' The Formation of Mutual Insurers in Markets with Adverse Selection,' Journal of Agricultural Cooperation, National Council of Farmer Cooperatives, vol. ' The Role of Management Behavior in Agricultural Cooperatives,' ' Customer-Integrated Business Models: A Theoretical Framework,' Journal of Financial Economics, Elsevier, vol. ' Theory of the firm: Managerial behavior, agency costs and ownership structure,' Journal of Consumer Research, Oxford University Press, vol. ' Work and/or Fun: Measuring Hedonic and Utilitarian Shopping Value,' Babin, Barry J & Darden, William R & Griffin, Mitch, 1994.' Developing new marketing strategy theory: addressing the limitations of a singular focus on firm financial performance,'ĪMS Review, Springer Academy of Marketing Science, vol. ' Mutual Maritime Insurance Clubs – Co-operation and Competition,'Īnnals of Public and Cooperative Economics, Wiley Blackwell, vol. ' Explaining empirically successful marketing theories: the inductive realist model, approximate truth, and market orientation,'ĪMS Review, Springer Academy of Marketing Science, vol. Journal of Law and Economics, University of Chicago Press, vol. Fama, Eugene F & Jensen, Michael C, 1983.The paper concludes with a discussion of both theoretical and managerial implications emerging from the value potential of customer ownership. In addition, the work identifies what kind of value customers can perceive through customer ownership and how that value can be defined and created in consumer cooperatives. As a result, a conceptual framework that addresses the value potential of customer ownership is proposed. Consequently, the purpose of this conceptual study is to uncover the value potential of customer ownership. Customer ownership may hold major implications for how customers ultimately perceive value, which, in turn, influences the very foundations for companies’ competitiveness: customer satisfaction, repurchase intention, and recommendation.

Notwithstanding the relevance of cooperatives and their unique characteristics, which are partly contradictory within the framework of investor-owned firms, this company form and customer ownership itself have remained under-explored in consumer marketing research. Today, cooperatives that are based on customer ownership can be found in banking, insurance, and retailing, where they account for about a trillion US dollars in annual revenue. Various forms of sharing economy and recent initiatives in collaborative consumption further amplify the relevance of a company form wherein the members have a dual role, acting both as owners and as customers. The consumer cooperative enterprise is becoming an increasingly noteworthy company form.

Consumer cooperative examples