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Financement des coopératives : les objectifs et méthodes des investisseurs en private equity sont-ils compatibles avec ceux des coopératives ?

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Marquet, Céline ULiège
Promotor(s) : Xhauflair, Virginie ULiège
Date of defense : 3-Sep-2019/10-Sep-2019 • Permalink : http://hdl.handle.net/2268.2/7506
Details
Title : Financement des coopératives : les objectifs et méthodes des investisseurs en private equity sont-ils compatibles avec ceux des coopératives ?
Author : Marquet, Céline ULiège
Date of defense  : 3-Sep-2019/10-Sep-2019
Advisor(s) : Xhauflair, Virginie ULiège
Committee's member(s) : Rijpens, Julie ULiège
Bouchat, Maxime ULiège
Language : French
Number of pages : 95
Keywords : [fr] co-operative,
[fr] private equity
[fr] collaboration
[fr] impact investing
[fr] ownership rights
[fr] social impact
[fr] social venture fund
Discipline(s) : Business & economic sciences > Finance
Institution(s) : Université de Liège, Liège, Belgique
Degree: Master en sciences de gestion, à finalité spécialisée en Social Enterprise Management
Faculty: Master thesis of the HEC-Ecole de gestion de l'Université de Liège

Abstract

[en] In the light of current social, economic and ecological challenges, the co-operative movement is seen as an alternative which offers solutions to those concerns. This entrepreneurial dynamic represents an opportunity for citizens to reorganize the sharing of power and wealth through a collective enterprise. Not driven by profit, the co-operative model allows citizens to reclaim the economy through the creation of organizations of which they are not only owners, but also beneficiaries. Ownership is therefore being reinvented and leads to new dynamics focused on satisfying the economic and social needs of members.
In addition to this enthusiasm for the cooperative movement, a new investment philosophy has appeared in the universe of social finance. Impact investing aims to obtain financial returns alongside social impact. This new form of investment involves a change in the behavior of certain investors who identify co-operatives as an investment niche and seek solutions in order to support them in a sustainable way. By investing with private equity methods from the traditional financial market, we question the compatibility of these methods with those of cooperatives that completely review the ownership rights of a traditional company.
In view of the many strategies available from cooperatives and private equity investment funds, we adopted an exploratory approach by meeting with stakeholders in the field in order to answer our research question, entitled “Co-operative financing: are the objectives and methods of private equity investors compatible with those of cooperatives?”
Through this work, we help the reader to have an understanding of the possible tensions that may arise between the objectives and methods of private equity investors and those of the cooperative world. We also provide solutions for reconciling the interests of these two actors in order to overcome the obstacles identified, drawing inspiration from foreign practices.


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Access TFE_Final_Financement des coopératives_Céline_Marquet_2018-2019.pdf
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Annexe(s)

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Access Annexes_confidentielles_Mémoire_Financement des coopératives_Céline_MARQUET_2018-2019.pdf
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Size: 1.14 MB
Format: Adobe PDF

Author

  • Marquet, Céline ULiège Université de Liège > Master sc. gest., à fin.

Promotor(s)

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  • Total number of views 127
  • Total number of downloads 51










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