As cooperativas de crédito são instituições financeiras que se diferenciam quanto às demais por estarem baseadas no associativismo, mutualidade e nos direitos iguais dos seus associados quanto à participação nas decisões da cooperativa. No Brasil, as cooperativas de crédito tem experimentado um crescimento importante nos últimos dez anos e representam uma alternativa em termos de oferta de serviços financeiros para a parcela da população que não possui acesso aos serviços bancários, como também uma opção econômica para os poupadores e tomadores de recursos. Por sua vez, juntamente com os bancos, estão inseridas em um ambiente de negócios competitivo e, por isso, a busca por melhor desempenho passa a ser uma condição cada vez mais presente nas suas atividades. Tal como as demais organizações, também enfrentam problemas decorrentes dos conflitos de agência, os quais demandam a constituição de mecanismos de governança para a sua redução. Este trabalho examina a relação entre a adoção de práticas consideradas como sendo de boa governança, e o desempenho das cooperativas de crédito. Para isto, foi construído um índice de governança corporativa, a ser utilizado como variável independente, baseado em um questionário aplicado pelo Banco Central do Brasil às cooperativas de crédito. Como critério para o ajuste do questionário, adotou-se as diretrizes estabelecidas por organismos, tais como a OCDE, WOCCU, IBGC, BACEN e CVM. O desempenho das cooperativas foi mensurado através do cálculo de indicadores contábeis obtidos pela aplicação do sistema PEARLS, ajustado às condições das cooperativas de crédito brasileiras. Por meio da aplicação da técnica de análise fatorial aos indicadores contábeis, foram obtidos os diversos fatores representativos de cada área-chave avaliada pelo sistema PEARLS. Neste caso, os fatores de desempenho representam as variáveis dependentes que são testadas no modelo de regressão. Também foram inseridas variáveis de controle representativas da localização, porte, tipo e da vinculação da cooperativa a uma cooperativa central ou sistema cooperativista como forma de equalizar possíveis distorções nos resultados provenientes destas características de cada cooperativa de crédito. O trabalho apontou uma grande variabilidade e um fraco nível de governança das cooperativas de crédito no Brasil. Além disso, não foram encontrados indícios de redução do volume de operações de crédito classificadas com nível de risco entre \"D\" e \"H\" e das provisões, bem como de uma melhora do nível de risco de liquidez, em razão de uma maior qualidade da governança das cooperativas. Porém, outros resultados obtidos sugerem uma associação positiva entre o crescimento da cooperativa, em termos de volume de captações, operações de crédito, receitas operacionais e patrimônio líquido, com o nível de governança corporativa adotado por estas instituições. Ao seu final, o trabalho sinaliza para a possibilidade de as cooperativas de crédito com maior nível de governança implementarem estratégias de negócios mais agressivas na busca pelo crescimento das suas atividades / Credit unions are financial institutions which differ from others because they are based on the principles of community association, mutuality and equality of rights of its members regarding participation in organizational decisions. In Brazil, credit unions have experienced significant growth over the past decade and represent an alternative in terms of financial services for the share of the population that does not have access to banking services, as well as a cost-effective option for savers and borrowers. However, along with traditional banks, they operate in a competitive business environment and, therefore, the search for better performance becomes an increasingly present condition in their activities. Like other organizations, credit unions also face problems arising from agency conflicts, which require the establishment of governance mechanisms to reduce these problems. This paper examines the relationship between the adoption of practices considered to be of good governance, and the performance of credit unions. To this end, we built a corporate governance index to be used as an independent variable, based on a questionnaire administered by the Central Bank of Brazil to credit unions. As criteria for the questionnaire setting, it adopted the guidelines established by bodies such as the OECD, WOCCU, IBGC, Brazilian Central Bank and CVM. The performance of cooperatives was measured by calculating financial indicators obtained using the PEARLS system adapted to the peculiarities of Brazilian credit cooperatives. A number of factor variables representing each key area evaluated by the PEARLS system were derived after running a factor analysis using all of the available financial indicators. The performance variables derived from the factor analysis represent the dependent variables that are used in the regression model. We have also included control variables representing the location, size, type and affiliation of the credit union to a central union or a network of unions as a way to avoid possible distortions in the results arising from the heterogeneity in these credit union characteristics. The work shows a great variability and weak governance of credit unions in Brazil. Also, we did not find a reduction in the volume of credit operations of evidence classified as risk level between \"D\" and \"H\" and provisions as well as an improvement in the liquidity risk level, due to a higher quality the governance of cooperatives. However, other results suggest an association between the growth of the cooperative, in terms of volume of funding, loans, operating income and net worth, with the corporate governance level adopted by these institutions. At its end, the work points out the possibility of credit unions with the highest level of governance to implement more aggressive business strategies in pursuit of growth of its activities

Sector of credit unions has noted during its existence many changes. Political and legislative changes have had an impact on its behaviour. Significant change was that the bill No. 87/1995 about credit unions was passed and subsequently amended in connection with joining the Czech Republic to the European Union. The aim of the graduation theses is complex analysis of credit union evolution. The graduation theses scope is also comparative analysis of bank and credit union on the part of balance sheet, risk management and advantages for client.

