Principles of the Organization for Economic Cooperation and Development as an instrument for measuring corporate governance in cooperatives
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Abstract
Corporate governance is a subject that is very much addressed in academic and business studies, since it represents the balance that exists between transparency, corporate equity and the fulfillment of responsibilities in an entity. However, despite the existence of several models of corporate governance, a model that meets the needs of the cooperative sector has not been validated, resulting in a high percentage of savings and credit cooperatives that do not measure their corporate governance. In this context, this research seeks to validate a corporate governance measurement instrument based on the principles of the Organization for Economic Co-operation and Development. This research is a quantitative, non-experimental study of a sample of 60 savings and credit cooperatives in Ecuador. The data obtained were subjected to a multivariate assessment. The statistical techniques used were Confirmatory Factorial Analysis and Structural Equation Modeling. In addition, alpha Cranach statistics, compound reliability or omega coefficient and extracted variance were calculated. The results indicate that the measurement model proposed for the corporate governance construct, based on Economic Co-operation and Development principles, is applicable to the cooperative sector with 25 variables, in addition to an adequate level of goodness of fit, convergent validity and internal consistency.
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