摘要：New Generation Cooperatives (NGCs) are undergoing several structural changes with the acceptance of non-farmer investor equity and demutualization or transformation into investororiented ownerships, Limited Liability Companies (LLCs), to ameliorate perceived financial constraints for high technology investments. Using data of stock traded between members, we developed a model of investment decision and analyzed the impacts of expectations of change in growth and social capital, among other variables, on NGC and LLC performance. The findings show the importance of expectations of change in growth on firms’ performance for NGCs compared to LLCs. Social capital arising from market transactions play a significant role in building loyalty among current investors and in attracting additional infusion of equity capital for NGCs.
