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Corporate governance and local embeddedness of the Hungarian cooperative banking sector

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Academic year: 2022

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͵Ͳ ǣͳͲǤʹ͸͵ͷͶȀ„„ǤʹǤʹǤ͹ͳǤʹͲͳͺ

Zoltán Gál

*

Sándor Zsolt Kovács

**

‘”’‘”ƒ–‡‘˜‡”ƒ…‡ƒ†‘…ƒŽ„‡††‡†‡••

‘ˆ–Š‡—‰ƒ”‹ƒ‘‘’‡”ƒ–‹˜‡ƒ‹‰‡…–‘”

ͳ

Abstract

”ƒ†‹–‹‘ƒŽ …‘‘’‡”ƒ–‹˜‡ „ƒ• ƒ”‡ …‘•‹†‡”‡† ƒ• Ž‘…ƒŽŽ› ƒ† •‘…‹ƒŽŽ› ‡„‡††‡†ǡ Ž‡†‹‰

–‘ Ž‘…ƒŽ …Ž‹‡–• ˆ”‘ Ž‘…ƒŽŽ› …‘ŽŽ‡…–‡† †‡’‘•‹–• ƒ† ϐ‹ƒ…‹‰ –Š‡ Ž‘…ƒŽ ‡…‘‘›Ǥ ‘ ‘ˆˆ•‡–

–Š‡‹” †‹•ƒ†˜ƒ–ƒ‰‡ †—‡ –‘ –Š‡‹” ‹•—ˆϐ‹…‹‡– •‹œ‡ǡ –Š‡› ‡š’Ž‘‹– –Š‡ ‹ˆ‘”ƒ–‹‘ ƒ†˜ƒ–ƒ‰‡

†‡”‹˜‹‰ ˆ”‘ –Š‡‹” ‰‡‘‰”ƒ’Š‹…ƒŽ ’”‘š‹‹–› –‘ –Š‡‹” …Ž‹‡–• ƒ† –Š‡ ƒ†˜ƒ–ƒ‰‡• ‘ˆ –Š‡‹”

’‡…—Ž‹ƒ”…‘”’‘”ƒ–‡‰‘˜‡”ƒ…‡†‡”‹˜‹‰ˆ”‘–Š‡‡„‡”Ǧ‘™‡”•Š‹’ǤŠ‹•’ƒ’‡”‡šƒ‹‡•

–Š‡”‡Ž‡˜ƒ––Š‡‘”‹‡•‘…‘‘’‡”ƒ–‹˜‡ϐ‹ƒ…‡ǡ™Š‹Ž‡‡šƒ‹‹‰–Š‡—†‡”Ž›‹‰‰‡‘‰”ƒ’Š‹…ƒŽ

ƒ† …‘”’‘”ƒ–‡ ‰‘˜‡”ƒ…‡ ƒ•’‡…–• ‹ ƒ Ž‡•• ƒ†˜ƒ…‡† –”ƒ•‹–‹‘ ‡…‘‘› ‡˜‹”‘‡–Ǥ

‘˜‡”‡–•ǯ’”‡ˆ‡”‡…‡–‘™ƒ”†•…‘‡”…‹ƒŽ„ƒ‹‰ƒ†ƒ––Š‡•ƒ‡–‹‡–Š‡‹”‡‰Ž‹‰‡…‡

–‘™ƒ”†•–Š‡…‘‘’‡”ƒ–‹˜‡•‹‰‡‡”ƒŽŽ‡†–‘ƒŽ‘‘•‡ϐ‹ƒ…‹ƒŽ”‡‰—Žƒ–‹‘‘ˆ–Š‡•‡…–‘”ǤŠ‡Ž‹‹–•

‘ˆ…‘‘’‡”ƒ–‹˜‡•ǯ…‘”’‘”ƒ–‡‰‘˜‡”ƒ…‡ƒ††‡—–—ƒŽ‹œƒ–‹‘‹–‡•‹ˆ›™Š‡Ž‘‘•‹‰•‘…‹ƒŽȀ

Ž‘…ƒŽ ‡„‡††‡†‡••Ǥ ‘‘’‡”ƒ–‹˜‡ „ƒ•ǡ Ž‘…ƒ–‡† ‹ –Š‡ ’‡”‹’Š‡”› ™‹–Š ‹•—ˆϐ‹…‹‡– •‘…‹‘Ǧ

‡…‘‘‹……‘†‹–‹‘•–‘†‡˜‡Ž‘’…Ž‘•‡””‡Žƒ–‹‘•Š‹’•™‹–Š„‘””‘™‡”•ƒ……‡Ž‡”ƒ–‡…ƒ’‹–ƒŽϐŽ‹‰Š–

ˆ”‘ –Š‡‹” ”‡‰‹‘•Ǥ ‘‡”…‹ƒŽ …‘‘’‡”ƒ–‹˜‡• ‡–‡”‹‰ ‡™ ƒ”‡–• •Š‘™ Š‹‰Š‡” Ž‡†‹‰

ƒ…–‹˜‹–›„—–Šƒ˜‡‘”‡‘Ǧ’‡”ˆ‘”‹‰Ž‘ƒ•†—‡–‘–Š‡Ž‘•–‹ˆ‘”ƒ–‹‘ƒ†˜ƒ–ƒ‰‡Ǥ

Key wordsǣ …‘‘’‡”ƒ–‹˜‡ „ƒ•ǡ …‘”’‘”ƒ–‡ ‰‘˜‡”ƒ…‡ǡ Ž‘…ƒŽ ‡„‡††‡†‡••ǡ …‘‘’‡”ƒ–‹˜‡

‡–™‘”ǡ—‰ƒ”›

ȗ ‘Ž–žžŽ‹••‡‹‘””‡•‡ƒ”…Šˆ‡ŽŽ‘™ǡ—‰ƒ”‹ƒ…ƒ†‡›‘ˆ…‹‡…‡•ǡ‡–”‡ˆ‘”…‘‘‹…ƒ†‡Ǧ

‰‹‘ƒŽ–—†‹‡•ǡ•–‹–—–‡ˆ‘”‡‰‹‘ƒŽ–—†‹‡•ǡˆ—ŽŽ’”‘ˆ‡••‘”ǡƒ’‘•˜ž”‹˜‡”•‹–›Ǥ

ȗȗ ž†‘”•‘Ž–‘˜ž…•‹•Œ—‹‘””‡•‡ƒ”…Šˆ‡ŽŽ‘™ǡ—‰ƒ”‹ƒ…ƒ†‡›‘ˆ…‹‡…‡•ǡ‡–”‡ˆ‘”…‘‘‹…

ƒ†‡‰‹‘ƒŽ–—†‹‡•ǡ•–‹–—–‡ˆ‘”‡‰‹‘ƒŽ–—†‹‡Ǥ

ͳ Š‹• ’ƒ’‡” Šƒ• „‡‡ •—’’‘”–‡† „› –Š‡ ƒ–‹‘ƒŽ ‡•‡ƒ”…Šǡ ‡˜‡Ž‘’‡– ƒ† ‘˜ƒ–‹‘ ˆϐ‹…‡ Ȃ ǡ’”‘Œ‡…–—„‡”‹•ͳʹͲͲͲ͹Ǥ

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͵ͳ

1. Introduction

Š‡ …‘‘’‡”ƒ–‹˜‡ ‘˜‡‡– Šƒ• ƒŽ™ƒ›• ‡Œ‘›‡† ‰”‡ƒ–‡” ’‘’—Žƒ”‹–› ‹ –‹‡• ‘ˆ

‡…‘‘‹……”‹•‹•ƒ†‰”‘™‹‰•‘…‹ƒŽ’”‘„Ž‡•ǤŠ‹Ž•––Š‡›™‡”‡‡‡”‰‹‰ǡƒ”‘—†

–Š‡ ‹††Ž‡ ‘ˆ –Š‡ ͳͻ–Š …‡–—”›ǡ ϐ‹ƒ…‹ƒŽ …‡–”‡• Šƒ† ‘ ”‡•‘—”…‡• –‘ ϐ‹ƒ…‡

’‡”‹’Š‡”ƒŽƒ†Ž‘…ƒŽ‡…‘‘‹‡•ǤŠ‡classical model of cooperativesȋ™‹–Š…‘—‹–›

†‡˜‡Ž‘’‡–ƒ•–Š‡ƒ‹’”‹‘”‹–›Ȍ™ƒ•‡•–ƒ„Ž‹•Š‡†ˆ‘”–Š‡’—”’‘•‡‘ˆ—†‡”–ƒ‹‰

Ž‘…ƒŽ‹˜‡•–‡–•ˆ”‘Ž‘…ƒŽ•ƒ˜‹‰•Ǥ‘‘’‡”ƒ–‹˜‡„ƒ•Ȃ‘”‰ƒ‹•‡†‘ƒ˜‘Ž—–ƒ”›

„ƒ•‹• Ȃ …‘ŽŽ‡…–‡† Ž‘…ƒŽ †‡’‘•‹–• ƒ† ’”‘˜‹†‡† ϐ‹ƒ…‹ƒŽ •‡”˜‹…‡• ˆ‘” –Š‡ Ž‘…ƒŽ

’‘’—Žƒ–‹‘ƒ†‡–‡”’”‹•‡•™‹–Š‘—–‹–‡”‡†‹ƒ”›ϐ‹ƒ…‹ƒŽ…‡–”‡•ǤŠ”‘—‰Š–Š‡‹”

ƒ…–‹˜‹–‹‡•ǡ–Š‡•‡…‘‘’‡”ƒ–‹˜‡‘‡–ƒ”›‹•–‹–—–‹‘•‘–‘Ž›…‘–”‹„—–‡–‘ϐ‹ƒ…‹ƒŽ

‡“—ƒŽ‹–›ƒ†–Š‡…ƒ–…Š‹‰Ǧ—’‘ˆ”—”ƒŽƒ”‡ƒ•ǡ„—–ƒŽ•‘‹’”‘˜‡–Š‡‹…Ž‹ƒ–‹‘–‘•ƒ˜‡

ƒ†–Š‡ϐ‹ƒ…‹ƒŽƒ—–‘‘›‘ˆ’‡”‹’Š‡”ƒŽ”‡‰‹‘•„›ƒ˜‘‹†‹‰–Š‡…”‹•‹•Ǧ•–”‹…‡ƒ†

‡•’‡…‹ƒŽŽ›˜‘Žƒ–‹Ž‡ϐ‹ƒ…‹ƒŽ…‡–”‡•ȏžŽʹͲͳͲǣ͸ͻͷǡ͹ʹʹȐǤ

Š‡’”—†‡–‹ƒŽŽ‡†‹‰‘–Š‡„ƒ•‹•‘ˆ–Š‡Ž‘…ƒŽŽ›…‘ŽŽ‡…–‡†ˆ—†•’Žƒ›•‡••‡–‹ƒŽ

”‘Ž‡–Š‡…‘‘’‡”ƒ–‹˜‡•‡…–‘”‹–Š‡‘’‡”ƒ–‹‰’”ƒ…–‹…‡•‘ˆ–Š‡–”ƒ†‹–‹‘ƒŽ…‘‘’‡”ƒ–‹˜‡

„ƒ‹‰ ‘†‡Ž ƒ† ‹– ‹• †‡”‹˜‡† ˆ”‘ –Š‡ …‘‘’‡”ƒ–‹˜‡ ’”‹…‹’Ž‡• ȏ‘˜ž…• ʹͲͳ͹Ȑǣ

‡„‡”ƒ†…—•–‘‡”Ǧ‘”‹‡–‡†„—•‹‡•••–”ƒ–‡‰›™‹–ŠŽ‘‰Ǧ–‡”˜‹‡™•Ǣ‡„‡”Ǧ

‘™‡”•Š‹’ ‹˜‘Ž˜‹‰ ‡„‡”• ‹–‘ –Š‡ †‡…‹•‹‘ ƒ‹‰ ȏžŽ‘• ʹͲͳ͵ȐǢ •–”‘‰ǡ

„‘––‘Ǧ—’…‘–”‘ŽǢ…‘•‡”˜ƒ–‹˜‡”‹•Ǧƒƒ‰‡‡–Ǣȏ‹••ǡʹͲͲͺȐƒ†Ž‘…ƒŽ’”‡•‡…‡

ƒ†‡„‡††‡†‡••ȏžŽǡʹͲͳʹȐǤ

Š‡‹”unique corporate governance structureǡ™Š‡”‡‡ƒ…Š‘™‡”Ǧ‡„‡”Šƒ•‘‡˜‘–‡ǡ

ƒ† ƒŽŽ …Ž‹‡–• ƒ”‡ ‘™‡”Ǧ‡„‡”•ǡ ‡•—”‡• –Šƒ– „‘””‘™‡”• ƒ”‡ ’‡”•‘ƒŽŽ› ‘™

‹†‹˜‹†—ƒŽ•‘”•ƒŽŽ‡–‡”’”‹•‡•™Š‘ƒŽŽŽ‹˜‡ƒ†™‘”‹–Š‡‰‡‘‰”ƒ’Š‹…ƒŽ˜‹…‹‹–›‘ˆ

–Š‡…‘‘’‡”ƒ–‹˜‡ǤŠ‡”‡ˆ‘”‡ǡDzŽ‘…ƒŽ‡„‡††‡†‡••dz‹•ƒ‡›˜ƒ”‹ƒ„Ž‡‹–Š‡‹”‹ˆ‘”ƒ–‹‘

’”‘…‡••‹‰ȏ‡Žϐ‹‡”‡–ƒŽǤʹͲͲ͸ȐǤ —”–Š‡”ǡ„›˜‹”–—‡‘ˆ–Š‡‹”•‘…‹ƒŽ”‡Žƒ–‹‘•ƒ†–Š‡‹”

’—”•—‹–‘ˆŽ‹‹–‡†’”‘ϐ‹–ƒ„‹Ž‹–›ǡ–Š‡‹”‘˜‡”ƒŽŽ‘„Œ‡…–‹˜‡‹•–‘‡•—”‡–Š‡†‡˜‡Ž‘’‡–‘ˆ

–Š‡Ž‘…ƒŽ…‘—‹–›ȏƒ‡”Œ‡‡‡–ƒŽǤͳͻͻͶǢ‡•Ž‡›ƒ†‘ƒ–‡ǡͳͻͻͷȐǤ

‘‘’‡”ƒ–‹˜‡ Ž‡†‹‰ ‹•–‹–—–‹‘•ǡ ‹ ƒ††‹–‹‘ –‘ ’”‘˜‹†‹‰ ƒ •–ƒ„Ž‡ǡ ’”‡†‹…–ƒ„Ž‡

ƒ† •—•–ƒ‹ƒ„Ž‡ •›•–‡ ‘ˆ …‘†—…–‹‰ „ƒ‹‰ „—•‹‡•• –Š”‘—‰Š –Š‡‹” —‹“—‡

’”‘’”‹‡–ƒ”›ƒ†…‘”’‘”ƒ–‡‰‘˜‡”ƒ…‡•–”—…–—”‡ǡŠƒ˜‡ƒŽ™ƒ›•„—‹Ž–‘–Š‡‹”Ž‡‰ƒ…›

ƒ† ‘ –Š‡ ’”ƒ…–‹…‡ ‘ˆ …‘‡”…‹ƒŽ „ƒ•Ǥ ‘‘’‡”ƒ–‹‘ ƒ‘‰ Ž‘…ƒŽ …‘‘’‡”ƒ–‹˜‡

„ƒ•ƒ†‹–‡‰”ƒ–‹‘ƒ–ƒ–‹‘ƒŽŽ‡˜‡Ž™‡”‡„‘–Š”‡“—‹”‡†–‘‡•—”‡–Š‡‹”‡–”›

‹–‘…‘’‡–‹–‹˜‡ƒ”‡–•ǡ–‘‹’”‘˜‡–Š‡•—’’Ž›‘ˆ•‡”˜‹…‡•ƒ†–‘…”‡ƒ–‡–Š‡‹”‘™

”‹•Ǧƒƒ‰‡‡–ȋ‹•–‹–—–‹‘’”‘–‡…–‹‘Ȍ•›•–‡Ǥ

 ʹͲͳͶǡ –Š‡”‡ ƒ”‡ Ȃ ™‘”Ž†™‹†‡ Ȃ ʹͳͲǡͲͲͲ …‘‘’‡”ƒ–‹˜‡ „ƒ• ƒ† …”‡†‹– —‹‘•

‘’‡”ƒ–‹‰‹ͳͲͲ…‘—–”‹‡•ǡ™‹–Š͹Ͳ͵‹ŽŽ‹‘‡„‡”•ƒ†ƒƒ‰‹‰ƒ••‡–•‘ˆ̈́

ͳͳǡʹ͸͵„‹ŽŽ‹‘ȏʹͲͳͶȐǤ–Š‡—”‘’‡ƒ‹‘ƒŽ‘‡–Š‡”‡ƒ”‡͵ǡͳ͵ͷ…‘‘’‡”ƒ–‹˜‡

„ƒ• ™Š‹…Š …‘’”‹•‡ ͷͺǡͲͲͲ „”ƒ…Š‡•ǡ ͺͲǤͷ ‹ŽŽ‹‘ ‡„‡”• ƒ† ͹ͷͲǡͲͲͲ

‡’Ž‘›‡‡•™Š‘•‡”˜‹…‡ƒ–‘–ƒŽ‘ˆʹͲͻ‹ŽŽ‹‘’”‹˜ƒ–‡ƒ†…‘”’‘”ƒ–‡…Ž‹‡–•ǤŠ‡–™‘

ȋ–Š‡‰Ž‘„ƒŽƒ†‡–‹–‹‡•Ȍ‡Œ‘›ʹͲΨƒ†ͶͲΨ•Šƒ”‡•”‡•’‡…–‹˜‡Ž›‘ˆ–Š‡ƒ”‡–

ˆ‘”†‡’‘•‹–•ȏ›ƒʹͲͲͺǢʹͲͳ͹ȐǤ

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͵ʹ

 ”‡•’‡…– ‘ˆ –Š‡‹” ƒ”‡– ™‡‹‰Š–ǡ —‰ƒ”‹ƒ ƒ˜‹‰• ‘‘’‡”ƒ–‹˜‡• Šƒ˜‡ Ž‹––Ž‡

•‹‰‹ϐ‹…ƒ…‡ǡƒ†ǡ™‹–Šˆ‡™‡š…‡’–‹‘•ǡŠƒ˜‡„‡‡—Œ—•–Ž›‡‰Ž‡…–‡†„›‡…‘‘‹…

”‡•‡ƒ”…Š ȏ‹•• ͳͻͻͻǡ ʹͲͲͻǢ žŽ ʹͲͲͲǡ ʹͲͲ͵ǡ ʹͲͳʹǢ žŽ ƒ† —”‰‡”ǡ ʹͲͳ͵ǡ —”‰‡”

