Beyond profit maximization
The effect of cooperative governance on insolvency risk in the Brazilian supplementary healthcare industry
Bibliographic Data
| ID | 21700544 |
|---|---|
| Authors | Thiago de Oliveira Victorino (Organization of Brazilian Cooperatives (OCB System) The House of Cooperativism Brasília Brazil), Thiago Victorino (0000-0003-0110-762X, Universidade de Brasília, corresponding author), Arthur Gomes Nery (0000-0001-6844-807X, Organization of Brazilian Cooperatives (OCB System) The House of Cooperativism Brasília Brazil), Rodrigo Lima Rangel (Organization of Brazilian Cooperatives (OCB System) The House of Cooperativism Brasília Brazil) |
| Year | 2026 |
| Publication date | 2026-05-21 |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | Annals of Public and Cooperative Economics (JOURNAL) |
| Journal identifiers | ISSN: 1370-4788 • E-ISSN: 1467-8292 |
| Publisher | Wiley (PUBLISHER • GB) |
| DOI | 10.1111/apce.70052 |
| OpenAlex | W7161962173 |
| Language | EN |
| References cited | 58 |
Traditional bankruptcy literature has primarily focused on commercial enterprises, often overlooking the unique dynamics of cooperatives and other small organizations. This study addresses this g ap by developing a predictive model for insolvency risk within Brazil's supplementary health sector, encompassing both for‐profit and not‐for‐profit healthcare insurers, with a newly curated dataset comprising a total of 684 Brazilian private healthcare medic plan operators in a 10‐year span, from 2014 to 2023. For the first time, the financial resilience of cooperatives is quantified, demonstrating that these entities exhibit a significantly lower insolvency risk compared to other organizational forms. This finding is further supported through a propensity score matching analysis. In addition, total debt and administrative expenses were also identified as significant determinants of insolvency risk. From a methodological standpoint, the use of a generalized additive model made it possible to address the limitations of generalized linear models, enabling the incorporation of the non‐linear relationships between financial and governance variables on the risk of insolvency
Bankruptcy · Corporate governance · Debt · Health care · Insolvency · Propensity score matching · Corporate Insolvency and Governance · Financial Distress and Bankruptcy Prediction · Working Capital and Financial Performance
Multitask Principal–Agent Analyses
Financial Ratios and the Probabilistic Prediction of Bankruptcy
Financial Ratios As Predictors of Failure
Measuring Organizational Performance
Conceptions of Social Enterprise and Social Entrepreneurship in Europe and the United States
The central role of the propensity score in observational studies for causal effects
What scope for statistics on the social economy at the international level
The EU General Data Protection Regulation (GDPR)
An Introduction to Propensity Score Methods for Reducing the Effects of Confounding in Observational Studies
Cooperative Governance and Cooperative Performance
Competition and Incentives with Motivated Agents
| Highly cited | No |
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