Avaliação do Desempenho das Cooperativas Participantes do Programa de Capitalização de Cooperativas Agropecuárias (PROCAP-AGRO)

• Ano de defesa: 2012
• Autor(a) principal: Neves, Mateus de Carvalho Reis
• Orientador(a): Braga, Marcelo José
• Banca de defesa: Costa, Davi Rogério de Moura , Bialoskorski Neto, Sigismundo
• Tipo de documento: Dissertação
• Tipo de acesso: Acesso aberto
• Idioma: por
• Instituição de defesa: Universidade Federal de Viçosa
• Programa de Pós-Graduação: Mestrado em Economia Aplicada
• Departamento: Economia e Gerenciamento do Agronegócio; Economia das Relações Internacionais; Economia dos Recursos
• País: BR
• Palavras-chave em Português: Cooperativas agropecuárias; PROCAP-AGRO; Análise envoltória de dados; Modelo Tobit; Painel dinâmico
• Palavras-chave em Inglês: Agricultural cooperatives; PROCAP-AGRO, Data envelopment analysis, Tobit Model, Dynamic Panel
• Área do conhecimento CNPq: CNPQ::CIENCIAS SOCIAIS APLICADAS::ECONOMIA
• Link de acesso: http://locus.ufv.br/handle/123456789/66

The cooperatives, in general, do not have the same capitalization and funding mechanisms available to private equity firms, such as issuing bonds or stock trading on stock exchanges. It's relevant also the fact that, in general, there is no incentive for members to respond to potential capital calls. In this regard, it became relevant government programs that aim to support the cooperative when it comes to finance its operations; especially for agricultural cooperative branch, rooted in activities that, by their nature, are permeated with price risks, climate, demand etc. Initiatives such as the Capitalization Program of Agricultural Cooperatives (PROCAP-AGRO) may have prominent role in financial aid to these cooperatives. Thus, it is important to question whether the cooperatives who obtained financing through the PROCAP-AGRO have undergone any change in its operational efficiency and its financial structure. The methodology involved financial indicators and econometric analysis. In addition, semi-structured interviews conducted in the cooperatives visited served as the basis for gathering qualitative information. As results, in the financial analysis, indicators of the group Solvency, Capital Guarantee, Growth and Working Capital exhibited statistically significant improvements after PROCAP-AGRO. However, when analyzing the impact of the program on indicators, the only indicator of profitability was possible to infer improvement caused by the program. With respect to technical efficiency, the results were only able to capture the positive effect PROCAP-AGRO those cooperatives in Group 2, with Gross Sales exceeding R$ 500 million, and its negative effect on the efficiency of cooperatives in Group 1, with Gross Sales less than R$ 500 million. In summary, the results point to a different behavior between groups of cooperatives considered, probably as a consequence of the different use of the resources in each of these groups.