ʹͲͳ͵ȐǤŠ‡Š‹•–‘”‹…ƒŽ–”ƒ†‹–‹‘•‘ˆ–Š‡•‡…–‘”ǡ‹–•’‘–‡–‹ƒŽ‹–‡”•‘ˆ‰”‘™–Šƒ†

–Š‡”‡…‡–‰‘˜‡”‡–ǯ•†‡•‹”‡–‘‹…”‡ƒ•‡–Š‡•Šƒ”‡‘ˆ†‘‡•–‹…ƒŽŽ›‘™‡†„ƒ•

ƒ•ƒ”‡ƒ…–‹‘ƒ‰ƒ‹•––Š‡‘˜‡”Ǧ†‡’‡†‡…‡‘ˆ‘”‡‹‰‘™‡†…‘‡”…‹ƒŽ„ƒ•‹

–”ƒ•‹–‹‘…‘—–”‹‡•ǡƒŽŽ‘ˆˆ‡”–Š‡•‡…–‘”ǯ••–ƒ‡Š‘Ž†‡”•ƒ•–”ƒ–‡‰‹…”‘Ž‡‹ϐ‹ƒ…‹‰

ˆ—–—”‡ †‡˜‡Ž‘’‡–Ǥ ‡˜‡”–Š‡Ž‡••ǡ ƒƒŽ‘‰‘—• –‘ ˆ‘”‡‹‰ ‡šƒ’Ž‡•ǡ –Š‡ “—‡•–‹‘

–‘„‡ƒ•™‡”‡†‹•Š‘™•–”‘‰Ž›‡„‡††‡†Ž‘…ƒŽŽ›ƒ”‡–Š‡•‡‹•–‹–—–‹‘•ƒ†Š‘™

ƒ…–‹˜‡–Š‡›ƒ”‡‹”‡–ƒ‹Žƒ”‡–ϐ‹ƒ…‹‰–Š‡Ž‘…ƒŽ‡…‘‘›Ǥ•‹–’‘••‹„Ž‡–‘˜‡”‹ˆ›

–Š‡ƒ”‰—‡––Šƒ––Š‡—‰ƒ”‹ƒ…‘‘’‡”ƒ–‹˜‡„ƒ‹‰•‡…–‘”’Žƒ›•ƒ†‘‹ƒ–”‘Ž‡

‹ϐ‹ƒ…‹‰Ž‘…ƒŽ•ƒŽŽǦƒ†‡†‹—•‹œ‡†‡–‡”’”‹•‡•ǡŽ‘…ƒŽ’—„Ž‹…‹˜‡•–‡–•ƒ†

–Š‡Ž‘…ƒŽŠ‘—•‡Š‘Ž†•Ǥ

˜‡•–‹‰ƒ–‹‘‘ˆ–Š‡‰‡‘‰”ƒ’Š‹…ƒŽ…Šƒ”ƒ…–‡”‹•–‹…•‘ˆŽ‡†‹‰ƒ…–‹˜‹–›‘ˆ–Š‡…‘‘’‡”ƒ–‹˜‡

„ƒ‹‰ ‹• •–”‘‰Ž› ”‡Žƒ–‡† –‘ ‹–• ’‡…—Ž‹ƒ” …‘”’‘”ƒ–‡ ‰‘˜‡”ƒ…‡ •–”—…–—”‡Ǥ Š‡

Ž‘…ƒŽŽ›‡„‡††‡†ƒ–—”‡‘ˆ‡„‡”Ǧ‘™‡”•Š‹’‘–‘Ž›”‡“—‹”‡•ƒ…Ž‘•‡’”‘š‹‹–›

–‘…Ž‹‡–•„—–•–”‘‰Ž›†‡–‡”‹‡•–Š‡‰‡‘‰”ƒ’Š‹…ƒŽ†‹•–”‹„—–‹‘‘ˆ–Š‡…‘‘’‡”ƒ–‹˜‡

„ƒ‹‰‡–™‘”Ǥ

Š‹••–—†›ǡ‹ˆƒ…–ǡƒ––‡’–•–‘ƒ•™‡”Ȃ‘”ƒ–Ž‡ƒ•–•Š‡†Ž‹‰Š–‘Ȃ–Š”‡‡“—‡•–‹‘•ǣ Ȉ Šƒ–™‡”‡–Š‡ƒŒ‘”…Šƒ‰‡•‹–Š‡…‘”’‘”ƒ–‡‰‘˜‡”ƒ…‡•–”—…–—”‡‹—‰ƒ”›

†—”‹‰–Š‡–”ƒ•‹–‹‘ƒ†™Šƒ–ƒ”‡–Š‡ƒ‹”‡ƒ•‘•‘ˆ†‡—–—ƒŽ‹œƒ–‹‘•ǫ Ȉ Šƒ–‹•–Š‡‰‡‘‰”ƒ’Š‹…ƒŽ†‹•–”‹„—–‹‘‘ˆ…‘‘’‡”ƒ–‹˜‡„ƒ‡–™‘”‹–‡”•‘ˆ

–Š‡•‡––Ž‡‡–Š‹‡”ƒ”…Š›ƒ†–Š‡‹””‡‰‹‘ƒŽ’”‡ˆ‡”‡…‡•ǫ

Ȉ Šƒ–‹•–Š‡”‡Žƒ–‹‘•Š‹’„‡–™‡‡Ž‡†‹‰ƒ…–‹˜‹–›ƒ†–Š‡‰‡‘‰”ƒ’Š‹…ƒŽŽ‘…ƒ–‹‘

‘ˆ…‘‘’‡”ƒ–‹˜‡„ƒ„”ƒ…Š‡•ǫ

ˆ‘”ƒ–‹‘ ƒ˜ƒ‹Žƒ„‹Ž‹–› ‘ „‘””‘™‡”• Šƒ• ‰”ƒ†—ƒŽŽ› „‡…‘‡ –Š‡ …‘”‡”•–‘‡ ‘ˆ

”‡•‡ƒ”…Š ‘ „ƒ‹‰ ƒ† …‘‘’‡”ƒ–‹˜‡ „ƒ‹‰ ‹ ’ƒ”–‹…—Žƒ” ȏŽ‡••ƒ†”‹‹ ‡– ƒŽǤ ʹͲͲͻƒǡʹͲͲͻ„ȐǤ—–—ƒŽ•ƒ†…‘‘’‡”ƒ–‹˜‡„ƒ•ǡ™Š‡”‡…Ž‹‡–•ƒ”‡—•—ƒŽŽ›‘™‡”•

–‘‘ǡƒ”‡…‘•‹†‡”‡†ƒ•‡ˆϐ‹…‹‡–‘”‰ƒ‹œƒ–‹‘ˆ‘”•‹”‡†—…‹‰–Š‡‘”‰ƒ‹œƒ–‹‘ƒŽ

ƒ†ˆ—…–‹‘ƒŽ†‹•–ƒ…‡„‡–™‡‡Ž‡†‡”ƒ†„‘””‘™‡”ǡ–Š—•‹–‹‰ƒ–‹‰–Š‡Ž‡†‹‰

”‹• ƒ† ’”‘˜‹†‹‰ ƒ …‘’‡–‹–‹˜‡ ƒ†˜ƒ–ƒ‰‡ ‘˜‡” …‘‡”…‹ƒŽ „ƒ• ȏ‹––ƒŽ—‰ƒ ‡–

ƒŽǤʹͲͲͷȐǤ•ƒ…‘•‡“—‡…‡‘ˆ–Šƒ–ǡ–Š‡˜ƒŽ—‡‘ˆŽ‘…ƒŽˆ—†‹‰ƒ†Ž‘…ƒŽ‹˜‡•–‡–

•–”—…–—”‡•Šƒ•„‡‡ƒ’’”‡…‹ƒ–‡†ƒ…”‘••—”‘’‡ǡ—†‡”•…‘”‡†„›–Š‡‰Ž‘„ƒŽϐ‹ƒ…‹ƒŽ

…”‹•‹••–ƒ”–‹‰‹ʹͲͲͺȏžŽʹͲͳͲȐǤ

Š‡Ž‹–‡”ƒ–—”‡†‹•–‹‰—‹•Š‡•„‡–™‡‡…‘‘’‡”ƒ–‹˜‡„ƒ•ƒ……‘”†‹‰–‘–Š‡‹”„—•‹‡••

‘„Œ‡…–‹˜‡Ǥ ƒ”•ŠƒŽŽ ‡– ƒŽǤ ȏʹͲͲ͵Ȑ ™”‹–‡ ƒ„‘—– ’ƒ••‹˜‡ ȋ–”ƒ†‹–‹‘ƒŽȌ —–—ƒŽ•ǡ ƒ•

†‡•…”‹„‡† ƒ„‘˜‡ǡ ƒ† …‘‡”…‹ƒŽ —–—ƒŽ•ǡ ™Š‹…Š ƒ‹ ˆ‘” ‰”‘™–Š •‹‹Žƒ” –‘

…‘‡”…‹ƒŽ„ƒ•ǤòϐŽ‡”ȏͳͻͻͷȐ†‡•…”‹„‡•–”ƒ†‹–‹‘ƒŽȋ•‹‹Žƒ”–‘ƒ”•ŠƒŽŽǯ•’ƒ••‹˜‡

—–—ƒŽȌǡ ƒ”‡–Ǧ‘”‹‡–‡† ȋƒ• ƒ”•ŠƒŽŽǯ• …‘‡”…‹ƒŽ —–—ƒŽ•Ȍ ƒ† ‹–‡‰”ƒ–‡†

…‘‘’‡”ƒ–‹˜‡•ȋ™Š‹…Š”‡ˆ‡”–‘–Š‡ƒ–‹‘ƒŽ‡–™‘”‘ˆ…‘‘’‡”ƒ–‹˜‡„ƒ•ǡ™Š‹…Šƒ…–

–‘‰‡–Š‡”ƒ•ƒ•‹‰Ž‡ƒ–‹‘ƒŽ„ƒȌǤ

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͵͵

Š‹Ž‡–Š‡•‡…ƒ–‡‰‘”‹‡•™‹–Š‘†‘—„–Š‡Ž’–‘—†‡”•–ƒ††‹ˆˆ‡”‡–…‘‘’‡”ƒ–‹˜‡•–”ƒ–‡‰‹‡•ǡ

–Š‡Ž‹–‡”ƒ–—”‡”ƒ”‡Ž›“—‡•–‹‘•–Š‡‹’‘”–ƒ…‡‘ˆŽ‘…ƒŽ‡„‡††‡†‡••‹†‡’‘•‹––ƒ‹‰

ƒ†Ž‡†‹‰ƒ…–‹˜‹–‹‡•‘ˆ…‘‘’‡”ƒ–‹˜‡•Ǥ ‘”‹•–ƒ…‡ǡ‘……‘”‡•‡ȏʹͲͲͻȐ”‡’‘”–•‘–ƒŽ‹ƒ

…‘‘’‡”ƒ–‹˜‡•ǡ ™Š‹…Šǡ †‡•’‹–‡ –Š‡‹” Ž‘…ƒŽ ‘‘’‘Ž‹•–‹… •‹–—ƒ–‹‘ǡ †‘ ‘– ‡š’Ž‘‹– –Š‡‹”

