The importance of co-operatives to the New Zealand economy

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The importance of co-operatives to the New Zealand economy

Constructing a co-operative economy

Morris Altman

Newcastle Business School, University of Newcastle, Callaghan, Australia

Abstract

Purpose–The purpose of this paper is to measure the size of New Zealand’s co-operative sector, in terms of its direct contribution to output and employment as well as its indirect impact. This adds to the construction of a rigorous representation of the global co-operative economy.

Design/methodology/approach–The findings here are based on data derived largely from surveying the co-operative sector in 2012. A value added approach is used to estimate the co-ops sector’s contribution to New Zealand’s GNP.

Findings–The author estimates suggest that the cooperative sector is much larger, even in its direct impact on the economy, than the prior estimates indicate.

Research limitations/implications–Assumptions were made on the size contribution of missing firms and the value added contribution of co-ops. These assumptions need to be interrogated and improved upon, albeit the assumptions are designed to generate lower bound size estimates.

Practical implications–The methodology adopted in this paper can be used to develop more rigorous estimates of the size of the co-op sector globally.

Social implications–The results empirically challenge the worldview of conventional economics that co-ops are not economically sustainable, where co-ops offer a more equitable and democratic mode for production and development.

Originality/value – This paper presents revised, relatively robust, and methodologically transparent estimates of the size of New Zealand’s co-operative sector. These estimates suggest a much larger sector than previously thought. The methodology developed here can contribute to developing more robust estimates of the size of the co-op sector globally.

KeywordsCo-operatives, Co-operative advantage, New Zealand co-operative sector, Size of co-operative sector, Value added methodology

Paper typeResearch paper

This paper measures the size of New Zealand’s co-operative sector, in terms of its direct contribution to output and employment as well as its indirect impact (the multiplier effect), using a very basic and transparent methodology. The findings here are based on data derived largely from surveying the co-operative sector in 2012. It revises prior and incomplete estimates produced by Statistics New Zealand and those available through the International Co-operative Alliance (ICA), based on earlier estimates provided by the New Zealand Co-operative Association in 2007 (now known as Co-operative Business New Zealand) (New Zealand Co-operative Association, 2012).

Our estimates suggest that the co-operative sector is much larger, even in its direct impact on the economy, than the prior estimates indicate. Internationally, there is an increasing demand for more rigorous estimates on the importance of the co-operative sector.

Currently, estimates remain of a tentative nature[1]. This paper is an effort to address the statistical gaps in the literature. In relation to addressing these gaps, our more robust evidence of the size of the co-operative sector, indicates the capacity of co-operatives, this alternative and more democratic organizational form, to be competitive and sustainable in face of competitive pressures, both locally and globally, from the traditional investor owned firms (IOFs).

International Journal of Social Economics

Vol. 44 No. 12, 2017 pp. 2086-2096

DOI 10.1108/IJSE-06-2016-0174 Received 23 June 2016 Revised 8 October 2016 Accepted 4 November 2016

The current issue and full text archive of this journal is available on Emerald Insight at:

www.emeraldinsight.com/0306-8293.htm

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What is a co-operative

According to the ICA, the governing body of co-operatives worldwide (International Co-operative Alliance, 2015a):

A co-operative is an autonomous association of persons united voluntarily to meet their common economic, social, and cultural needs and aspirations through a jointly owned and democratically-controlled enterprise […]. Co-operatives are businesses owned and run by and for their members. Whether the members are the customers, employees or residents they have an equal say in what the business does and a share in the profits. As businesses driven by values not just profit, co-operatives share internationally agreed principles and act together to build a better world through co-operation.

A co-operative represents an alternative form of business organization, an alternative to the investor-owned firm. But it is not the same thing as a not-for-profit organization since a co-operative must be owned and controlled by members. A co-operative is owned and controlled by workers (and management who are part of the co-operatives workforce) in a workers co-operative, by consumers in a consumer co-operative, by suppliers of goods and services in a supply or producer co-operative, by suppliers in a marketing co-operative and by purchasers of inputs in a purchasing co-operative. Most co-operatives are very much about being competitive whilst also fulfilling social obligations to their members and their communities (Altman, 2009, 2014).

Co-operatives and the world economy

The largest 300 co-operatives in the world contributed USD2.2 trillion to the world economy in 2012, which we estimate to be about 2.2 percent of World Gross Domestic Product (GDP).

It is argued that this represents about 80 percent of the entire output of the co-operative sector.

Hence, it is possible that the co-operative sector contributed 2.8 percent to total world output (2.2/0.80). The USD2.2 trillion is equivalent to the size of the Brazilian economy (GDP) (derived from International Co-operative Alliance, 2015b; World Co-operative Monitor, 2015a, b).

However, the ICA data are largely derived from estimates for the total output produced by world’s largest co-operatives. To accurately measure the co-operative contribution to total world output one would require estimating its value added contribution as opposed to summing-up their total output. The latter involves double-counting. This 2.2 to 2.8 percent figure therefore represents an upper-bound estimate of the contribution of large co-operatives to the world economy. Applying value added measures would cut this percent by at least half to 1.1 to 1.4 percent, assuming that value represents 50 percent of gross output. On the other hand, adding the contribution of the smaller co-operatives to the total would increase the share of co-operatives to total world output. Hence, the need for much more precise and all-encompassing estimates of the contribution of co-operatives to world GDP. One can guestimate that this contribution would be in the 1.5 to 2 percent range, once one accounts for value added and the missing smaller firms.

