Comment penser la rémunération du capital au sein des coopératives ?

Abstract

Return on capital is a concept classically understood in economic literature through financial lens. Given the dual nature of the relationship that exists between investors and cooperatives as well as the strong work-ethic which characterizes the cooperative movement, this paper proposes to look at this concept in a broaden manner. In addition to financial return on capital, we extend the notion of return to two additional factors : transactional and « citizen » returns. In doing so, this paper aims to highlight the triple facet of the notion of return on capital within the cooperative context. It opens the door to new analytical frameworks that make it possible to value the true performance of cooperatives across these three dimensions, which may become particularly relevant to citizen investors. Indeed, this analytical progress is expected to generate positive returns in terms of matching cooperative projects with citizens capital.