’‘™‡”ǡ’”‡•—ƒ„Ž›–Šƒ•–‘–Š‡‹”…‘‘’‡”ƒ–‹˜‡ƒ–—”‡Ǥ––Š‡•ƒ‡–‹‡ǡ–Š‡”‡ƒ”‡Š‹–•

–‘–Šƒ–•–”—…–—”ƒŽƒ†‘”‰ƒ‹œƒ–‹‘ƒŽ‹••—‡•†‘‹ϐŽ—‡…‡…‘‘’‡”ƒ–‹˜‡„ƒ‹‰„‡Šƒ˜‹‘”Ǥ

Žƒ•• ‡– ƒŽǤ ȏʹͲͳͲȐ ‡š’Žƒ‹ Ž‘ƒ “—ƒŽ‹–› ™‹–Š ‘”‰ƒ‹œƒ–‹‘ƒŽ ƒ† •–”—…–—”ƒŽ ‹••—‡• ƒ–

”‹•Š…”‡†‹–—‹‘•Ǥ—”‰‡”ȏʹͲͳ͵ȐƒŽ•‘†‹”‡…–•ƒ––‡–‹‘–‘‹–‡”ƒŽƒ†‰‘˜‡”ƒ…‡Ǧ

”‡Žƒ–‡† ‹••—‡• ™Š‡ ‡š’Žƒ‹‹‰ †‹˜‹†‡† ’ƒ›‘—–• ƒ– —‰ƒ”‹ƒ …‘‘’‡”ƒ–‹˜‡ „ƒ•Ǥ

Š‡”‡ˆ‘”‡ǡ–Š‡”‡Žƒ–‹‘•Š‹’„‡–™‡‡–Š‡Ž‡†‹‰ƒ…–‹˜‹–›ǡ•–”—…–—”ƒŽ˜ƒ”‹ƒ„Ž‡•ƒ†Ž‘…ƒŽ

‡„‡††‡†‡••ƒ–…‘‘’‡”ƒ–‹˜‡„ƒ•‹•Ž‡••‘„˜‹‘—•Ǥ

—‰ƒ”‹ƒ …‘‘’‡”ƒ–‹˜‡ „ƒ• ƒ”‡ ’ƒ”–‹…—Žƒ”Ž› ™‡ŽŽ •—‹–‡† –‘ ƒ•™‡” –Š‡ ”‡•‡ƒ”…Š

“—‡•–‹‘Ǥ ‹”•–ǡ—’—–‹ŽʹͲͳ͵ǡ–Š‡•‡…–‘”™ƒ•”‡Žƒ–‹˜‡Ž›‡‰Ž‡…–‡†„›’‘Ž‹…›ƒ‡”•

‹—‰ƒ”›ǤŠ‹•Žƒ‹••‡œˆƒ‹”‡ƒ––‹–—†‡”‡•—Ž–‡†‹Š‡–‡”‘‰‡‡‘—•…‘‘’‡”ƒ–‹˜‡‘†‡Ž•ǡ

™Š‡”‡ „‘–Š ’ƒ••‹˜‡ǡ …‘‡”…‹ƒŽȀ‰”‘™–ŠǦ‘”‹‡–‡† ƒ† †‡—–—ƒŽ‹œ‡† …‘‘’‡”ƒ–‹˜‡•

ƒ’’‡ƒ”‡†ȏ‹••ͳͻͻͻǡʹͲͲͻǢžŽʹͲͲ͵ǡʹͲͳʹǢ—”‰‡”ʹͲͳ͵ȐǤ‡…‘†ǡ–Š‡›‘•–Ž›•–ƒ›‡†

‘—–‘ˆŽƒ”‰‡”–‘™•—’—–‹Ž–Š‡ͳͻͺͲ•ȂͳͻͻͲ•ǡ‡ƒ‹‰–Šƒ–ƒ›‰‡‘‰”ƒ’Š‹…ƒŽ‡š’ƒ•‹‘

—•–Šƒ˜‡–ƒ‡’Žƒ…‡‹–Š‡Žƒ•––‡Ǧ–™‡–››‡ƒ”•‹••ȏʹͲͲͻȐǤ–Š‹•‡˜‹”‘‡–

–Š‹• •–—†› …ƒ „‘–Š ‹†‡–‹ˆ› †‹ˆˆ‡”‡– …‘‘’‡”ƒ–‹˜‡ –›’‡• ƒ† –Š‡‹” ‡š’ƒ•‹‘ƒ”›

•–”ƒ–‡‰›Ǥ‘•‹†‡”‹‰–Š‡•‡…Šƒ‰‡•ǡ–Š‡ƒ‹‘ˆ–Š‹••–—†›‹•–Š‡‡šƒ‹ƒ–‹‘‘ˆ–Š‡

‘’‡”ƒ–‹‘ƒŽ‡˜‹”‘‡–ƒ†’”ƒ…–‹…‡•‘ˆ–Š‡—‰ƒ”‹ƒ…‘‘’‡”ƒ–‹˜‡„ƒ•Ǥ

Š‡’ƒ’‡”‹••–”—…–—”‡†ƒ•ˆ‘ŽŽ‘™•ǤŠ‡‡š–…Šƒ’–‡”™‹ŽŽ‘ˆˆ‡”ƒ…‘’ƒ”‹•‘‘ˆ–Š‘•‡

ϐ‹ƒ…‹ƒŽƒ†”‡‰‹‘ƒŽ‡…‘‘‹…–Š‡‘”‹‡•™Š‹…ŠŠ‹‰ŠŽ‹‰Š––Š‡Ž‡†‹‰ƒ†˜ƒ–ƒ‰‡•

‘ˆ–Š‡…‘‘’‡”ƒ–‹˜‡„ƒ‹‰•›•–‡ƒ††‡•…”‹„‡–Š‡”‘Ž‡‘ˆ‹–•’‡…—Ž‹ƒ”…‘”’‘”ƒ–‡

‰‘˜‡”ƒ…‡ ™‹–Š ‹’Ž‹…ƒ–‹‘• ‘ ‹–• Ž‡†‹‰ •–”ƒ–‡‰›Ǥ Š‡ –Š‹”† •‡…–‹‘ •‡–• –Š‡

…‘–‡š–ˆ‘”–Š‡ƒ”‰—‡–„›’”‘˜‹†‹‰ƒ„”‹‡ˆ‘—–Ž‹‡‘ˆ‡˜‘Ž—–‹‘‘ˆ–Š‡—‰ƒ”‹ƒ

…‘‘’‡”ƒ–‹˜‡ ϐ‹ƒ…‡ ƒ† ‹–• …‘”’‘”ƒ–‡ ‰‘˜‡”ƒ…‡ †—”‹‰ –Š‡ –”ƒ•‹–‹‘Ǥ Š‹• ‹•

ˆ‘ŽŽ‘™‡†„›ƒ‡’‹”‹…ƒŽ‹˜‡•–‹‰ƒ–‹‘‘ˆ–Š‡‰‡‘‰”ƒ’Š‹…ƒŽ…Šƒ”ƒ…–‡”‹•–‹…•ƒ†–Š‡

Ž‡†‹‰ƒ…–‹˜‹–›‘ˆ–Š‡…‘‘’‡”ƒ–‹˜‡„ƒ‹‰•‡…–‘”•—’’‘”–‡†„›ϐ‹ƒ…‹ƒŽ•–ƒ–‹•–‹…•Ǥ

Š‡ϐ‹ƒŽ’ƒ”–•—ƒ”‹•‡•–Š‡ƒ‹ϐ‹†‹‰•Ǥ

2. The corporate governance and spatial characteristics of cooperative banks – a literature review

Š‡ ’ƒ’‡” „”‹‡ϐŽ› ”‡˜‹‡™• –Š”‡‡ ‰”‘—’• ‘ˆ Ž‹–‡”ƒ–—”‡ ‘ …‘‘’‡”ƒ–‹˜‡ „ƒ•Ǥ Š‡

ϐ‹”•–ƒ†–Š‡•‡…‘†‰”‘—’‡š’Žƒ‹–Š‡‹”•—……‡••‹Ž‘…ƒŽŽ‡†‹‰‹”‡Žƒ–‹‘™‹–Š

–Š‡‹” —‹“—‡ …‘”’‘”ƒ–‡ ‰‘˜‡”ƒ…‡ ƒŽ•‘ †‹•…—••‡† ‹ –Š‡ Ž‹–‡”ƒ–—”‡Ǥ Š‡ ƒ”–‹…Ž‡

…‘–”ƒ•–•–Š‡•‡ƒ”‰—‡–•™‹–Š–Š‡•‡…‘†‰”‘—’ǡ™Š‹…Š†‡•…”‹„‡•–Š‡‘„•–ƒ…Ž‡•–‘

Ž‡†‹‰‹–Š‡’‡”‹’Š‡”›ǤŠ‹•Žƒ––‡”‘‡ƒ……‡’–• a priori–Š‡‡š‹•–‹‰†‹ˆˆ‡”‡…‡•ƒ†

‹‡“—ƒŽ‹–‹‡•„‡–™‡‡…‡–”‡ƒ†’‡”‹’Š‡”›‹–‡”•‘ˆ–Š‡ƒ˜ƒ‹Žƒ„‹Ž‹–›‘ˆϐ‹ƒ…‹ƒŽ

•‡”˜‹…‡•ǡƒ†–Š‡›‡šƒ‹‡‘’‡”ƒ–‹‘‘ˆ–Š‡…‘‘’‡”ƒ–‹˜‡•‡…–‘”ƒ†‹–•…‘’‡–‹–‹˜‡

ƒ†˜ƒ–ƒ‰‡‹”‡‰‹‘•™Š‹…ŠŠƒ˜‡ƒŽ‡••†‡˜‡Ž‘’‡†ϐ‹ƒ…‹ƒŽ‹ˆ”ƒ•–”—…–—”‡Ǥ

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͵Ͷ

The ϔirst group of studies „ƒ•‡† ‘ ‹…”‘Ǧϐ‹ƒ…‹ƒŽ ƒ’’”‘ƒ…Š‡• ƒƒŽ›•‡ –Š‡

”‡Žƒ–‹‘•Š‹’ „‡–™‡‡ …”‡†‹– ‹•–‹–—–‹‘• ƒ† ‡–‡”’”‹•‡• ƒ† –Š‡ Ž‡†‹‰ ƒ…–‹˜‹–›

‘ˆ†‹ˆˆ‡”‡–…”‡†‹–‹•–‹–—–‹‘•ȋ…‘‡”…‹ƒŽ„ƒ•ǡ…‘‘’‡”ƒ–‹˜‡„ƒ•Ȍ‘ˆ†‹ˆˆ‡”‡–

•‹œ‡•ƒ†”‡’”‡•‡–‹‰†‹˜‡”•‡…‘”’‘”ƒ–‡‰‘˜‡”ƒ…‡‘†‡Ž•Ǥ

Š‡ϐ‹”•–…‘‘’‡”ƒ–‹˜‡„ƒȋ‘Ž•„ƒȌ™ƒ•‡•–ƒ„Ž‹•Š‡†‹ͳͺͷʹƒ•ƒ”‡ƒ…–‹‘–‘–Š‡

•‘…‹ƒŽƒ†•’ƒ–‹ƒŽ‹‡“—ƒŽ‹–›‘ˆϐ‹ƒ…‹ƒŽ•‡”˜‹…‡•Ǥ–•ˆ—…–‹‘‹‰™ƒ•„ƒ•‡†‘–Š‡ˆ—Ǧ

†ƒ‡–ƒŽ ˜ƒŽ—‡• ‘ˆ •‡ŽˆǦŠ‡Ž’ǡ …‘—‹–› •‘Ž‹†ƒ”‹–› ƒ† ƒ—–‘‘›ǡ ƒ† ƒŽ•‘ ‘ –Š‡

–”—•– „‡–™‡‡ …‘—‹–› ‡„‡”• ”‡•—Ž–‹‰ ˆ”‘ ‰‡‘‰”ƒ’Š‹…ƒŽ ’”‘š‹‹–› ƒ† –Š‡

tacit‘™Ž‡†‰‡‘ˆ‡„‡”•Ǥ–Š‹••›•–‡ǡ…‘—‹–›‡„‡”•ƒ”‡ƒ—–‘ƒ–‹…ƒŽŽ›

‘™‡”•™Š‘‘’‡”ƒ–‡–Š‡‹”‘‡–ƒ”›‹•–‹–—–‹‘‘–‘–Š‡„ƒ•‹•‘ˆ’”‘ϐ‹–…‘•–”ƒ‹–

„—– ‘ˆ ƒ ’”‘ϐ‹– ‡š’‡…–ƒ–‹‘ ™Š‹…Š ‰—ƒ”ƒ–‡‡• ‘”‰ƒ‹… ‰”‘™–ŠǤ Š‡ ‘„Œ‡…–‹˜‡ ‘ˆ –Š‡‹”

ˆ‘—†ƒ–‹‘™ƒ•–‘ϐ‹ƒ…‡–Š‡Ž‘…ƒŽ‡…‘‘›ǡ•ƒŽŽƒ†‡†‹—Ǧ•‹œ‡†‡–‡”’”‹•‡•ƒ†

Ž‘…ƒŽ …‘—‹–‹‡• Ȃ ™Š‹…Š ‹’Ž‹‡• Ž‘…ƒŽ ’”—†‡– Ž‡†‹‰ ȋ–Š”‘—‰Š –Š‡ ˆ‘”ƒ–‹‘ ‘ˆ

…ƒ’‹–ƒŽ”‡•‡”˜‡•Ȍ‘–Š‡„ƒ•‹•‘ˆŽ‘…ƒŽŽ›…‘ŽŽ‡…–‡†ˆ—†•Ǥ…”‡ƒ•‹‰‰”‘™–Šǡ‘’‡”ƒ–‹‰

‡ˆϐ‹…‹‡…›ƒ†–Š‡•–”‡‰–Š‡‹‰‘ˆ™‡ŽŽǦ„‡‹‰‘ˆ‡„‡”•ƒ†–Š‡Ž‘…ƒŽ…‘—‹–›ƒ”‡

‹’‘”–ƒ–‘„Œ‡…–‹˜‡•ȏ ‘–‡›‡ʹͲͲ͹ȐǤƒ–‡”ǡ–Š‹•‘†‡Ž•’”‡ƒ†‹†‹ˆˆ‡”‡–…‘—–”‹‡•

ȋ–ƒŽ›ǡ ‹Žƒ†ǡ—‰ƒ”›ǡ‡–…ǤȌ™‹–Š•‘‡…‘—–›•’‡…‹ϐ‹…†‹ˆˆ‡”‡…‡•ȏ‘˜ž…•ʹͲͳͷȐǤ

Š‡ Ž‹–‡”ƒ–—”‡ Š‹‰ŠŽ‹‰Š–• –Š‡ •’‡…‹ϐ‹… ˆ‡ƒ–—”‡• ‘ˆ –Š‡ ‘’‡”ƒ–‹‘ ‘ˆ Ž‘…ƒŽ „ƒ•

‡„‡††‡† ‹ Ž‘…ƒŽ …‘—‹–‹‡•Ǥ Š‡ Ž‘…ƒŽ „ƒ• †‹”‡…–‡† „› ‡„‡”Ǧ‘™‡”•

”‡…”—‹–‡† ˆ”‘ ƒ‘‰ –Š‡ …‘—‹–› Šƒ˜‡ ƒ …‘’‡–‹–‹˜‡ ƒ†˜ƒ–ƒ‰‡ ‹ Ž‡†‹‰

‘˜‡”…‘‡”…‹ƒŽ„ƒ•†—‡–‘–Š‡Ǯ•—’’Ž‡‡–ƒ”›‹ˆ‘”ƒ–‹‘ǯ™Š‹…Š–Š‡›’‘••‡••

ȏƒ‡”Œ‡‡ ‡– ƒŽǤ ͳͻͻͶȐǤ ‹…‡ Ž‘…ƒŽ …”‡†‹– ‹•–‹–—–‹‘• ™‡”‡ ‡•–ƒ„Ž‹•Š‡† „› Ž‘…ƒŽ

•‘…‹‡–›ˆ‘”–Š‡‹”‘™‡„‡”•ǡ–Š‡•‡‹•–‹–—–‹‘•Šƒ˜‡ƒ‹ˆ‘”ƒ–‹‘ƒŽƒ†˜ƒ–ƒ‰‡

‘˜‡”…‘‡”…‹ƒŽ„ƒ•”‡‰ƒ”†‹‰–Š‡…”‡†‹–™‘”–Š‹‡••‘ˆ–Š‡‹”…Ž‹‡–•ǡƒ†–Š‡‹”

…”‡†‹– ”‡Žƒ–‹‘•Š‹’• Šƒ˜‡ ƒ Ž‘‰‡” Š‹•–‘”›Ǥ Š‹• ”‡†—…‡• –Š‡‹” …‘•– ‘ˆ Ž‡†‹‰ ‹

’”‘˜‹…‹ƒŽƒ”‡ƒ•Ǥ

Š‡•‡ ϐ‹†‹‰• ƒ”‡ ‹ Ž‹‡ ™‹–Š –Š‡ Ž‹–‡”ƒ–—”‡ ‘relationship banking. ……‘”†‹‰

–‘ –Šƒ–ǡ –Š‡ †‹•–ƒ…‡ „‡–™‡‡ –Š‡ „ƒ ƒ† ‹–• …Ž‹‡–• ‘˜‡ –‘‰‡–Š‡” ™‹–Š …”‡†‹–

ƒ˜ƒ‹Žƒ„‹Ž‹–›Ǥ‘”‡‘˜‡”ǡƒ•–”‘‰‡”Ž‡†‡”Ǧ„‘””‘™‡””‡Žƒ–‹‘•Š‹’”‡•—Ž–•‹Ž‡••…”‡†‹–

”ƒ–‹‘‹‰ˆ‘”„‘””‘™‡”•‡˜‡†—”‹‰…”‹•‹•’‡”‹‘†•ȏ ‡””‹ƒ†‡••‘”‹ʹͲͲͲǢ‘–—‰‘

‡–ƒŽǤʹͲͳ͵Ȑƒ†–Š‡•‡‡–Š‘†•…”‡ƒ–‡–Š‡‘’’‘”–—‹–‹‡•ˆ‘”DzŠ‘‡„ƒ‹‰dzˆ—…–‹‘•

ȏ—”‰‡”ʹͲͳ͵ȐǤŠ‡–‹‡Š‘”‹œ‘‘ˆ–Š‡†‡˜‡Ž‘’‡–‘ˆ–Š‡•‡ˆ—…–‹‘•™ƒ•‡šƒ‹‡†

„› ‡”‰‡” ƒ† †‡ŽŽ ȏͳͻͻͺȐ ƒ† ‘Ž‡ǡ ‘Ž†‡„‡”‰ ƒ† Š‹–‡ ȏʹͲͲͶȐǤ ‡Ž›‹‰ ‘

–Š‡‹”‡’‹”‹…ƒŽ”‡•—Ž–•–Š‡›’”‘˜‡†‘‘–Ǯ•ȏͳͻͻͻȐƒ”‰—‡–ǡƒ‡Ž›ǡ–Šƒ––Š‡„ƒǦ …—•–‘‡””‡Žƒ–‹‘•…ƒ„‡”‡ƒŽ‹œ‡†ˆ‘”„‘–Š•‹†‡•‹–Š‡‡†‹—–‡”ȋ͹–‘ͺ›‡ƒ”•ȌǤ

Š‡ …‘’‡–‹–‹˜‡ ƒ†˜ƒ–ƒ‰‡ ‘ˆ …‘‘’‡”ƒ–‹˜‡ „ƒ• ‘ –Š‡ ’‡”‹’Š‡”› •–‡• ˆ”‘

‰‡‘‰”ƒ’Š‹…ƒŽ ’”‘š‹‹–›ǡ –Š‡ ‡„‡”Ǧ‘™‡” •›•–‡ ƒ† –Š‡ Ž‘…ƒŽ †‡…‹•‹‘Ǧƒ‹‰

’”‘…‡••ǤŠ‹•‹•–Š‡‹ˆ‘”ƒ–‹‘ƒŽƒ†˜ƒ–ƒ‰‡™Š‹…Š‡„‡”•™Š‘ƒ”‡ˆƒ‹Ž‹ƒ”™‹–Š

‡ƒ…Š‘–Š‡”ƒ†„ƒ‘ˆϐ‹…‡”•—–‹Ž‹•‡ƒŽ‹‡‹–Š‡•‡Ž‡…–‹‘‘ˆ…Ž‹‡–•ǡ•…”‡‡‹‰ǡ…”‡†‹–

•…‘”‹‰ƒ†–Š‡…‘–”‘Ž‘ˆ…”‡†‹–…‘–”ƒ…–•Ǥ–Š‡‹”•–—†›ǡ‰‡Ž‹‹‡–ƒŽǤȏͳͻͻͺȐƒ”‰—‡†

–Šƒ––ƒŽ‹ƒ…‘‘’‡”ƒ–‹˜‡„ƒ•™‡”‡ƒ„Ž‡–‘‘ˆˆ‡”Ž‘ƒ•–‘–Š‡‹”‡„‡”Ǧ…Ž‹‡–•™‹–Š

ƒ•Ž‘™‹–‡”‡•–ƒ”‰‹••—…Šƒ•…‘‡”…‹ƒŽ„ƒ•’”‘˜‹†‡ǡ‘Ž›‹–Š‡…ƒ•‡•‘ˆŽ‘‰‡”