The aim of the thesis is to determine the value of Citfin, spořitelní družstvo to date 31.12.2013 for the purpose of strategic decision regarding the future functioning concept of the coop. The work includes a profile of the cooperative followed by financial and strategic analysis. Financial plan is based on the findings from the financial and strategic analysis. The valuation is based on asset analysis, additionally on yield analysis and market comparison.

This thesis compares banks and cooperative credit unions within Czech Republic from different points of view. Specifically, these points of view are history, legal frame and also the position on current Czech market. Depiction of the historic development of Czech banks and cooperative credit unions describes their position on the market across different time periods together with summary of changes in legislation and capital market supervision. Legal frame chapter describes separate points of legislation, based on which it is possible to compare both banks and cooperative credit unions. These points for comparison are creation, liquidation, information duties towards Czech national bank etc. The whole second part of the thesis deals with a comparison of both sectors with following comparison of particular representatives of selected sectors from different points of view. These are competitiveness on the market, capital adequacy and other indicators.

Um sistema financeiro eficiente é capaz de oferecer produtos e serviços adequados, especialmente crédito, com preço acessível, possibilitando a inclusão social dos cidadãos. O objetivo deste trabalho foi analisar a contribuição do Sistema de Crédito Cooperativo para o aumento da eficiência econômica do Sistema Financeiro Nacional. O cooperativismo é o movimento que preconiza a colaboração e associação de pessoas com os mesmos interesses, a fim de maximizar resultados em suas atividades econômicas. Formalmente, o movimento surgiu em 1844, em Rochdale (Manchester/Inglaterra). No Brasil desde 1902, quando constituída a primeira cooperativa em Linha Imperial, atual município de Nova Petrópolis/RS, as cooperativas de crédito diferenciam-se do sistema bancário tradicional na medida em que aplicam os recursos na própria comunidade onde os captam. A evolução da legislação brasileira possibilitou a formação de grandes sistemas (SICOOB, SICREDI, UNICRED, CECRED e CONFESOL), sendo a capilaridade do segmento cooperativo um aspecto importante no aumento da eficiência do Sistema Financeiro Nacional (SFN), permitindo maior acesso as localidades e cidadãos que utilizam seus serviços. Em termos de mercado, o crédito cooperativo vem na última década apresentado crescimento superior a 20% ao ano e apesar de representar apenas 3% do crédito no Sistema Financeiro Nacional, tem grande destaque no financiamento rural, onde 41% do crédito originado no segmento cooperativo tem este objetivo, enquanto que no SFN, não chega a 10% (Banco Central do Brasil, 2012). Em termos de inadimplência de crédito, as cooperativas registraram picos de 2,39% em 2010, quando o mercado registrou taxas de 5,9% neste mesmo período. Ademais, contatou-se que as taxas praticadas pelas Cooperativas de Crédito em 2010 foram em média 31% menores que as praticadas pelo mercado de crédito convencional. Isso proporcionou um excedente do consumidor para os associados de R$ 2,87 bilhões em juros não pagos que retornaram para a economia, demonstrando a importância das cooperativas de crédito para o aumento da eficiência do Sistema Financeiro Nacional. / An efficient financial system is able to offer appropriate products and services, especially credit, affordable, enabling social inclusion of citizens. The objective of this study was to analyze the contribution of the Cooperative Credit System to increase the economic efficiency of the National Financial System. The cooperative movement is the movement which advocates collaboration and association of people with similar interests, in order to maximize results in their economic activities. Formally, the movement emerged in 1844 in Rochdale (Manchester/England). In Brazil since 1902, when the first cooperative formed in Imperial Line current municipality of Nova Petrópolis/RS, credit unions differ from traditional banking system to the extent that apply resources in their own community where the capture. The evolution of Brazilian law allowed the formation of large systems (SICOOB, SICREDI, UNICRED, CECRED and CONFESOL), the capillarity of the cooperative sector an important aspect in increasing the efficiency of the National Financial System (SFN), allowing greater access locations and citizens who use their services. In terms of market share, credit unions in the last decade has presented more than 20% per year growth and despite representing only 3% of credit in the financial system, has great prominence in rural finance, where 41% of loans originated in the cooperative sector has this goal, while SFN, does not reach 10% (Central Bank of Brazil, 2012). In terms of credit default cooperatives recorded peak of 2.39% in 2010, when the market rate of 5.9% recorded in the same period. Moreover, if contacted that the rates charged by credit unions in 2010 were on average 31% lower than those charged by conventional credit market. This provided a consumer surplus for members at R$ 2.87 billion in unpaid interest returning to the economy, demonstrating the importance of credit unions to increase the efficiency of the National Financial System.

