Abstract

The paper deals with the alignment/ misalignment of the directors' behavior with respect to the interest of the partners/cooperators, to verify whether the rules favor ones or the others. As regards that question we examine the efficiency of the administrative systems with regard to the cooperative companies modelled on the type joint-stock company, both with regard to the cooperative companies modelled on the type of limited liability company. It is concluded that in the larger cooperatives, whether in production or consumption and work, the alignment of directors' behavior to that of the partners is more efficient if corporate governance should distinct corporate membership categories or, at least, the statute gives space to any eventual opposing interest groups.