…—•–‘‡””‡Žƒ–‹‘•Š‹’†—‡–‘–Š‡„‡––‡”ƒ……‡••–‘‹ˆ‘”ƒ–‹‘ƒ•ƒ…‘•‡“—‡…‡‘ˆ

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͵ͷ

–Š‡‹” •–”‘‰‡” Ž‘…ƒŽ ‡„‡††‡†‡••Ǥ Š‹• •–—†› …‘•‹†‡”• ‘™‡”•Š‹’ „› ‡„‡”•

–‘„‡–Š‡ƒ‹†‹•–‹‰—‹•Š‹‰ˆ‡ƒ–—”‡‘ˆ–Š‡…‘‘’‡”ƒ–‹˜‡„ƒ‹‰‘†‡Žƒ†‘–‹–•

Ž‘…ƒŽ ‡„‡††‡†‡••Ǥ ‡˜‡”ƒŽ ˆ—”–Š‡” •–—†‹‡• …‘ϐ‹” –Šƒ– …‘‘’‡”ƒ–‹˜‡ǡ ϐ‹š‡† ƒ†

”‡Žƒ–‹‘•Š‹’ „ƒ‹‰ ‹• ‡ˆϐ‹…‹‡– ‹ ”‡†—…‹‰ ‹ˆ‘”ƒ–‹‘ ƒ•›‡–”› ȏ ʹͲͳͲǢ ‡””‹ ƒ† ‡••‘”‹ ʹͲͲͲǢ Šƒ”’‡ ͳͻͻͲǢ —‹•‘ ‡–Ǥ ƒŽǤ ʹͲͲͶȐǤ Š‡ „‡‡ϐ‹–• ‘ˆ Ž‘…ƒŽ

‡„‡††‡†‡••†‘‘–ƒ—–‘ƒ–‹…ƒŽŽ›ƒ’’‡ƒ”Ȃ‡˜‡‹–Š‡…ƒ•‡‘ˆ…‘‘’‡”ƒ–‹˜‡„ƒ‹‰Ǥ ……‘”†‹‰–‘–Š‡ƒƒŽ›•‹•„› ‡””‹ƒ†‡••‘”‹ȏʹͲͲͲȐǡƒŽ–Š‘—‰Š…‘‘’‡”ƒ–‹˜‡„ƒ•

‘’‡”ƒ–‡ƒŽŽ‘˜‡”–ƒŽ›ǡ–Š‡‹”‡ˆϐ‹…‹‡…›‹Ž‡†‹‰‡š…‡‡†•–Šƒ–‘ˆ…‘‡”…‹ƒŽ„ƒ•‘Ž›

‹–Š‡‘”–Š‡”ƒ†‡–”ƒŽ”‡‰‹‘•ǤŠ‹•‹•†—‡–‘–Š‡ˆƒ…––Šƒ–•‘…‹ƒŽƒ†‡…‘‘‹…

…‘†‹–‹‘•‹‘—–Š‡”–ƒŽ›ƒ”‡‘–‰‘‘†‡‘—‰Š–‘‡ƒ„Ž‡…‘‘’‡”ƒ–‹˜‡•–‘”‡†—…‡

–Š‡‹ˆ‘”ƒ–‹‘ƒ•›‡–”›ƒ††‡˜‡Ž‘’…Ž‘•‡”•‘…‹‘Ǧ‡…‘‘‹…”‡Žƒ–‹‘•Š‹’™‹–Š–Š‡

„‘””‘™‡”•Ǥ

Š‹•Žƒ•–ƒ”‰—‡–Ž‡ƒ†•—•–‘the second group of literatureǡ†‡•…”‹„‹‰‘„•–ƒ…Ž‡•

–‘Ž‡†‹‰‘–Š‡’‡”‹’Š‡”›ǡ™Š‹…Š„—‹Ž†•‘–Š‡‘”‹‡•‘ˆ–Š‡post-Keynesian•…Š‘‘Ž

and on regional economicsǤŠ‡ƒ‹‡’Šƒ•‹•‹•Žƒ‹†‘–Š‡‹˜‡•–‘”ǡ‘”ǡ‹–Š‹•…ƒ•‡ǡ

–Š‡Ž‡†‹‰‹•–‹–—–‹‘Ǥ……‘”†‹‰–‘–Š‡Ž‹“—‹†‹–›’”‡ˆ‡”‡…‡–Š‡‘”›ȏŠ‹…ƒ†‘™

ͳͻͺͺȐ‹˜‡•–‘”•’”‡ˆ‡”Š‹‰Š‡”Ž‹“—‹†‹–›ƒ––Š‡•ƒ‡Ž‡˜‡Ž•‘ˆ›‹‡Ž†ƒ†”‹•ǤŠ‡”‡ˆ‘”‡ǡ

•‹…‡–Š‡Ž‹“—‹†‹–›”‡Žƒ–‡†–‘‹˜‡•–‡–‹•Š‹‰Š‡”‹ϐ‹ƒ…‹ƒŽ…‡–”‡•ǡ–Š‡•ƒ˜‹‰•

ȋ†‡’‘•‹–•Ȍ‘ˆ’‡”‹’Š‡”ƒŽ”‡‰‹‘•ϐŽ‘™–‘™ƒ”†•…‘”‡”‡‰‹‘•ȏ‘™ͳͻͻͲȐǤDzƒ…™ƒ”†

ƒŽŽ‘…ƒ–‹‘dzȂˆ”‘–Š‡…‡–”‡Ȃ‹•‘Ž›’‘••‹„Ž‡‹ˆ–Š‡‹˜‡•–‡–‘’’‘”–—‹–‹‡•‘ˆ

–Š‡…‡–”‡Šƒ˜‡„‡‡ˆ—ŽŽ›‡š’Ž‘‹–‡†ǡ‹ˆ–Š‡”‹•‘ˆ‹˜‡•–‡–‹’‡”‹’Š‡”ƒŽ”‡‰‹‘•

‹• Ž‘™‡” ‘” ‹ˆ –Š‡‹” ›‹‡Ž†• ƒ”‡ Š‹‰Š‡”Ǥ ‘•‡“—‡–Ž›ǡ –Š‡ ƒ˜ƒ‹Žƒ„‹Ž‹–› ‘ˆ …”‡†‹– ‹

’‡”‹’Š‡”ƒŽƒ”‡ƒ•‹•Ž‘™‡”–‘–Šƒ–‘ˆ–Š‡…‡–”‡Ǥ

Š‹•ƒ’’”‘ƒ…Šƒ……‡’–•–Š‡‡š‹•–‡…‡‘ˆϐ‹ƒ…‹ƒŽ•›•–‡•™‹–Šƒ†‹•–‹…–ƒ†‘˜‡”Ǧ …‡–”ƒŽ‹•‡† •’ƒ–‹ƒŽ •–”—…–—”‡ǡ ƒ……‘”†‹‰ –‘ ™Š‹…Š –Š‡ …‡–”‡• ‘ˆ ‡…‘‘‹… …‘”‡

”‡‰‹‘•ƒ”‡…Šƒ”ƒ…–‡”‹•‡†„›ƒŠ‹‰Š…‘…‡–”ƒ–‹‘‘ˆ…ƒ’‹–ƒŽƒ––Š‡–‘’Ž‡˜‡Ž•‘ˆ–Š‡

—”„ƒ Š‹‡”ƒ”…Š› ȏ‘”–‡‘—• ͳͻͻͷǢ žŽ ʹͲͳʹȐǤ  –Š‡ ‡ƒ–‹‡ǡ • ƒ† ”‡‰‹‘•

Ž‘…ƒ–‡†ˆƒ”ˆ”‘ϐ‹ƒ…‹ƒŽ…‡–”‡•ƒ”‡—†‡”Ǧˆ—†‡†Ǥ‡…ƒϐ‹†•‡˜‡”ƒŽ‡šƒ’Ž‡•

‘ˆ –Š‹• ‹ –Š‡ Ȃ ƒ† ƒŽ•‘ ‹ ‡”ƒ›ǡ ™Š‹…Š Šƒ• ƒ ‘”‡ †‡…‡–”ƒŽ‹•‡† •’ƒ–‹ƒŽ

•–”—…–—”‡ƒ†‘”‡—Ž–‹Ǧ’‘Žƒ”•–”—…–—”‡‘ˆϐ‹ƒ…‹ƒŽ…‡–”‡•ȏŽƒ‰‰‡ƒ†ƒ”–‹

ʹͲͲͷǢžŽʹͲͳͲǣ͵ͶͶȂͶ͸ȐǤ

ƒ††‹–‹‘–‘–Š‡Ž‘™Ž‹“—‹†‹–›‘ˆ‹˜‡•–‡–‘–Š‡’‡”‹’Š‡”›ǡƒˆ—”–Š‡”‘„•–ƒ…Ž‡‹•

–Šƒ–ƒ…‘‘’‡”ƒ–‹˜‡„ƒ‡‰ƒ‰‡†‹Ž‘…ƒŽŽ‡†‹‰ƒŽ‘‡‹•—ƒ„Ž‡–‘†‹˜‡”•‹ˆ›‹–•…”‡†‹–

”‹•• •—ˆϐ‹…‹‡–Ž› Ȃ ‡‹–Š‡” ‰‡‘‰”ƒ’Š‹…ƒŽŽ› ‘” •‡…–‘”ƒŽŽ› ‹ ƒ› …ƒ•‡• ȏŽ‡š‘’—Ž‘•

ƒ†‘‰Ž‹‘ʹͲͳͲǣͻȐǤ˜‡–Š‘—‰Š–Š‹•…ƒ„‡‹’”‘˜‡†„›…‘‘’‡”ƒ–‹˜‡‹–‡‰”ƒ–‹‘

–Š”‘—‰Š–Š‡…”‡†‹–’”‘†—…–•‘ˆƒ…‡–”ƒŽ‹•–‹–—–‹‘ȋƒ’‡š„ƒȌǡ–Š‹•ˆ—†ƒ‡–ƒŽŽ›

–”ƒ•ˆ‘”•–Š‡”‘Ž‡Ȁ’‘•‹–‹‘‘ˆ–Š‡Ž‘…ƒŽ„ƒƒ†‹…”‡ƒ•‡•‹ˆ‘”ƒ–‹‘ƒ•›‡–”›

ƒ†–Š‡functional distanceʹ„‡–™‡‡…Ž‹‡–ƒ†ƒ’‡š„ƒǤ–Šƒ•ƒ‡‰ƒ–‹˜‡‹’ƒ…–

‘–Š‡…”‡†‹–ƒ˜ƒ‹Žƒ„Ž‡–‘•ȏ‹––ƒŽ—‰ƒ‡–ƒŽǤʹͲͲͷǢŽ‡••ƒ†”‹‹‡–ƒŽǤʹͲͲͻƒȐǤ

ʹ —…–‹‘ƒŽ†‹•–ƒ…‡‹˜‡•–‹‰ƒ–‡•–Š‡•‘Ǧ…ƒŽŽ‡†‡…‘‘‹…†‹•–ƒ…‡Ȁ’”‘š‹‹–›„‡–™‡‡–Š‡„ƒƒ†

–Š‡Ž‘…ƒŽ‡…‘‘›™Š‹…Š”‡ˆ‡”•‘•–Ž›–‘–Š‡‡„‡††‡†ƒ–—”‡‘ˆ–Š‡‘”‰ƒ‹•ƒ–‹‘ƒŽƒ††‡…‹•‹‘Ǧ

ƒ‹‰‡…Šƒ‹••‘ˆ„ƒ•‹–Š‡‰‹˜‡•‡––Ž‡‡–™‹–Š‹–Š‡”‡‰‹‘ȏ‹––ƒŽ—‰ƒ‡–ƒŽǤʹͲͲͷǢŽ‡••Ǧ

ƒ†”‹‹‡–ƒŽǤʹͲͲͻȐǤ

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͵͸

‹‹Žƒ”Ž›ǡ–Š‡™‡ƒ‡••‘ˆ–Š‡Ž‘…ƒŽ‡…‘‘›ȋŽƒ…‘ˆ‡–‡”’”‹•‡•ǡ—‡’Ž‘›‡–

‡–…ǤȌ…”‡ƒ–‡•ƒ‘„•–ƒ…Ž‡–‘Ž‘…ƒŽˆ—†‹‰Ȃ™Š‹…Š™‘—Ž††‹•…‘—”ƒ‰‡ƒ›–Š‹‰‘–Š‡”

–ŠƒŠ‹‰ŠǦ”‹•Ž‡†‹‰Ǥ‹…‡ǡ„›†‡ϐ‹‹–‹‘ǡ–Š‡’‡”‹’Š‡”›‹•Ž‡••†‡˜‡Ž‘’‡†–Šƒ–Š‡

…‡–”‡ǡŽ‡†‹‰‹–Š‡…‡–”‡‹˜‘Ž˜‡•ˆ‡™‡”ƒ†Ž‘™‡””‹••ȋ‡˜‡‹ˆ™‡†‹•”‡‰ƒ”†

–Š‡…‘’‡–‹–‹˜‡‹Ž‹‡—ˆƒ…–‘”ȌǤ

‹–‡”ƒ–—”‡ †‡ƒŽ• ™‹–Š corporate governance and banking strategy issues of cooperative banksƒ†…‘•‹†‡”•–Š‡’”‘ϐ‹––ƒ”‰‡–‘ˆƒ…‘‘’‡”ƒ–‹˜‡™‹–Š•—…Šˆƒ…–‘”•

ƒ• –Š‡ •‘…‹ƒŽ ‡„‡††‡†‡•• ‘ˆ –Š‡ …‘‘’‡”ƒ–‹˜‡ǡ ‹–• ‘™‡”•Š‹’ •–”—…–—”‡ ƒ† –Š‡

•–”ƒ–‡‰›‘ˆ‹–•ƒƒ‰‡‡–ǤŠ‹•ƒŽ•‘†‡–‡”‹‡•–Š‡Ž‘…ƒ–‹‘‘ˆ„”ƒ…Š‡•ƒ†–Š‡‹”

”‹•Ǧ–ƒ‹‰ ’”‘’‡•‹–›Ǥ ‡…‡ òϐŽ‡” ȏͳͻͻͷȐ ‹†‡–‹ϐ‹‡• –Š”‡‡ –›’‡• ‘ˆ …‘‘’‡”ƒ–‹˜‡

„ƒ‹‰‘†‡Ž‹”‡•’‡…–‘ˆ‡”ƒ›ƒ†ƒ”•ŠƒŽŽ‡–ƒŽǤȏʹͲͲ͵ȐŽ‹‡™‹•‡‹”‡Žƒ–‹‘

–‘–Š‡͵ǤŠ‡•‡ƒ”‡–Š‡–”ƒ†‹–‹‘ƒŽ‘†‡Ž•‡”˜‹‰–Š‡Ž‘…ƒŽ…‘—‹–›ǡ–Š‡’”‘ϐ‹–Ǧ

‘”‹‡–‡†…‘‡”…‹ƒŽ‘†‡Žƒ†ƒ‹–‡”‡†‹ƒ–‡‹–‡‰”ƒ–‡†‘†‡ŽǤƒ‡š’ƒ•‹‘

‹‰Š–„‡ƒ…‘•‡“—‡…‡‘ˆ’”‘ϐ‹–‘”‹‡–ƒ–‹‘ǡƒ†•‘ƒ—”„ƒ’”‡•‡…‡‹‰Š–„‡

–Š‡”‡•—Ž–‘ˆƒ†‡…‹•‹‘‹ˆƒ˜‘—”‘ˆ–Š‹•Ǥ™‹ˆ–”‡‰‹‘ƒŽ‡š’ƒ•‹‘ƒ†‡–”ƒ…‡–‘

—”„ƒƒ”‡–•ƒ”‡…‘•‡“—‡…‡•‘ˆŠ‹‰Š‡”’”‘ϐ‹–ƒ•’‹”ƒ–‹‘•™Š‹…Šƒ”‡–›’‹…ƒŽˆ‘”

’”‘ϐ‹–Ǧ‘”‹‡–‡†…‘‡”…‹ƒŽ…‘‘’‡”ƒ–‹˜‡•Ǥ‹…‡Ž‡†‹‰‹•Ž‹‡Ž›–‘’”‘†—…‡Š‹‰Š‡”

