisational structures and contractual choice in the reform of socialist agriculture\u201d, in Beaverman, A., Brooks, K. and Csaki, C. (Eds), Agricultural Transition in Central and Eastern Europe and Former USSR, The World Bank, Washington, DC."},{"key":"key2022013020362976000_b40","doi-asserted-by":"crossref","unstructured":"Stiglitz, J. (1994), \u201cThe role of the state in financial markets\u201d, Proceedings of the World Bank Conference on Development, 1993, Supplement to World Bank, World Bank Research Observer, The World Bank, Washington, DC.","DOI":"10.1093\/wber\/7.suppl_1.19"},{"key":"key2022013020362976000_b41","unstructured":"Turvey, C. (1991), \u201cCredit scoring for agricultural loans: a review with application\u201d, Agricultural Finance Review, Vol. 51, pp. 43\u201054."},{"key":"key2022013020362976000_b42","doi-asserted-by":"crossref","unstructured":"Turvey, C. and Weersink, A. (1997), \u201cCredit risk and the demand for agricultural loans\u201d, Canadian Journal of Agricultural Economics, Vol. 4, pp. 201\u201017.","DOI":"10.1111\/j.1744-7976.1997.tb00204.x"},{"key":"key2022013020362976000_b43","unstructured":"Wilcox, J. (2005), Failures and Insurance Losses of Federally\u2010insured Credit Unions: 1971\u20102004, Filene Research Institute, Madison, WI."},{"key":"key2022013020362976000_b44","unstructured":"Wilcox, J. (2010), Determinants of Credit Union and Commercial Bank Failures: Similarities and Differences, 1981\u20102005, Filene Research Institute, Madison, WI."},{"key":"key2022013020362976000_b45","doi-asserted-by":"crossref","unstructured":"Zavgren, C. (1985), \u201cAssessing the vulnerability to failure of American industrial firms: a logistic analysis\u201d, Journal of Business Finance & Accounting, Vol. 12, Spring, pp. 19\u201045.","DOI":"10.1111\/j.1468-5957.1985.tb00077.x"}],"container-title":["Agricultural Finance Review"],"original-title":[],"language":"en","link":[{"URL":"http:\/\/www.emeraldinsight.com\/doi\/full-xml\/10.1108\/00021461211277222","content-type":"unspecified","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/www.emerald.com\/insight\/content\/doi\/10.1108\/00021461211277222\/full\/xml","content-type":"application\/xml","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/www.emerald.com\/insight\/content\/doi\/10.1108\/00021461211277222\/full\/html","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2025,7,24]],"date-time":"2025-07-24T11:37:38Z","timestamp":1753357058000},"score":1,"resource":{"primary":{"URL":"http:\/\/www.emerald.com\/afr\/article\/72\/3\/341-361\/59660"}},"subtitle":["The determinants of Portuguese agricultural credit co\u2010operatives failure"],"short-title":[],"issued":{"date-parts":[[2012,11,2]]},"references-count":45,"journal-issue":{"issue":"3","published-print":{"date-parts":[[2012,11,2]]}},"alternative-id":["10.1108\/00021461211277222"],"URL":"https:\/\/doi.org\/10.1108\/00021461211277222","relation":{},"ISSN":["0002-1466"],"issn-type":[{"type":"print","value":"0002-1466"}],"subject":[],"published":{"date-parts":[[2012,11,2]]}}}