英文文献：Post Merger Performance of Agricultural Cooperatives-农业合作社合并后绩效
英文文献作者：Richards, Timothy J.,Manfredo, Mark R.
英文文献摘要：
Agricultural cooperatives are participating in mergers, acquisitions, strategic alliances, and joint ventures at a record pace. While post-post merger performance has been examined extensively for investor owned firms, this has not been the case for agricultural cooperatives since these firms do not have an explicit profit motive nor publicly traded stock. Results from a three-stage econometric model reveal that a major motivation for cooperatives to engage in these activities is to circumvent unique capital constraints, thus resulting in improved profitability. Furthermore, the decision to merge and financial performance are jointly endogenous, with profitability positively influenced and sales growth negatively influenced by the likelihood of merger.

农业合作社正在以创纪录的速度参与合并、收购、战略联盟和合资。虽然对投资者所有公司的并购后绩效进行了广泛的研究，但农业合作社的情况并非如此，因为这些公司没有明确的盈利动机，也没有公开交易的股票。三阶段计量经济模型的结果显示，合作社从事这些活动的主要动机是规避独特的资本限制，从而提高盈利能力。此外，合并的可能性会对盈利能力产生积极影响，而对销售增长产生消极影响，因此合并决策和财务绩效共同具有内生性。