’”‘ϐ‹–ƒ„‹Ž‹–›ƒ––Š‡…‘•–‘ˆŠ‹‰Š‡””‹••ǡ‘”‡‹–‡•‹˜‡Ž‡†‹‰ƒ…–‹˜‹–›ƒ›ƒŽ•‘„‡

Ž‹‡†–‘–Š‡’”‘ϐ‹–Ǧƒ†‡š’ƒ•‹‘Ǧ‘”‹‡–‡†…‘‘’‡”ƒ–‹˜‡‘†‡ŽǤ

–Š‡„ƒ•‹•‘ˆ–Š‡’”‘ˆ‡••‹‘ƒŽŽ‹–‡”ƒ–—”‡ƒ†‡š’‡”‹‡…‡ˆ”‘‘—”‘™”‡•‡ƒ”…Šǡ

™‡•—ƒ”‹•‡–Š‡‘’‡”ƒ–‹‘ƒŽ‘†‡Ž‘ˆ…‘‘’‡”ƒ–‹˜‡…”‡†‹–‹•–‹–—–‹‘•‹ƒ„Ž‡ͳǤ

‹˜‡–Š‡•–”—…–—”ƒŽ…Šƒ”ƒ…–‡”‹•–‹…•‘ˆ…‘‘’‡”ƒ–‹˜‡•ǯŽ‡†‹‰ƒ…–‹˜‹–‹‡•†‹•…—••‡†‹

–Š‡’”‡˜‹‘—••‡…–‹‘ƒ†–Š‡‹”•–”ƒ–‡‰‹……‘•‹†‡”ƒ–‹‘•‘‰‡‘‰”ƒ’Š‹…ƒŽ‡š’ƒ•‹‘

…‹–‡†ƒ„‘˜‡ǡ–Š‡’ƒ’‡”…‘•–”—…–•ƒ–™‘Ǧ„›Ǧ–™‘•–›Ž‹œ‡†ƒ–”‹š–‘…Žƒ••‹ˆ›…‘‘’‡”ƒ–‹˜‡

„ƒ•Ǥ

‡ƒƒŽ›•‡†–Š‡‘’‡”ƒ–‹‘‘ˆ…‘‘’‡”ƒ–‹˜‡•‹–™‘†‹‡•‹‘•ǣ–Š‡ϐ‹”•–†‹‡•‹‘

‘ˆ–Š‡ƒ–”‹š‹•–Š‡…‘‘’‡”ƒ–‹˜‡ǯ•‰‡‘‰”ƒ’Š‹…ƒŽŽ‘…ƒ–‹‘ȋ™Š‡–Š‡”–Š‡”‡ƒ”‡„”ƒ…Š‡•

‹Ž‡••†‡˜‡Ž‘’‡†ƒ”‡ƒ•ǡ’”‡†‘‹ƒ–Ž›‹•ƒŽŽ‡”•‡––Ž‡‡–•ǡ‘”ǡ”ƒ–Š‡”ǡ‹‘”‡

†‡˜‡Ž‘’‡†ƒ”‡ƒ•ǡ‹•‹‰‹ϐ‹…ƒ–‡†‹—Ǧ•‹œ‡†ƒ†Žƒ”‰‡–‘™•‘”…‹–‹‡•ȌǤŠ‡•‡…‘†

†‹‡•‹‘‹•–Š‡…‘‘’‡”ƒ–‹˜‡ǯ•Ž‡†‹‰‹–‡•‹–›ǡ™Š‹…Šƒ›„‡†‡•…”‹„‡†„›—•‹‰

ƒŽ‘ƒ–‘†‡’‘•‹–”ƒ–‹‘ˆ‘”‹•–ƒ…‡ǤŠ‡•‡†‹‡•‹‘•†‡ϐ‹‡ˆ‘—”…‘‘’‡”ƒ–‹˜‡–›’‡•ǣ

ƒȌ Š‡classical/traditional cooperative ‹• ƒ ƒ…–‹˜‡ Ž‡†‡” ƒ† Ž‘…ƒ–‡† ‘—–•‹†‡

…‘”‡ƒ”‡ƒ•ǡ‹•‡„‡††‡†‹Ž‘…ƒŽ•‘…‹‡–›ƒ†•‘‹•ƒ„Ž‡–‘†‡…”‡ƒ•‡‹ˆ‘”ƒ–‹‘ƒŽ

ƒ•›‡–”›•—ˆϐ‹…‹‡–Ž›Ǥ–‹•ǡ–Š‡”‡ˆ‘”‡ǡƒƒ…–‹˜‡Ž‡†‡”Ǥ

„Ȍ ƒ••‹˜‡…‘‘’‡”ƒ–‹˜‡•ȋ‹Ž‘…ƒŽǡ‘Ǧ…‘’‡–‹–‹˜‡ƒ”‡–™‹–ŠŽ‘™Ž‡†‹‰‹–‡Ǧ

•‹–›Ȍƒ”‡ƒŽ•‘Ž‘…ƒ–‡†‘–Š‡Ž‡••†‡˜‡Ž‘’‡†’‡”‹’Š‡”›ǤŠ‡”‡ˆ‘”‡–Š‡›‹˜‡•––Š‡

†‡’‘•‹–•…‘ŽŽ‡…–‡†‹ƒƒŽ–‡”ƒ–‹˜‡™ƒ›ǡ‡Ǥ‰Ǥ‘–Š‡‹–‡”„ƒƒ”‡–‘”‹‰‘Ǧ

˜‡”‡–•‡…—”‹–‹‡•Ǥ

͵ ƒ”•ŠƒŽŽ‡–ƒŽǤȏʹͲͲ͵Ȑ™”‹–‡‘ˆDzmutualsdzǡ•‹…‡‘…‘‘’‡”ƒ–‹˜‡„ƒ•‡š‹•–‹–Š‡‹–Š‡‹”’—”‡ˆ‘”

ȋŠ‡‘‘’‡”ƒ–‹˜‡ƒ‹•ƒ‘”ƒŽ…‘‡”…‹ƒŽ„ƒ™Š‘•‡‘™‡”‹•ƒ…‘‘’‡”ƒ–‹˜‡Ȃ–Š‡‘‘’‡”ƒ–‹˜‡

Š‘Ž‡•ƒŽ‡‘…‹‡–›‘”ȌǤ

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͵͹

…Ȍ …–‹˜‡Ž›Ž‡†‹‰…‘‡”…‹ƒŽ…‘‘’‡”ƒ–‹˜‡•ȋ•‹‹Žƒ”Ž›–‘òϐŽ‡”ǯ•ȏͳͻͻͷȐƒ”‡Ǧ

–Ǧ‘”‹‡–‡†…‘‘’‡”ƒ–‹˜‡ȌŽ‘…ƒ–‡†‹Žƒ”‰‡”–‘™•ƒ†Žƒ”‰‡”…‹–‹‡•ƒ”‡•‹‹Žƒ”–‘

…‘‡”…‹ƒŽ „ƒ• ‹ –‡”• ‘ˆ –Š‡‹” •–”ƒ–‡‰›Ǥ Š‡› ’”‡•‡”˜‡ …‘‘’‡”ƒ–‹˜‡ Ž‡‰ƒŽ

•–ƒ–—•ƒ†‰‘˜‡”ƒ…‡•–”—…–—”‡Ǥ

†Ȍ ‹ƒŽŽ›ǡƒ‰”‘—’‘ˆ”‹•Ǧƒ˜‡”•‡…‘‘’‡”ƒ–‹˜‡•‘’‡”ƒ–‹‰‹—”„ƒƒ”‡ƒ•™‹–ŠŽ‹‹–‡†

Ž‡†‹‰ƒ…–‹˜‹–›”‡ƒ‹•ǤŠ‡‹”…ŠƒŽŽ‡‰‡‹•‘ˆˆ‡”‹‰…‘’‡–‹–‹˜‡”ƒ–‡•‘†‡’‘Ǧ

•‹–•™Š‹Ž‡ƒ˜‘‹†‹‰Ž‡†‹‰Ǥ

Table 1. Illustration of geographical position and lending activity of cooperative credit institutions

Location of savings cooperatives

‡†‹—Ǧ•‹œ‡‘”Žƒ”‰‡

–‘™•‘”…‹–‹‡•

•ƒŽŽ–‘™•‘”

˜‹ŽŽƒ‰‡•ȋ’‡”‹’Š‡”ƒŽȌ

Allocations of collected deposits

‘ƒ•–‘…Ž‹‡–•

Competitive market/

lending strategy pursuing cooperative model ȋ‹–‡•‡…‘’‡–‹–‹‘

™‹–Š…‘‡”…‹ƒŽ„ƒ•ǡ

‡„‡††‡†‡••Šƒ”†–‘

ƒ…Š‹‡˜‡Ȍ

Local monopoly situation /lending

strategy in non- competitive market

ȋŽƒ••‹……‘‘’‡”ƒ–‹˜‡

‘†‡Žǣƒ—–‘‘‘—•

ϐ‹ƒ…‹‰‘ˆ–Š‡

Ž‘…ƒŽƒ”‡ƒ™‹–Š

Ž‘™‡””‹•ˆƒ…–‘”

ˆ”‘‹ˆ‘”ƒ–‹‘ƒŽ

ƒ†˜ƒ–ƒ‰‡Ȍ

‘–Š‡”™ƒ›•Ȃ ȋ‹–‡”„ƒŽ‘ƒ•ǡ

‰‘˜‡”‡–†‡„–

•‡…—”‹–‹‡•Ȍ

Competitive market / passive strategy pursuing

cooperative model ȋ”‹•ƒ˜‘‹†ƒ…‡ǡ

‡„‡††‡†‡••‹””‡Ž‡˜ƒ–Ȍ

Local monopoly situation / passive

strategy-based cooperative model ȋ‘”‹•‘†‡”ƒ–‹‘

„ƒ•‡†‘Ž‹‹–‡†Ž‘…ƒŽ

‡„‡††‡†‡••Ȍ

‘—”…‡ǣ‡†‹–‡†„›–Š‡ƒ—–Š‘”•„ƒ•‡†‘žŽƒ†—”‰‡”ȏʹͲͳ͵ȐǤ

ƒ”•ŠƒŽŽ ‡– ƒŽǤ ȏʹͲͲ͵Ȑ †‹”‡…– ƒ––‡–‹‘ –‘™ƒ”†• …‘‡”…‹ƒŽ —–—ƒŽ•ǡ ™Š‹…Šǡ

ƒ……‘”†‹‰–‘–Š‡‹”˜‹‡™ǡŠƒ†„‡‡‘–Š‡™ƒ›–‘†‡—–—ƒŽ‹œƒ–‹‘ǤŠ‡›‘”‹‰‹ƒ–‡–Š‡•‡

’”‘…‡••‡•ƒ‹Ž›ˆ”‘ƒ„—…Š‘ˆ•‘—”…‡•ǣˆ”‘–Š‡Dz‘‡›…—Ž–—”‡dzǡ†‡˜‡Ž‘’‡–•

‘ˆ–Š‡”‡–ƒ‹Žƒ”‡–ƒ†ƒƒ‰‡”‹ƒŽ…Š‘‹…‡ǤŠ‡›•–ƒ–‡ǡ‘™‡”•Š‹’…‘–”‘Ž‘ˆ•‡˜‡”ƒŽ

—–—ƒŽ•ǡ ’ƒ”–‹…—Žƒ”Ž› –Š‡ ‘‡• ™‹–Š †‹•’‡”•‡† ‘™‡”•Š‹’ǡ ™‡”‡ —†‡” …‘–”‘Ž „›

–Š‡‹”•‡‹‘”ƒƒ‰‡‡–ǡ™Š‹…Š…Š‘•‡–‘Ž‘‘•‡–‹‡•™‹–Š–Š‡Ž‘…ƒŽ…‘—‹–›ƒ†

–—”‡†–Š‡‹”‹•–‹–—–‹‘‹–‘…‘‡”…‹ƒŽ„ƒ•ǤŠ‹•Ž‡†–‘–‘–Š‡‡™•–”ƒ–‡‰›‘ˆ

–Š‡•‡‹•–‹–—–‹‘•ƒ†–Š‡›Šƒ˜‡‡ˆˆ‡…–‹˜‡Ž›Ž‘•––Š‡‹”Ž‘…ƒŽ‡„‡††‡†‡••Ǥ

––Š‡•ƒ‡–‹‡ǡƒ‘––ƒ‡–ƒŽǤȏʹͲͲ͹Ȑ•Š‘™–Šƒ–…‘‘’‡”ƒ–‹˜‡••‡”˜‹‰–Š‡‹”‘™

…‘—‹–›—•—ƒŽŽ›Šƒ˜‡„‡––‡”“—ƒŽ‹–›Ž‘ƒ’‘”–ˆ‘Ž‹‘ȋ–Š‘—‰Š–Š‡›†‘‘–‡š’Ž‹…‹–Ž›

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͵ͺ …‘’ƒ”‡ –Š‡ –‘ …‘‡”…‹ƒŽ …‘‘’‡”ƒ–‹˜‡•ȌǤ – –Š‹• ’‘‹–ǡ —•‹‰ –Š‡ Ž‹–‡”ƒ–—”‡ǡ

–Š‡ ’ƒ’‡” ˆ‘”—Žƒ–‡• Š›’‘–Š‡•‡• ƒ• ˆ‘ŽŽ‘™•Ǥ Š‹Ž‡ –”ƒ†‹–‹‘ƒŽǡ Ž‘…ƒŽŽ› ‡„‡††‡†

…‘‘’‡”ƒ–‹˜‡•ǡ —•‹‰ –Š‡‹” Ž‘…ƒŽ ‹ˆ‘”ƒ–‹‘ ƒ†˜ƒ–ƒ‰‡ǡ ƒ› …‘’‡–‡ •—……‡••ˆ—ŽŽ›

™‹–ŠŽ‡†‹‰ǡ…‘‘’‡”ƒ–‹˜‡•™‹–Š”ƒ’‹†‰‡‘‰”ƒ’Š‹…ƒŽ‡š’ƒ•‹‘ǡŽ‘•‹‰–Š‡‹”–‹‡•™‹–Š

–Š‡‹”…‘—‹–›–Šƒ–Ž‡ƒ†•–‘–Š‡†‡–‡”‹‘”ƒ–‹‘‘ˆ–Š‡‹”ƒ‹…‘’‡–‹–‹˜‡ƒ†˜ƒ–ƒ‰‡

‹Ž‡†‹‰Ǥ

––Š‡•ƒ‡–‹‡ǡƒ‘––ƒ‡–ƒŽǤȏʹͲͲ͹Ȑƒ”‰—‡–Šƒ–Š‹‰Š‘™‡”•Š‹’…‘…‡–”ƒ–‹‘

–›’‹…ƒŽŽ› ‹’Ž‹‡• „‡––‡” Ž‘ƒ “—ƒŽ‹–›Ǥ ”‘ –Š‡ Ž‹–‡”ƒ–—”‡ …‹–‡† ‡ƒ”Ž‹‡” •‘‡‘‡

ƒ› ƒ••—‡ –Šƒ– –Š‡ “—ƒŽ‹–› ‘ˆ ‡š’ƒ†‹‰ …‘‘’‡”ƒ–‹˜‡•ǯ Ž‘ƒ ’‘”–ˆ‘Ž‹‘ †”‘’• ƒ•

–Š‡› ƒ„ƒ†‘ –Š‡‹” ‡„‡††‡†‡••Ǥ ‡‰ƒ”†‹‰ –‘ –Š‡ ‡š‹•–‡…‡ ‘ˆ †‹ˆˆ‡”‡– –›’‡•

‘ˆ…‘‘’‡”ƒ–‹˜‡•ǡ—”‰‡”ƒ†žŽȏʹͲͳ͵Ȑƒ”‰—‡–Šƒ–†‡—–—ƒŽ‹œ‡†„ƒ•ǡ’”‡˜‹‘—•Ž›

…‘‡”…‹ƒŽ …‘‘’‡”ƒ–‹˜‡•ǡ ™Š‹…Š ƒ”‡ ‘™‡† „› ƒ ˆ‡™ ‹†‹˜‹†—ƒŽ•ǡ ƒ†‘’– ‘”‡

‡ˆϐ‹…‹‡– Ž‡†‹‰ ’”‘…‡••‡• •‹‹Žƒ”Ž› –‘ …‘‡”…‹ƒŽ „ƒ•ǡ ‡šŠ‹„‹–‹‰ –Š‡”‡ˆ‘”‡

ƒ„‡––‡”‡ˆϐ‹…‹‡…›Ǥ

 Š‹• ’ƒ’‡” —”‰‡” ȏʹͲͳ͵Ȑ ‡šƒ‹‡• †‹˜‹†‡† ’ƒ›‘—– ’‘Ž‹…‹‡• ƒ– –Š‡ —‰ƒ”‹ƒ

…‘‘’‡”ƒ–‹˜‡„ƒ•‹…‘‡…–‹‘™‹–Š–Š‡‹”‘™‡”•Š‹’ƒ†…‘”’‘”ƒ–‡‰‘˜‡”ƒ…‡

•–”—…–—”‡•Ǥ —”‰‡”ǯ• ȏʹͲͳ͵Ȑ •–—†› „—‹Ž†• ‘ ŠŽ‡‹ˆ‡” ƒ† ‹•Š›ǯ• ȏͳͻͻ͹Ȑ •–—†›

‘…‘”’‘”ƒ–‡‰‘˜‡”ƒ…‡ǡƒ†‘–Š‡ƒ„‘˜‡…‹–‡†Ž‹–‡”ƒ–—”‡„›òϐŽ‡”ȏͳͻͻͷȐƒ†

ƒ”•ŠƒŽŽ‡–ƒŽǤȏʹͲͲ͵ȐǤ—ƒ”‹•‹‰–Š‡‹”‡›ϐ‹†‹‰•ǡ–Š‡’ƒ’‡”•–ƒ–‡•–Šƒ–‹–‹•

‘– –Š‡ …‘…‡–”ƒ–‹‘ ‘ˆ ‘™‡”•Š‹’ –Šƒ– ƒ––‡”• ‹ …‘”’‘”ƒ–‡ ‰‘˜‡”ƒ…‡ǡ ’‡”

•‡ǡ”ƒ–Š‡”–Š‡’‡”•’‡…–‹˜‡•‘ˆ–Š‡‘™‡”•–Šƒ–†‡–‡”‹‡•…‘”’‘”ƒ–‡‰‘˜‡”ƒ…‡Ǥ

†‹˜‹†—ƒŽ•Šƒ”‡Š‘Ž†‡”•™‹–Š„Ž‘…Š‘Ž†‹‰•ƒ–Ž‹‹–‡†…‘’ƒ‹‡•ƒ›–Š‹Ž‘‰

–‡”ƒ•–Š‡›ƒ”‡‘––Š”‡ƒ–‡‡†ƒ•‘™‡”•Ǥ…‘–”ƒ•–ǡƒ–…‘‘’‡”ƒ–‹˜‡„ƒ•–Š‡

“—ƒ•‹ …‘…‡–”ƒ–‡† ‘™‡”• ƒ†ǡ ƒ– –Š‡ •ƒ‡ –‹‡ǡ ƒƒ‰‡”• ‡š‡”– …‘–”‘Ž ‘˜‡”