In the United States, faith-based and other small credit unions are vanishing at the rate of nearly a credit union each workday. The purpose of this causal-comparative study was to provide managers of faith-based credit unions with information about differences in financial performance and risk tolerance between faith-based and non-faith-based credit unions in order to improve their investment strategy and long-term sustainability. The study included a comparison of ratios measuring the financial performance and risk tolerance of randomly selected faith-based credit unions in the United States with the corresponding ratios of non-faith-based credit unions of similar size and location from 2003 to 2012. The data were collected from the National Credit Union Association, the U.S. government regulator of federally insured credit unions. The data analysis involved t tests and one-way ANOVAs to determine the differences in mean ratios of financial performance and risk tolerance between faith-based and non-faith-based credit unions. The findings demonstrated mixed support for the theoretical framework based on the Protestant ethic theory, which holds that certain traits associated with religion (e.g., thrift and debt avoidance) might influence financial performance and risk tolerance. The findings revealed significant differences between faith-based and non-faith-based credit unions in capital adequacy, liquidity risk, and credit risk, but not in profitability and interest rate risk. The implications for social change include the potential to strengthen the risk management and investment strategies for faith-based credit unions, thereby helping to ensure the continuation of vital financial services valued by members and their communities.

This thesis is interested in relative performance of highly criticized Czech credit unions. Theoretical part comments on their historical development, makes international comparison and shows possible development of legislation. We created two unique datasets to assess financial performance of Czech credit unions in subsequent empirical part. The first one contains Czech credit unions' and commercial banks' data. The second one is established to make a comparison of Czech credit unions with cooperative banks operating elsewhere in the EU. Both are based on annual data between 2007 and 2012 period. System GMM method is employed as main instrument of our empirical analysis and alternative panel data methods are used as supplementary techniques. We focused our analysis on comparison of relative profitability and stability measures of Czech credit unions. The results revealed their poor performance in the given time period. According to our estimates, they resembled rather small commercial banks than cooperative ones. The negative relationship between Czech credit unions' stability measure (Z-score) and their asset size is especially striking. Moreover, Z- score of Czech credit unions decreased sharply in 2012. Such development was observed neither in case of Czech commercial banks nor in other...

The 2008 financial crisis impacted the Caribbean financial sector with declining liquidity and profitability, and return on assets falling to 0.7% from 2.6%. The purpose of this single case study was to explore strategies that credit union executives in Grenada used to consistently maintain profitability. The targeted study population consisted of four credit union executives responsible for operations, administration, and regulations in the financial service cooperative industry in Grenada. The social influence of power theory was the conceptual framework that grounded this study. The data collection process included semistructured interviews and document (annual reports and cooperative society laws) review. Data analysis involved the thematic approach, using word frequency, coding, and text search to identify underlying themes. Themes that emerged from the study included risk management, investment policies, and the influence of executives decisions' on consistent profitability. Study findings may contribute to positive social change by helping credit union executives maintain profitability, resulting in the potential to benefit local communities by supporting projects that improve the quality of life.

Society's strategy for achieving well being is incompatible with long term global development. The consequences of economic growth and expansion are manifested in severe ecological and social crisis. Structural changes are needed throughout society's institutions to shift the dominant concept and pursuit of progress toward a concept of progress that is based on the development of balanced social, ecological and economic well being. This involves changing roles, responsibilities and accountability of many global institutions and organizations including government, corporations and civil society. Reviews of both dominant theory's (classical theory) and current corporate-led practices' perceptions about corporate social responsibility and accountability elucidate their limitations to motivate or support structural changes, thus prompting the need to explore alternative theories and practices for structural change. Social institution theories and structural change theories are examined as alternatives, as well as alternative practices that build corporate social responsibility. The main objective of the thesis is to explore social accounting as tool for corporations and other organizations to build social responsibility and accountability in society. This objective is explored by studying and analyzing the current practices and theoretical perspectives on social accounting and auditing. Social accounting and auditing principles are applied and further examined by developing a multiple bottom line framework for VanCity Credit Union's Alternative Lending Program. Social accounting and auditing has limited applicability to large corporations since their profit motive prevents their transparency and accountability. The contribution of social accounting and auditing in society is to increase the accountability of some organizations: it allows some corporations with unique social goals to substantiate their claims for social responsibility. Social accounting and auditing is also key in assessing the performance of organizations in the social economy since their social contributions to society are undermined by mainstream bottom line assessment. The role of civil society in advancing social accounting practices is essential. It is concluded that social accounting and auditing should be developed in conjuntion with practices that resist negative outcomes of the growing global economy, as well as in co-ordination with local strategies that strive to develop an economy focused on meeting local needs.