–Š‡ …‘‘’‡”ƒ–‹˜‡ ‘– ƒ• ƒ ”‡•—Ž– ‘ˆ –Š‡‹” Ž‡‰ƒŽ ‘™‡”•Š‹’ „—– †—‡ –‘ –Š‡ •—’’‘”–

”‡…‡‹˜‡† ˆ”‘ –Š‡‹” •‡Ž‡…–‡† ‡„‡”•Ǥ ‡…ƒ—•‡ ‘ˆ –Š‡ †‡Ž‹„‡”ƒ–‡ ”‡†—…–‹‘ ‘ˆ

‡„‡”•Š‹’ ‹ —‰ƒ”› –Š‡ •ƒŽŽ —„‡” ‘ˆ •‡Ž‡…–‡† ‡„‡”•ǡ ‹…”‡ƒ•‹‰Ž›

•‡”˜‡†ƒƒ‰‡”•ǯƒ•™‡ŽŽƒ•–Š‡‹”‘™‰”‘™‹‰‘™‡”•Š‹’‹–‡”‡•–•ȏ‹••ǡʹͲͲͻȐǤ

Š‡•‡‡„‡”••—’’‘”––Š‡ƒƒ‰‡‡–„‡…ƒ—•‡–Š‡›ƒ”‡”‡™ƒ”†‡†™‹–Šˆƒ˜‘—”•

•—…Šƒ•‰‘‘†’‘•‹–‹‘•ƒ––Š‡…‘Ǧ‘’‡”ƒ–‹˜‡ǤŠ‡”‡ˆ‘”‡ǡ…‘‘’‡”ƒ–‹˜‡•…‡–‡”‹•’ƒ”‹„—•

ƒ”‡ ƒƒ‰‡† ƒ……‘”†‹‰ –‘ •Š‘”– –‡” ‘„Œ‡…–‹˜‡• ”ƒ–Š‡” –Šƒ –Š‡‹” †‡—–—ƒŽ‹•‡†

‡šǦ…‘‘’‡”ƒ–‹˜‡ …‘—–‡”’ƒ”–•Ǥ Š‹• ϐ‹†‹‰ ‹• •‡‡‹‰Ž› ‹ …‘–”ƒ•– ™‹–Š ŠŽ‡‹ˆ‡”

ƒ†‹•Š›ǯ•ȏͳͻͻ͹Ȑƒ†ƒ•ƒǯ•ȏͳͻͺͺȐƒ”‰—‡–•ǡ‹ƒ•—…Šƒ•–Š‡›ƒ••‡”–

–Šƒ––Š‡†‹•’‡”•‡†‘™‡”•Š‹’‹•–Š‡‘Ž›‘’–‹ƒŽˆ‘”‹–Š‡…ƒ•‡‘ˆ…‘‘’‡”ƒ–‹˜‡•ǡ

’ƒ”–‹…—Žƒ”Ž› ‹ˆ ƒ‰‡…› ’”‘„Ž‡ ‡‡”‰‡•Ǥ ‘™‡˜‡”ǡ –Š‡ Ž‡••‘• Ž‡ƒ”‡† ˆ”‘ –Š‡

…‘”’‘”ƒ–‡ ‰‘˜‡”ƒ…‡ •–”—…–—”‡ ‘ˆ –Š‡ —‰ƒ”‹ƒ …‘‘’‡”ƒ–‹˜‡ „ƒ• ‹• –Šƒ– –Š‡

•‡…–‘”Šƒ•‰‘‡–Š”‘—‰ŠƒǮŽƒ–‡–†‡—–—ƒŽ‹•ƒ–‹‘ǯ‹–Š‡’ƒ•–†‡…ƒ†‡•ǡ”‡•—Ž–‹‰‹

ƒ•Šƒ”’†‡…Ž‹‡‹‡„‡”•Š‹’ƒ•™‡ŽŽƒ•‹–Š‡‹”Ž‘…ƒŽ‡„‡††‡†‡••ǡ™Š‹…ŠŠƒ†

ƒŽ•‘ƒ‡‰ƒ–‹˜‡‹’ƒ…–‘–Š‡‹”Ž‡†‹‰ƒ…–‹˜‹–›Ǥ

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͵ͻ

3. Regulatory and corporate governance challenges of the cooperative banking during the transition period

͵ǤͳǤ‡‰—Žƒ–‘”›‡˜‹”‘‡–ƒ†‹•–‹–—–‹‘ƒŽˆ”ƒ‡™‘”

Š‡Š‹•–‘”›‘ˆ—‰ƒ”‹ƒ…‘‘’‡”ƒ–‹˜‡•ƒ˜‹‰•„ƒ•†‹˜‹†‡†‹–‘‘”‡’Šƒ•‡•ǤŠ‡

ϐ‹”•–…”‡†‹–…‘‘’‡”ƒ–‹˜‡™ƒ•ˆ‘—†‡†‹–Š‡ͳͺͷͲǯ•ǤŠ‡‡š–’‡”‹‘†‹•…Šƒ”ƒ…–‡”‹•‡†

„›–Š‡™ƒ›–‘™ƒ”†•–Š‡‡–™‘”‹–‡‰”ƒ–‹‘ȋͳͺͻͺȌ™Š‹Ž‡‹–Š‡–Š‹”†’‡”‹‘†ǡ‹

–Š‡‡ƒ”Ž›ʹͲ–Š…‡–—”›ǡ–Š‡•‡…–‘”‡š’ƒ†‡††›ƒ‹…ƒŽŽ›Ǥ‹•–‘”‹…ƒŽƒ†‡…‘‘‹…ƒŽ

‡˜‡–• ȋ™‘”Ž† ™ƒ”•ǡ ‡…‘‘‹… …”‹•‹•Ȍ ”‡’‡ƒ–‡†Ž› ‹–‡””—’–‡† –Š‡•‡ ’”‘…‡••‡•Ǥ

—”‹‰ …‘—‹•– ‡”ƒ …‘‘’‡”ƒ–‹˜‡ „ƒ• ™‡”‡ ‘’’”‡••‡† ƒ† …‘–”‘Ž‡† „› –Š‡

’‘Ž‹–‹…ƒŽ†‡…‹•‹‘ƒ‡”•ȏ‘‹œ•ƒ†œƒ„×ʹͲͳʹǢ—Ž…•ž”ʹͲͲ͹ȐǤ

‘—†‡”•–ƒ†–Š‡‡˜‘Ž—–‹‘‘ˆ–Š‡—‰ƒ”‹ƒ…‘‘’‡”ƒ–‹˜‡„ƒ‹‰•‡…–‘”‹–Š‡Žƒ•––™‘

ƒ†ƒŠƒŽˆ†‡…ƒ†‡•ǡ‹–‹•‡••‡–‹ƒŽ–‘‹–”‘†—…‡–Š‡ˆ”ƒ‡™‘”…‘†‹–‹‘•ˆ‘”ϐ‹ƒ…‹ƒŽ

ƒ”‡– –”ƒ•ˆ‘”ƒ–‹‘ ˆ”‘ –Š‡ …‘ƒ† –‘ ƒ”‡– ‡…‘‘›Ǥ Š‡ …”‡ƒ–‹‘ ‘ˆ –Š‡

—‰ƒ”‹ƒ–™‘Ǧ–‹‡”„ƒ‹‰•›•–‡ǡ‹–”‘†—…‡†‹ͳͻͺ͹ǡ™ƒ•ƒ–‘’Ǧ†‘™†”‹˜‡’”‘…‡••

•—’‡”˜‹•‡†„›ƒ…‡–”ƒŽƒ—–Š‘”‹–›ƒ†ƒ••‹•–‡†„›–Š‡Ǯ‡‘Ž‹„‡”ƒŽϐ‹ƒ…‹ƒŽ‹œƒ–‹‘’”‘Œ‡…–ǯ ȏƒ˜‹˜ʹͲͲͺȐǤŠ‡”‡ˆ‘”‡ǡ–Š‡„ƒ‹‰•›•–‡‘’‡”ƒ–‡†‹ƒŠ‹‰ŠŽ›…‡–”ƒŽ‹•‡†ˆƒ•Š‹‘

™‹–Š ƒ …‘•‹†‡”ƒ„Ž‡ †‡‰”‡‡ ‘ˆ –‡””‹–‘”‹ƒŽ …‘…‡–”ƒ–‹‘Ǥ ”‘ •’ƒ–‹ƒŽ ’‡”•’‡…–‹˜‡• ‹–

˜‹”–—ƒŽŽ› ”‡’”‘†—…‡† –Š‡ ‡ƒ”Ž‹‡” —†ƒ’‡•–Ǧ…‡–”‡†ǡ ‘˜‡”Ǧ…‡–”ƒŽ‹•‡† •–ƒ–‡Ǧ•‘…‹ƒŽ‹•–

•‹‰Ž‡Ǧ„ƒ•–”—…–—”‡ǡ‡˜‡‹ˆ‘ƒ”‡–‘”‹‡–‡†„ƒ•‹•Ǥ ‘”‡‹‰„ƒ•ƒŽ•‘ˆ‘ŽŽ‘™‡†–Š‡

‘˜‡”Ǧ…‡–”ƒŽ‹œ‡†Ž‘…ƒ–‹‘•–”ƒ–‡‰›‹ƒ‹‰–Š‡‹”•–”ƒ–‡‰‹…†‡…‹•‹‘•‘–Š‡‹”‡–™‘”•

ƒ†Š‡ƒ†“—ƒ”–‡”•Ǥƒ‹‰”‡ˆ‘”™ƒ•ƒŽ•‘ƒ……‘’ƒ‹‡†„›–Š‡‡‡”‰‡…‡‘ˆƒdual banking systemͶǡ™Š‹…Š‹•…Šƒ”ƒ…–‡”‹œ‡†„›–Š‡†‘‹ƒ…‡‘ˆˆ‘”‡‹‰Ǧ‘™‡†…‘‡”…‹ƒŽ

„ƒ•ƒ†ǡƒ––Š‡•ƒ‡–‹‡ǡ–Š‡—…Š•ƒŽŽ‡”ƒ”‡–™‡‹‰Š–‘ˆ†‘‡•–‹…ƒŽŽ›Ǧ‘™‡†

„ƒ•ȏžŽʹͲͲͷȐǤ”‘™†‹‰‘—–‡ˆˆ‡…–‘ˆ–Š‡ǯ†—ƒŽ„ƒ‹‰•›•–‡ǯ‘†‘‡•–‹…„ƒ‹‰

Šƒ•ˆ—”–Š‡”‹…”‡ƒ•‡†–Š‡†‹ˆϐ‹…—Ž–‹‡•™‹–Š‹–Š‡…‘‘’‡”ƒ–‹˜‡„ƒ‹‰•‡…–‘”Ǥ

š’‡”‹‡…‡ ˆ”‘ –Š‡ –”ƒ•‹–‹‘ •—‰‰‡•–• –Šƒ– –Š‡ ”‘Ž‡ ‘ˆ –Š‡ •–ƒ–‡ ™ƒ• ‡•’‡…‹ƒŽŽ›

•‹‰‹ϐ‹…ƒ– ‹ –Š‡ …ƒ•‡ ‘ˆ ”‡ˆ‘”‹‰ –Š‡ ’‘•–Ǧ•‘…‹ƒŽ‹•– „ƒ‹‰ •›•–‡•ǡ ™Š‹Ž‡ –Š‡

…‘…‡’–‘ˆϐ‹ƒ…‹ƒŽ†‡”‡‰—Žƒ–‹‘’”‘’‘•‡•–Š‡™‹–Š†”ƒ™ƒŽ‘ˆ–Š‡•–ƒ–‡ˆ”‘ϐ‹ƒ…‹ƒŽ

ƒ”‡–•Ǥ‘™‡˜‡”ǡ–Š‡’‘•–Ǧ•‘…‹ƒŽ‹•–•–ƒ–‡Šƒ†‘–‘Ž›…‘‹––‡†‹–•‡Žˆ–‘–Š‡‡‘Ž‹„‡”ƒŽ

”‡•–”—…–—”‹‰ǡ”‡ˆ‘”•”‡“—‹”‡†„›ƒ……‡••‹‘„—–—‹Žƒ–‡”ƒŽ›„‹ƒ•‡†–‘™ƒ”†•Žƒ”‰‡

ˆ‘”‡‹‰‹˜‡•–‘”•™Š‘’Žƒ›‡†ƒ‡›”‘Ž‡‹„ƒ’”‹˜ƒ–‹œƒ–‹‘ȋ„›ͳͻͻ͹ƒŽŽŽƒ”‰‡„ƒ•

’”‹˜ƒ–‹œ‡†„›™‡•–‡”ϐ‹ƒ…‹ƒŽ‹•–‹–—–‹‘•Ȍȏƒ˜‹˜ʹͲͲͺǢžŽƒ†…Š‹†–ʹͲͳ͹ȐǤŠ‡

—‰ƒ”‹ƒ ‰‘˜‡”‡– ’‘Ž‹…› ™ƒ• …Šƒ”ƒ…–‡”‹•‡† „› –Š‡Ǯ„‹‰ ‹• „‡ƒ—–‹ˆ—Žǯ ƒ’’”‘ƒ…Šǡ

™Š‹…Š™ƒ•ƒ……‡–—ƒ–‹‰„‹‰…‘’ƒ‹‡•ǡ’ƒ”–‹…—Žƒ”Ž›ˆ‘”‡‹‰‘™‡†…‘‡”…‹ƒŽ„ƒ•ǡ

ƒ–‡š’‡•‡•‘ˆ†‘‡•–‹…„ƒ•ȋ…‘‘’‡”ƒ–‹˜‡•Ȍƒ†Ž‘…ƒŽ‡–”‡’”‡‡—”•Š‹’ͷǤ––Š‡•ƒ‡

Ͷ Š‡–‡”Ǯ†—ƒŽ‡…‘‘›ǯǡƒ•‹–‹•…‘‘Ž›ƒ’’Ž‹‡†–‘’‘•–Ǧ•‘…‹ƒŽ‹•–…‘—–”‹‡•ǡ‘–‘Ž›Š‹‰ŠŽ‹‰Š–•

‘”‰ƒ‹•ƒ–‹‘ƒŽ ƒ† •–”—…–—”ƒŽ †‹ˆˆ‡”‡…‡• ƒ‘‰ ‡…‘‘‹… ƒ…–‘”• ȋŽƒ”‰‡ ƒ† •ƒŽŽ ϐ‹”•Ȍ „—– ‹– ‹•

‡„‘†‹‡†‹†‹ˆˆ‡”‡…‡•„‡–™‡‡ˆ‘”‡‹‰Ǧ‘™‡†…‘’ƒ‹‡•ȋ…‘‡”…‹ƒŽ„ƒ•Ȍǡ‘–Š‡‘‡Šƒ†ǡ

ƒ†•ƒŽŽ†‘‡•–‹…ϐ‹”•ȋ…‘‘’‡”ƒ–‹˜‡„ƒ•Ȍǡ‘–Š‡‘–Š‡”Ǥ

ͷ ‹–‡”ƒ–—”‡•—‰‰‡•–•–Šƒ–‘Ž›Žƒ”‰‡‡–‡”’”‹•‡•…ƒ’–—”‡‡…‘‘‹…‘ˆ•…ƒŽ‡ƒ†•…‘’‡ǡƒ†Žƒ”‰‡”„ƒ•

‡Œ‘›•‹‰‹ϐ‹…ƒ–Ž›‰”‡ƒ–‡”ƒ”‡–’‘™‡”–Šƒ–Š‡‹”•ƒŽŽ‡”’‡‡”•ȏ—‰ƒƒ†ǯ”—œʹͲͲͲȐǤ–Š‡”•ǡ

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ͶͲ

–‹‡ǡ–Š‡ˆ—†‹‰‡‡†•‘ˆ–Š‡†‘‡•–‹…•‡…–‘”ǡ™Š‹…Š™ƒ•ˆƒ…‹‰…”‡†‹–”ƒ–‹‘‹‰„›

Žƒ”‰‡”„ƒ•†—”‹‰–Š‡ͳͻͻͲ•ǡ™‡”‡Žƒ”‰‡Ž›‡‰Ž‡…–‡†„›‰‘˜‡”‡–•͸ǤŠ‹•’‘Ž‹…›ƒŽ•‘

ˆƒ‹Ž‡†–‘”‡…‘‰‹œ‡–Š‡’‘–‡–‹ƒŽƒ†˜ƒ–ƒ‰‡•‘ˆ–Š‡†‘‡•–‹……‘‘’‡”ƒ–‹˜‡„ƒ‹‰•‡…–‘”