Made available in DSpace on 2015-03-26T13:33:43Z (GMT). No. of bitstreams: 1 texto completo.pdf: 1825670 bytes, checksum: 983f3faf138fc1b05f98bce28b49a063 (MD5) Previous issue date: 2011-02-11 / Conselho Nacional de Desenvolvimento Científico e Tecnológico / This research had aims to analyze the development of Ecosol rural solidary credit union in Minas Gerais, seeking to understand the logic of operationalisation of financial services and the basis of organizational changes that follow the growth of cooperatives. The cooperatives analyzed were built on the political struggles of family farmers and have strong ideological influences of groups of the Catholic Church. Social and physical proximity among the operating structure of the Organization and the spaces of interaction with the target people allow the cooperatives to incorporate social mechanisms in credit monitoring and control, as reputation and trust. This streamlines risk assessments, which does not focus only on instrumental techniques. However, cooperatives undertake a natural process of growing and changing, induced by the institutional environment. The expansion of membership and operations were followed by increased risks, mainly defaults. This context requires the formalization of functional structures, notably to increase control. There was a coercive isomorphic process, leading the organization to standardize certain practices due to pressures from regulators. Uncertainty experienced by cooperatives induced also mimetic isomorphism, with Ecosol cooperatives becoming similar to those of Cresol system, considered the most legitimate of the organizational field, adopting similar organizational practices. The mimicry has been reinforced through a technical cooperation agreement signed between these two cooperative systems and the integration to-be of cooperatives Ecosol/MG in system Cresol. It can be concluded that the Ecosol mimetic isomorphism configures a strategic organizational restructuring process, which in turn relativizes the impacts of the coercive isomorphism. Accordingly, the integration of the Ecosol/MG cooperatives with Cresol cooperative system cannot be considered merely the consequence of an organizational failure. / Esta pesquisa teve o objetivo de analisar o desenvolvimento do sistema Ecosol de cooperativas de crédito rural solidárias em Minas Gerais, buscando compreender a lógica de operacionalização dos serviços financeiros e os fundamentos das mudanças organizacionais que acompanham o crescimento dessas cooperativas. As cooperativas analisadas são edificadas sobre as lutas políticas da agricultura familiar e possuem forte influência ideológica de setores da Igreja Católica. A proximidade entre a estrutura operacional da organização e os espaços de interação do público-alvo permite às cooperativas se apropriarem de mecanismos sociais no monitoramento e controle do crédito, como a reputação e a confiança. Isso dinamiza as avaliações de risco, que não se centram apenas em técnicas instrumentais. Entretanto, as cooperativas passam por um processo singular de crescimento e mudança, induzido pelo ambiente institucional. A ampliação do quadro social e a expansão das operações foram acompanhadas do aumento dos riscos, principalmente da inadimplência. Esse contexto demanda a formalização de estruturas funcionais, notadamente para aumentar o controle. Trata-se de um processo de isomorfismo coercitivo que conduz as organizações à padronização de certas práticas, diante de pressões das entidades de regulação. A incerteza vivida pelas cooperativas induziu também ao isomorfismo mimético, onde as cooperativas do sistema Ecosol buscaram se assemelhar ao sistema Cresol, considerado o mais legítimo do campo organizacional, adotando práticas similares. O mimetismo foi reforçado através de um convênio de cooperação técnica entre esses dois sistemas cooperativos e a futura integração das cooperativas Ecosol/MG ao sistema Cresol. Pode-se concluir que o isomorfismo mimético no sistema Ecosol configura um processo estratégico de reestruturação organizacional, para relativizar os impactos do isomorfismo coercitivo. Nesse sentido, a integração das cooperativas do sistema Ecosol/MG ao sistema Cresol não pode ser considerada apenas a consequência de um fracasso organizacional.