‹ϐ‹ƒ…‹‰•ƒŽŽ„—•‹‡••‡•ƒ†‹–‹‰ƒ–‹‰ϐ‹ƒ…‹ƒŽ‡š…Ž—•‹‘Ǥ

Š‡‡˜‘Ž—–‹‘‘ˆ–Š‡—‰ƒ”‹ƒ…‘‘’‡”ƒ–‹˜‡„ƒ‹‰‹•†‡–‡”‹‡†„›–Š‡Ž‡‰ƒ…›‘ˆ

–Š‡…‡–”ƒŽŽ›’Žƒ‡†…‘ƒ†‡…‘‘›Ǥ‘™‡˜‡”ǡ–Š‡…‘ƒ†‡…‘‘›Š‡”‹–ƒ‰‡

ƒŽ‘‡ƒ›‘–„‡•—ˆϐ‹…‹‡––‘ƒ†‡“—ƒ–‡Ž›‡š’Žƒ‹™Š›–Š‡—‰ƒ”‹ƒ…‘‘’‡”ƒ–‹˜‡•

™‡”‡ •–”—‰‰Ž‹‰ ƒˆ–‡” –Š‡ ”‡‰‹‡ …Šƒ‰‡Ǥ ƒ–Š‡” –Š‡ ‡™Ž› …”‡ƒ–‡† …‘’‡–‹–‹˜‡

…‘†‹–‹‘• ‹ –Š‡ „ƒ‹‰ ƒ”‡– ƒ† –Š‡ •Š‘”–…‘‹‰• ‘ˆ ‡™ ”‡‰—Žƒ–‹‘• Šƒ˜‡

—†‡”‹‡†–Š‡˜‡”›‡••‡…‡‘ˆ…‘‘’‡”ƒ–‹˜‡„ƒ‹‰’ƒ˜‹‰Ž‡‰ƒŽŽ‘‘’Š‘Ž‡•–‘™ƒ”†•

†‡—–—ƒŽ‹•ƒ–‹‘Ǥ ˜‘Ž—–‹‘ ‘ˆ –Š‡ —‰ƒ”‹ƒ …‘‘’‡”ƒ–‹˜‡ „ƒ• ‹ –—” ‘– ‘Ž›

ˆ‘ŽŽ‘™‡†‹–‡”ƒ–‹‘ƒŽ–”‡†•–‘™ƒ”†•†‡—–—ƒŽ‹•ƒ–‹‘„—–”‡‰—Žƒ–‘”›•Š‘”–…‘‹‰•

ƒ†–Š‡†—ƒŽ„ƒ‹‰•›•–‡•‹‰‹ϐ‹…ƒ–Ž›ƒˆˆ‡…–‡†–Š‡‹”–”ƒ•ˆ‘”ƒ–‹‘Ǥ

–‹Ž ͳͻͺ͹ǡ –Š‡ ‘‡Ǧ–‹‡” „ƒ •›•–‡ ƒ……‘‘†ƒ–‡† ™‹–Š ƒ ‘†‡ ‘ˆ ‡…‘‘‹…

…‘–”‘Ž‹™Š‹…Š…”‡†‹–†‡ƒ†•‘ˆ‡…‘‘‹…ƒ…–‘”•™‡”‡†‡–‡”‹‡†„›…‡–”ƒŽ

’Žƒ‹‰͹Ǥ‘™‡˜‡”ǡ†‡•’‹–‡–Š‡ˆ”ƒ‡™‘”…‘†‹–‹‘•…‘‘’‡”ƒ–‹˜‡•™‡”‡‡š‡’–‡†

ˆ”‘†‹”‡…–’ƒ”–›…‘–”‘ŽǤŠ‡‹”‘’‡”ƒ–‹‘”‡Ž‹‡†‘”‡‘–Š‡‹”•‡‹Ǧƒ—–‘‘‘—•

’”‘ˆ‡••‹‘ƒŽ ƒ••‘…‹ƒ–‹‘• „› …‘—–› Ž‡˜‡Ž ƒ† ’ƒ”ƒ†‘š‹…ƒŽŽ› –Š‡‹” Ž‡‰ƒŽ •–ƒ–—–‡

™ƒ• —…Š …Ž‘•‡” –‘ –Š‡ ‡„‡”•Š‹’Ǧ‘”‹‡–‡† …Žƒ••‹…ƒŽ …‘‘’‡”ƒ–‹˜‡ Žƒ™ǡ –Šƒ –Š‡

Ž‡‰‹•Žƒ–‹‘ƒ†‘’–‡†ƒˆ–‡”–Š‡…Šƒ‰‡‘ˆ”‡‰‹‡Ǥ

Š‡ …‘‘’‡”ƒ–‹˜‡ „ƒ‹‰ •‡…–‘” Šƒ• „‡‡ –Š‡ Dz‘”’Šƒ …Š‹Ž†dz ‘ˆ ‰‘˜‡”‡–

‡…‘‘‹…’‘Ž‹…›‘ˆ–Š‡’ƒ•––™‡–››‡ƒ”•ȏ‹••ʹͲͳͳȐǤŠ‡•–ƒ–‡‹–‡”˜‡–‹‘ƒ†

”‡…ƒ’‹–ƒŽ‹œƒ–‹‘‹–Š‡…‘‘’‡”ƒ–‹˜‡„ƒ‹‰•‡…–‘”„‡…ƒ‡‡…‡••ƒ”›ƒ†‹‡˜‹–ƒ„Ž‡

•Š‘”–Ž›ƒˆ–‡”–Š‡…‘•‘Ž‹†ƒ–‹‘Šƒ†„‡‡‹’Ž‡‡–‡†‹–Š‡…‘‡”…‹ƒŽ„ƒ‹‰

•‡…–‘”ǤŠ‡–”ƒ•ˆ‘”ƒ–‹‘…”‹•‹•‹’‘•‡†ƒŠ—‰‡„—”†‡‘–Š‡„ƒ‹‰•›•–‡ƒ†

…‘‘’‡”ƒ–‹˜‡„ƒ•„‡…ƒ‡’ƒ”–‹…—Žƒ”Ž›˜—Ž‡”ƒ„Ž‡ǤŠ‡—†‡”…ƒ’‹–ƒŽ‹œ‡†‹•–‹–—–‹‘•

™‹–Š–Š‡‹”—‡š’‡”‹‡…‡†ƒƒ‰‡‡–ƒ†…Ž‹‡–•™‡”‡‘–’”‡’ƒ”‡†ˆ‘”–Š‡

‡™…”‡†‹–ƒ”‡–‡˜‹”‘‡–…Šƒ”ƒ…–‡”‹œ‡†„›„‘–Š–Š‡‹…”‡ƒ•‹‰…‘’‡–‹–‹‘

ƒ† –‹‰Š–‡‹‰ ‡…‘‘‹… …‘†‹–‹‘Ǥ Š‡ •‡…–‘” ™ƒ• „ƒ…‡† „› •–ƒ–‡ …ƒ’‹–ƒŽ

‹Œ‡…–‹‘‹ͳͻͻ͵ǡ…‘•‘Ž‹†ƒ–‹‰‘‡–Š‹”†‘ˆ…‘‘’‡”ƒ–‹˜‡„ƒ•ƒ†–Š‡‰‘˜‡”‡–

•‹—Ž–ƒ‡‘—•Ž›‡•–ƒ„Ž‹•Š‡†–Š‡‹”‹•–‹–—–‹‘ƒŽ’”‘–‡…–‹‘•…Š‡‡Ǥ‘‘’‡”ƒ–‹˜‡„ƒ•

Ž‹‡ǡƒ…Š•ƒ†ƒ”‡”ȏͳͻͻͷȐƒ”‰—‡–Šƒ–‘’‡‡••ǡ‡ƒ•—”‡†’ƒ”–‹ƒŽŽ›„›–Š‡‹˜‡•–‡–•‘ˆˆ‘”‡‹‰

‘™‡†…‘’ƒ‹‡•ǡ…‘–”‹„—–‡•–‘‰”‘™–Šƒ†‡…‘‘‘‹……‘˜‡”‰‡…‡Ǥ…‘–”ƒ•––‘–Š‹•ǡ ‘‰‡Ž‡–

ƒŽǤȏʹͲͲͺȐϐ‹†–Šƒ–…‘—–”‹‡•™‹–ŠŠ‹‰Š‡”„‹‰„—•‹‡•••–ƒ„‹Ž‹–›•Š‘™•Ž‘™‡”‰”‘™–ŠǤ‹‹Žƒ”Ž›ǡŽƒ”‰‡

„ƒ‹‰•›•–‡‹•ƒ••‘…‹ƒ–‡†™‹–Š•–ƒ„Ž‡ƒ†„‹‰„—•‹‡•••‡…–‘”‹‰Š–‹†—…‡•–ƒ„‹Ž‹–›”ƒ–Š‡”–Šƒ

‰”‘™–Šƒ††›ƒ‹•Ǥ

͸ Š‹•‹•‹Ž‹‡™‹–Š–Š‡Ž‹–‡”ƒ–—”‡ǡ™Š‹…Šϐ‹†•–Šƒ––Š‡ˆ‘”‡‹‰Ǧ‘™‡†„ƒ•Ž‡†Ž‡••–‘•ǡ’ƒ”–‹…—Ǧ

Žƒ”Ž›‹ˆ–Š‡„ƒ•ǯŠ‡ƒ†“—ƒ”–‡”•ƒ”‡Ž‘…ƒ–‡†‹ƒ†‹•–ƒ–…‘—–”›ȏ‡ƒƒ•‡–ƒŽǤʹͲͳͲȐǤ‹‹Žƒ”Ž›ǡ–Š‡›

ƒ”‰—‡–Šƒ–•ƒŽŽ„ƒ•Ž‡†‘”‡–‘•–Šƒ†‘Žƒ”‰‡„ƒ•‹–”ƒ•‹–‹‘…‘—–”‹‡•Ǥ

͹ •‘…‹ƒŽ‹•–’Žƒ‡†‡…‘‘›ǡ–Š‡”‡ƒŽ•‘‡š‹•–‡†–™‘ϐ‹ƒ…‹ƒŽ‹•–‹–—–‹‘••’‡…‹ƒŽ‹•‡†‹”‡–ƒ‹Ž„ƒǦ

‹‰ǡ –Š‡ ƒ–‹‘ƒŽ ƒ˜‹‰• ƒ ™‹–Š ƒ–‹‘™‹†‡ ‡–™‘” ƒ† …‘‘’‡”ƒ–‹˜‡ „ƒ•Ǥ Š‡ ƒ–‹Ǧƒ”‡–

•‡–‹‡–‘ˆ–Š‡…‘ƒ†‡…‘‘›ƒ„‘Ž‹•Š‡†–Š‡…‘‘’‡”ƒ–‹˜‡„ƒ‹‰‹ͳͻͷʹǤˆ–‡”ƒˆ‡™›‡ƒ”•‘ˆ

„”‡ƒǡ…‘‘’‡”ƒ–‹˜‡„ƒ•™‡”‡ƒŽŽ‘™‡†–‘”‡‘”‰ƒ‹œ‡‹–•‡Žˆ‹ͳͻͷ͸ǤŠ‡‹”‘’‡”ƒ–‹‘™ƒ••—„‘”†‹ƒǦ

–‡†–‘–Š‡‹‹•–”›‘ˆ ‹ƒ…‡ǡ–Š‡•…‘’‡‘ˆ–Š‡‹”•‡”˜‹…‡•™ƒ•Ž‹‹–‡†–‘Š‘—•‡Š‘Ž†Ž‡†‹‰‘Ž›Ǥ

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Ͷͳ

™Š‹…Š„‡…ƒ‡˜—Ž‡”ƒ„Ž‡†—”‹‰–Š‡ϐ‹”•–†‘‡•–‹…„ƒ‹‰…”‹•‹•ƒˆ–‡”–Š‡…Šƒ‰‡

‘ˆ”‡‰‹‡†—”‹‰–Š‡ϐ‹”•–•–ƒ‰‡‘ˆ‡…‘‘‹…–”ƒ•‹–‹‘™‡”‡•—’’‘”–‡†„›–Š‡•–ƒ–‡

–Š”‘—‰Š–Š‡‡™Ž›‡•–ƒ„Ž‹•Š‡†ƒ–‹‘ƒŽ‘‘’‡”ƒ–‹˜‡ƒ‹‰•–‹–—–‹‘”‘–‡…–‹‘

—†ȋOTIVAȌƒ†„›•–”‡–Š‡‡‹‰–Š‡ƒƒ”±„ƒȋˆ—…–‹‘‹‰ƒ•ƒƒ’‡š„ƒȌǤ

‡•’‹–‡•‡––‹‰—’–Š‡•‡‹•–‹–—–‹‘•„‘–Š–Š‡‡ˆˆ‡…–‹˜‡Ž‘„„›‹‰ˆ‘”…‡„›…‘‘’‡”ƒ–‹˜‡

„ƒ•ƒ†‰‘˜‡”‡–’‘Ž‹…›™‹ŽŽˆ‘”ˆ—”–Š‡”•—’’‘”–Šƒ˜‡†‹•ƒ’’‡ƒ”‡†ȏžŽƒ†

—”‰‡” ʹͲͳ͵Ǣ ƒŽ‹ ʹͲͳͲȐǤ Š‡ •‡…–‘” ”‡ƒ‹‡† ƒŽ‘‡ ‹ –Š‡ —‡“—ƒŽȀ—‡˜‡

ƒ”‡– …‘’‡–‹–‹‘ ™‹–Š …‘‡”…‹ƒŽ „ƒ•ǡ ƒŽŽ –Š‡ ™Š‹Ž‡ ƒ‹–ƒ‹‹‰ ‹–• ͶȂ͸Ψ

ƒ”‡–•Šƒ”‡ǤŠ‡„ƒ‹‰”‡ˆ‘”•‘ˆ–Š‡‡ƒ”Ž›–”ƒ•‹–‹‘’‡”‹‘†‘ˆˆ‡”‡†ƒ—‹“—‡

‘’’‘”–—‹–›–‘•–”‡‰–Š‡–Š‡†‘‡•–‹……‘‘’‡”ƒ–‹˜‡„ƒ‹‰•‡…–‘”„—–‹–™ƒ•‘–

‡š’Ž‘‹–‡†ƒ†‹–•‹–‡”ƒŽƒ†‡š–‡”ƒŽˆ”ƒ‡™‘”…‘†‹–‹‘•™‡”‡–‘–ƒŽŽ›Žƒ…‹‰Ǥ

—‡ –‘ –Š‡ ƒ„•‡…‡ ‘ˆ ƒ†‡“—ƒ–‡ Ž‡‰ƒŽ ”‡‰—Žƒ–‹‘ –Š‡ …‘”’‘”ƒ–‡ ‰‘˜‡”ƒ…‡

•–”—…–—”‡ˆ—”–Š‡”™‡ƒ‡‡†’ƒ˜‹‰–Š‡™ƒ›–‘™ƒ”†•†‡—–—ƒŽ‹œƒ–‹‘ƒ†–Š‡social embeddedness‘ˆ–Š‡…‘‘’‡”ƒ–‹˜‡„ƒ‹‰•‡…–‘”•–ƒ”–‡†–‘†‹•ƒ’’‡ƒ”‹—‰ƒ”›Ǥ

‘”‡‘˜‡”ǡ –Š‡”‡ ™ƒ• ‘ ƒ†ƒ–‘”› ‡„‡”•Š‹’ ƒ– ƒ ‹•–‹–—–‹‘ƒŽ ’”‘–‡…–‹‘

ˆ—†ˆ‘”—‰ƒ”‹ƒ…‘‘’‡”ƒ–‹˜‡•ǡƒ•‹–‹•–›’‹…ƒŽ‹‘–Š‡”—”‘’‡ƒ…‘—–”‹‡•ǤŠ‡

†‡‰”‡‡‘ˆŠ‡–‡”‘‰‡‡‹–›™ƒ•Š‹‰Šƒ†ǡƒ––Š‡•ƒ‡–‹‡ǡ–Š‡’”‘’‡•‹–›ˆ‘”•–”‘‰‡”

‡–™‘” ‹–‡‰”ƒ–‹‘ͺ ”‡ƒ‹‡† Ž‘™Ǥ •–‹–—–‹‘• ‘ˆ–‡ Ž‘‘ ƒ– ‡ƒ…Š ‘–Š‡” ƒ•

…‘’‡–‹–‘”•ƒ†‘–ƒ•’ƒ”–‡”•ǤŠ‹Ž‡•‘‡…‘‘’‡”ƒ–‹˜‡•…Š‘•‡–‘‘’‡”ƒ–‡™‹–Š‘—–

ƒ› ’”‘–‡…–‹‘ ˆ—†ǡ ƒ† •‘‡–‹‡• †‡—–—ƒŽ‹œ‡† ‡šǦ…‘‘’‡”ƒ–‹˜‡•ǡ ‘’‡”ƒ–‹‰ ƒ•

…‘‡”…‹ƒŽ„ƒ•ǡ™‡”‡ƒ†‹––‡†Ǥ•ƒ”‡•—Ž–ǡ—’—–‹ŽʹͲͳ͵ǡ–Š”‡‡’”‘–‡…–‹‘ˆ—†•

‡š‹•–‡†‹–Š‡…‘—–”›ȋǡǡȌ™‹–Š˜ƒ”›‹‰†‡‰”‡‡‘ˆ…‘–”‘Ž‘˜‡”

–Š‡…‘‘’‡”ƒ–‹˜‡•ƒ†ϐ‹ƒ…‹ƒŽ’‘™‡”ͻǤʹͲͳ͵ǡ–Š‡”„ƒ‰‘˜‡”‡–Žƒ—…Š‡†

ƒˆ‘”…‡†‹–‡‰”ƒ–‹‘‘ˆ–Š‡…‘‘’‡”ƒ–‹˜‡„ƒ•’ƒ••‹‰–Š‡…–‘‘‘’‡”ƒ–‹˜‡ƒ•

ȋȌǡ ™Š‹…Š ‹–‡””—’–‡† –Š‡ „‘––‘Ǧ—’ ƒ† ˜‘Ž—–‡‡” ‹–‡‰”ƒ–‹‘ ’”‘…‡••‡•

™‹–Š‹ –Š‡ •‡…–‘”Ǥ •–‡ƒ† ‘ˆ –Š‹• –Š‡ ‰‘˜‡”‡– ‹–”‘†—…‡† ƒ ƒ†ƒ–‘”›ǡ –‘’Ǧ

†‘™ƒ†’‘Ž‹–‹…ƒŽǦ†”‹˜‡‹–‡‰”ƒ–‹‘ǡ™Š‹…Š„‡ƒ”†–Š‡ƒ”•‘ˆ„‡‹‰–›’‹…ƒŽ‹

…”‘›…ƒ’‹–ƒŽ‹•ȏ‘”ƒ‹ʹͲͳͷȐƒ†‹Ǯƒϐ‹ƒ•–ƒ–‡•ǯȏ•‡’‡Ž‹ʹͲͳͶȐǤ•’‹–‡‘ˆ–Š‹•

Ǯ”‡ˆ‘”ǯ Šƒ• •‘‡ …‘•–Ǧ…—––‹‰ ”‡•—Ž–•ǡ ‹– †‹† ‘– •‘Ž˜‡ –Š‡ ƒ‹ ’”‘„Ž‡• ‘ˆ –Š‡

•‡…–‘”ǣˆ‘”‡šƒ’Ž‡–Š‡•ƒŽŽƒ”‡–•Šƒ”‡ǡ–Š‡Ž‘™‡”‡ˆϐ‹…‹‡…›ƒ†’‡”ˆ‘”ƒ…‡ǡ

ƒ†‹–Ž‡†–‘–Š‡ϐ‹ƒŽ‡”‘•‹‘‘ˆ–‡””‹–‘”‹ƒŽ’”‹…‹’Ž‡‘ˆ…‘‘’‡”ƒ–‹˜‡•ȏ‘˜ž…•ʹͲͳͷȐǤ

 –Š‹• …–ǡ –Š‡ Ž‡‰‹•Žƒ–—”‡ …”‡ƒ–‡† ƒ ‡™ ‹•–‹–—–‹‘ƒŽ ˆ”ƒ‡™‘” ‘ˆ ‡–™‘”•ǡ

‡•–ƒ„Ž‹•Š‡†ƒ‡™—„”‡ŽŽƒ‘”‰ƒ‹•ƒ–‹‘‘ˆ–Š‡‹–‡‰”ƒ–‹‘ǡ™Š‹…Š‹•”‡•’‘•‹„Ž‡

ˆ‘” –Š‡ ‹•–‹–—–‹‘ƒŽ ’”‘–‡…–‹‘ ȋƒ• •—……‡••‘” ‘ˆ –Š”‡‡ ˆ‘”‡” ’”‘–‡…–‹‘ ˆ—†•Ȍǡ

–Š‡ ϐ‹ƒ…‹ƒŽ •—’‡”˜‹•‹‘ ƒ† –Š‡ …”‹•‹• ƒƒ‰‡‡–ǡ ‹ˆ ‹– ‹• ‡…‡••ƒ”›Ǥ  –Š‹•

†—’Ž‹…ƒ–‡†•–”—…–—”‡ǡ–Š‡ƒƒ”±„ƒȋ–Š‡ˆ‘”‡”ƒ’‡š„ƒȌ„‡…ƒ‡–Š‡‘Ž†ƒ†

‡™—„”‡ŽŽƒ„ƒ‘ˆ–Š‡‹–‡‰”ƒ–‹‘™‹–Š‡š–‡•‹˜‡‹•’‡…–‹‘”‹‰Š–•ǡ„—–‹–•ƒ‹

–ƒ•‹•–Š‡ƒ‹‰‘ˆ…‘‘•–”ƒ–‡‰›ƒ†„—•‹‡••’‘Ž‹…›ȏ‘†ž”‡–ƒŽǤʹͲͳͷȐǤ

ͺ Š‡•–”‘‰‡”‡–™‘”‹–‡‰”ƒ–‹‘‡ƒ•†‡˜‡Ž‘’‡–‘ˆ‡–™‘”Ǧ™‹†‡’”—†—…–•ǡ…‘‘ƒ†

„—•‹‡•••–ƒ–‡‰›—†‡”–Š‡ƒ••‹•–ƒ…‡‘ˆ–Š‡ƒ’‡š„ƒǤ

ͻ —•‡†–‘…‘ŽŽ‡…–‘Ž›ƒ ʹȋ̀͸ǡͲͲͲȌ…‘–”‹„—–‹‘ˆ”‘‡ƒ…Š‡„‡”ƒ•ƒŠ‡†‰‡ƒ‰ƒ‹•–

ƒ›…”‹•‹••‹–—ƒ–‹‘Ǥƒƒ‰‡†ƒ••‡–•‘ˆ ʹͲͲƒ†ƒ••‡–•‘ˆ ͳͶǤͶ„Ȃ‹ƒ††‹Ǧ

–‹‘–‘‹–•‘™‡“—‹–›ȋ˜ƒŽ—‡†ƒ– ͳͲ„ǤȌǤ

(13)

Ͷʹ

͵ǤʹǤ‘”’‘”ƒ–‡‰‘˜‡”ƒ…‡ƒ†‘™‡”•Š‹’•–”—…–—”‡‘ˆ–Š‡…‘‘’‡”ƒ–‹˜‡„ƒ•

ͳͻͻʹǡ™Š‡–Š‡…–‘‘‘’‡”ƒ–‹˜‡•’ƒ••‡†ǡ–Š‡”‡™‡”‡ʹ͸Ͳ…‘‘’‡”ƒ–‹˜‡„ƒ•

™‹–Šͳ͹ͷʹ„”ƒ…Š‡•ƒ†–Š‡‹”‡„‡”•Š‹’”‡ƒ…Š‡†ͳǤͺ‹ŽŽ‹‘Ǥ ‘ŽŽ‘™‹‰–Š‡•‹‰Ž‡

•–ƒ–‡‹–‡”˜‡–‹‘–Š‡•‡…–‘”™ƒ••–”—‰‰Ž‹‰–‘‡‡’’ƒ…‡™‹–Š…‘‡”…‹ƒŽ„ƒ•ǣ

–Š‡—„‡”‘ˆ‹•–‹–—–‹‘•‡ƒ”Ž›ŠƒŽ˜‡††—‡–‘‡”‰‡”•ǡ–Š‡•‡…–‘”Ž‘•–ͻͲΨ‘ˆ‹–•

‡„‡”•„›ʹͲͲͺǡƒ†‹–•ƒ”‡–•Šƒ”‡•–ƒ‰ƒ–‡†ƒ–ƒ”‘—†ͷ’‡”…‡–ǡ™Š‡–Š‡

‰‘˜‡”‡–‹‹–‹ƒ–‡†ƒƒŒ‘”‘˜‡”Šƒ—Žƒ†”‡‘”‰ƒ‹œƒ–‹‘‘ˆ–Š‡…‘‘’‡”ƒ–‹˜‡•‡…–‘”Ǥ

‡„‡”•Š‹’ˆ‡ŽŽˆ”‘ʹ‹ŽŽ‹‘ȋ”‡‰‹•–‡”‡†Ȍƒ––Š‡–‹‡‘ˆ–Š‡”‡‰‹‡…Šƒ‰‡ȋͳͻͻͲȌ

–‘ƒ”‘—†‘‡Š—†”‡†–Š‘—•ƒ†„›ʹͲͲ͸ȏ‹••ʹͲͲͻȐǤŠ‹•…ƒ‘–„‡…‘’ƒ”‡†

™‹–Š–Š‡‡”ƒ‘”–ƒŽ‹ƒ‡š’‡”‹‡…‡ǡ™Š‡”‡‘‡Ǧ–Š‹”†‘”‘‡ǦŠƒŽˆ‘ˆ…Ž‹‡–•ƒ”‡

‡„‡”• ‘ˆ …‘‘’‡”ƒ–‹˜‡•Ǥ Š‡ ƒƒ‰‡‡– ‘ˆ •‡˜‡”ƒŽ …‘‘’‡”ƒ–‹˜‡• †‡Ž‹„‡”ƒ–‡Ž›

–”‹‡†–‘”‡†—…‡–Š‡‹”‡„‡”•Š‹’„›‹…”‡ƒ•‹‰–Š‡…‘’—Ž•‘”›‡„‡”•Š‹’ˆ‡‡ǡ

™‹–Š–Š‡ϐ‹ƒŽƒ‹–‘”—–Š‡…‘‘’‡”ƒ–‹˜‡ƒ•–Š‡‹”‘™ϐ‹ƒ…‹ƒŽ‹•–‹–—–‹‘–Šƒ–‘ˆ–‡

”‡•—Ž–‡† ‹ ƒƒ‰‡‡– „—›Ǧ‘—–•Ǥ ‘‘’‡”ƒ–‹˜‡ …‘”’‘”ƒ–‡ ‰‘˜‡”ƒ…‡ Šƒ• ƒ ˆ‡™

’ƒ”–‹…—Žƒ”‹–‹‡• …‘’ƒ”‡† –‘ …‘‡”…‹ƒŽ ‡–‡”’”‹•‡• †—‡ –‘ –Š‡ —‹“—‡ •‡–—’ ‘ˆ

—–—ƒŽ‘™‡”•Š‹’ǡ„—–…‘‘’‡”ƒ–‹˜‡‡„‡”•ƒ†„‘ƒ”†‡„‡”•Šƒ˜‡Ž‡••ƒ„‹Ž‹–›

–‘…‘–”‘Ž–Š‡ƒƒ‰‡‡––Šƒ‹–‹•–Š‡…ƒ•‡ƒ–…‘‡”…‹ƒŽ…‘’ƒ‹‡•ȏ ‘–‡›‡

ʹͲͲ͹ȐǤ ‘‡ ‘ˆ —‰ƒ”‹ƒ …‘‘’‡”ƒ–‹˜‡ ƒƒ‰‡”• ‡š‡”…‹•‡ ‡ˆˆ‡…–‹˜‡ …‘–”‘Ž ‘˜‡”

–Š‡‹” …‘‘’‡”ƒ–‹˜‡ ™‹–Š –Š‡‹” ‘™ •Šƒ”‡• ƒ† ™‹–Š –Š‡ •—’’‘”– ‘ˆ ƒ ˆ‡™ •‡Ž‡…–‡†

‡„‡”•Ǥ ‹”•–ǡ ƒƒ‰‡”• ‘ˆ …‡”–ƒ‹ …‘‘’‡”ƒ–‹˜‡• Š‘Ž† ƒ •‹‰‹ϐ‹…ƒ– —„‡” ‘ˆ

•Šƒ”‡•ǡ•‹…‡–Š‡‡Ž‹‹ƒ–‹‘‘ˆ–Š‡Ž‹‹–ƒ–‹‘‘ˆ–Š‡—„‡”‘ˆ•Šƒ”‡•‘™‡†„›

ƒ‡„‡”Ǥ‡…‘†ǡ•‡Ž‡…–‡†‡„‡”••—’’‘”––Š‡ƒƒ‰‡‡–ˆ‘”‰‘‘†’‘•‹–‹‘•

‘”Š‹‰Š†‹˜‹†‡†•ǤŠ‡”‡ˆ‘”‡ǡ–Š‡—„‡”‘ˆ‡„‡”•‹•ƒ…”‹–‹…ƒŽ†‡–‡”‹ƒ–‘ˆ

…‘”’‘”ƒ–‡‰‘˜‡”ƒ…‡ƒ–ƒ…‘‘’‡”ƒ–‹˜‡„ƒǡ•‘‹ˆ–Š‡—„‡”‘ˆ‡„‡”•‹•ƒ”‘—†

–Š‡ Ž‡‰ƒŽ ‹‹—ǡ –Š‡ …‘”’‘”ƒ–‡ ‰‘˜‡”ƒ…‡ ‹• •–”‘‰ǡ –Š‡ •Šƒ”‡ ‘ˆ †‹•–”‹„—–‡†

•—”’Ž—•ƒ•™‡ŽŽƒ•–Š‡…ƒ’‹–ƒŽ’‡”‡„‡”‹•Š‹‰ŠǤ…‘–”ƒ•–ǡ‹ˆ–Š‡…‘‘’‡”ƒ–‹˜‡Šƒ•

ƒŽƒ”‰‡—„‡”‘ˆ‡„‡”•ǡ–Š‡–”‡†•ƒ”‡”‡˜‡”•‡Ǥ—”‰‡”ȏʹͲͳ͵Ȑ…ƒŽŽ‡†–Š‡ϐ‹”•–

‰”‘—’ƒ•…‘‡”…‹ƒŽ…‘‘’‡”ƒ–‹˜‡•ǡƒ†–Š‡•‡…‘†ƒ•’ƒ••‹˜‡…‘‘’‡”ƒ–‹˜‡•Ǥ—”‰‡”ǯ•

ȏʹͲͳ͵Ȑ‡’‹”‹…ƒŽƒƒŽ›•‹•…‘ϐ‹”•–Š‡‡‡”‰‡…‡‘ˆƒ‰‡…›’”‘„Ž‡ǣ‹•–‹–—–‹‘•

ˆ—…–‹‘‹‰ ™‹–Š ƒ”‘—† –Š‡ Ž‡‰ƒŽŽ› ”‡“—‹”‡† ‹‹— ‘ˆ ʹͲͲ ‡„‡”•ͳͲ –‡†

–‘˜‘–‡—…ŠŠ‹‰Š‡”†‹˜‹†‡†•ˆ‘”–Š‡•‡Ž˜‡•–Šƒ–”ƒ†‹–‹‘ƒŽ…‘‘’‡”ƒ–‹˜‡•™‹–Š

ƒ —…Š Žƒ”‰‡” ‡„‡”•Š‹’ †‘Ǥ ‘–”ƒ”› –‘ –Š‹• ’”ƒ…–‹…‡ –”ƒ†‹–‹‘ƒŽȀ…Žƒ••‹…ƒŽ

…‘‘’‡”ƒ–‹˜‡•”‡‹˜‡•–‘•–‘ˆ–Š‡‹”’”‘ϐ‹–•ˆ‘”–Š‡„‡‡ϐ‹–•‘ˆˆ—–—”‡‰‡‡”ƒ–‹‘•Ǥ

‘™‡˜‡”ǡ ”‡‡™‡† ƒƒ‰‡‡– •—……‡••ˆ—ŽŽ› ‘’‡”ƒ–‡† •‘‡ ‘ˆ –Š‡ ‹•–‹–—–‹‘•

™‹–Š Ž‹––Ž‡ ‡„‡”•Š‹’ ’ƒ”–‹…‹’ƒ–‹‘ †—”‹‰ –Š‡ –”ƒ•‹–‹‘ ƒ† …‘•‡“—‡–Ž› –Š‡

”‡‹–”‘†—…–‹‘‘ˆ’—”‡—–—ƒŽ’”‹…‹’Ž‡•ƒ†–Š‡—†‡”Ž›‹‰•‘…‹ƒŽ‡„‡††‡†‡••

‘ˆ–Š‡•‡‹•–‹–—–‹‘•„‡…ƒ‡Š‹‰ŠŽ›’”‘„Ž‡ƒ–‹…Ǥ‘‘’‡”ƒ–‹˜‡„ƒ•„‡…ƒ‡‘”‡

ƒ† ‘”‡ †‡’‡†‡– ‘ –Š‡‹” ƒƒ‰‡‡– ˆ‘” –Š‡ ƒ‹–‡ƒ…‡ ‘ˆ –Š‡‹” —–—ƒŽ

’”‹…‹’Ž‡• ƒ† ’”ƒ…–‹…‡•Ǥ ˜‹†‡…‡ ’‘‹–• –‘ –Š‡ †‘‹ƒ…‡ ‘ˆ ƒƒ‰‡”‹ƒŽ ”ƒ–Š‡”

ͳͲ Š‹•‹‹——„‡”‘ˆ‡„‡””‡“—‹”‡‡–‹…”‡ƒ•‡†„›Žƒ™ˆ”‘ͳͷ–‘ʹͲͲ‹ʹͲͲʹ‹‘”†‡”–‘

’”‡˜‡–‘”•Ž‘™†‘™–Š‡ƒ……‡Ž‡”ƒ–‹‰‡”‘•‹‘‘ˆ‡„‡”•Š‹’ƒ†•—„•‡“—‡–ƒƒ‰‡‡–Ǧ„—›Ǧ‘—–

’”‘…‡••‡•ǤŠ‡†”‘’‹‡„‡”•Š‹’—†‡”‹‡†–Š‡…‘‘’‡”ƒ–‹˜‡„ƒ•ǯƒ„‹Ž‹–›ˆ‘””‡Ǧ…ƒ’‹–ƒŽ‹•ƒ–‹‘Ǥ

Ábra

Table 1. Illustration of geographical position and lending activity  of cooperative credit institutions
Figure 1. Presence of commercial and savings banks in the different size of settlements, 2017 (%)
Figure 2. Rate of commercial banks’ and cooprative banks’ branch density  at the level of administrative districts, 2017
Figure 3. Estimated loan-to-deposit values of the cooperative sector (2010)

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