One recent set of estimates commissioned by the United Nations suggests that co-operatives contributed about 4.3 percent to world GDP or output in 2012. But this is for gross output (David Grace and Associates, 2014). A value added estimate would drop this figure down by at least 50 percent, to about 2.0 percent. Recently, a robust set of estimates have been produced for Canada, suggesting a contribution of 3.4 percent to Canada’s GDP and 1.7 percent to total Canadian employment (Karaphilliset al., 2015).

Co-operatives are most important in agriculture, in the retail sector (consumer co-operative sector), and in the financial sector (credit unions, mutuals, and insurance).

In 2015, for example, 21 percent of the top 300 co-operatives’total output was in the banking

;and financial services sector and 19 percent in insurance co-operatives and mutual.

Another 27 percent was generated by the agriculture and food industry co-operatives and

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16 percent in the wholesale and retail sector. The remaining 17 percent was largely generated in industries and utilities (5 percent), health services (4 percent), and other services (7 percent) (World Co-operative Monitor, 2015a, b).

A very short history of co-operative business in New Zealand

While the first recorded co-operative was established in Fenwick, Scotland in 1769, the generally accepted foundation of the modern co-operative model is from Rochdale England.

In 1844 a group of consumers came together to achieve lower prices on basic necessities by buying in bulk and developed a set of value bound rules to govern their business, which have become known as the Rochdale Principles (Rochdale Pioneers Museum, 2016).

These principles have been used as the basis for governance of many co-operative businesses throughout the world and have been incorporated into the ICA’s own set of core values that co-operative should uphold (Co-operative Business New Zealand, 2016).

Less well known are the origins of New Zealand’s own co-operative journey. Records show evidence of co-operatives operating in New Zealand as early as 1844, at which time a consumer co-operative was purported to be in operation in Riwaka. This record comes from William Pratt who wrote about his journey from Riwaka and was published in London in 1877 (Pratt, 1977).

While these early co-operative origins are important, it was in 1871 that the foundations of the New Zealand co-operative movement were laid when the first dairy co-operative in New Zealand started operation. The Otago Peninsula Cheese Factory opened for business in Springfield, near Dunedin. Each of the eight supplier founders acquired shares depending on how much milk they agreed to supply. The company was founded on co-operative principals and was at the front-end of a new trend. By 1894, 40 percent of the 124 dairy factories in New Zealand were co-operatively owned. Today, approximately 95 percent of the dairy market is made up by co-operatives (Ward, 1975).

The growth and proliferation of co-operatives throughout New Zealand thus far has been aided by a number of organizations. Perhaps the most significant of these is Cooperative Business New Zealand, which represents the collective interests and needs of more than fifty co-operatives and mutuals. It was first established as the New Zealand Agricultural Cooperatives Association 1984, which underwent a name change in 1997 to the New Zealand Cooperatives Association.

Policy

Co-operatives were recognized legally in 1996 when the Cooperative Companies Act was passed. This act differentiated co-operatives from IOFs in a number of ways. Mainly it allowed for powers relating to the control and issue of shares. For example, it gave co-operatives the power to issue shares at nominal values. Further, it prevented non-co-operative firms from having the title“co-operative”or any variation of this within their name. Beyond what is laid out in this act, co-operatives are subject the same legal requirements and restriction as an IOF as laid out in the Companies Act 1993 (Ministry of Economic Development, 2013).

Compared with many other parts of the world New Zealand has a fairly neutral policy environment for co-operative businesses. Many countries such as Canada, the USA, Spain, France and Italy support the start up or growth of co-operatives in some way. For example, Spain offers some tax benefits to co-operative companies over the traditional IOFs and Canada has a number of support organizations to encourage and promote the growth of co-operatives.

Some countries, including Germany and Chile, require co-operative businesses to identify as such, raising awareness of co-operatives with the public (Government of Canada Coop Secretariat, 2013; Chloupková, 2016).

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Economic impact of co-operatives

In 2012, the New Zealand Co-operative Association (now Cooperative Business New Zealand) and the Ministry of Economic Development (now Ministry of Business Innovation and Employment) commissioned Statistics New Zealand to estimate the contribution of co-operatives to New Zealand’s GDP. The report that was issued found that co-operatives contributed 5.8 billion New Zealand dollars to GDP, or approximately 3 percent of New Zealand’s GDP in 2009. The report also found that 35,937 people were employed by co-operatives in New Zealand (New Zealand Co-operative Association, 2012)[2]. These are the most rigorous estimates thus far produced on the co-operative sector.

These estimates are based on a list of co-operative businesses developed by Cooperative Business New Zealand in collaboration with the former Ministry of Economic Development.

This list is cross-referenced with Statistics New Zealand’s list of economically significant businesses to determine each co-operative’s contributions to GDP.

There are limitations to this research. An important gap is that Statistics New Zealand’s estimates are based on economically significant businesses. Hence those co-operatives that were not economically significant would be omitted from its calculations. This would result in underestimating the size of co-operatives in New Zealand. This study also used data from the 2008/2009 financial year. This information is nearly eight years old and is somewhat outdated. Furthermore this year was in the very early and strong phases of a recession, so any financial data from this period may significantly differ from estimates based on more current data for more normal years.

Also of importance is that Statistics New Zealand only focuses upon the direct economic impact of co-operatives. But co-operatives affect the non-co-operative sectors indirectly through its purchase of goods and services as inputs into its production process. They also affect the larger economy through the purchases that its members make in other sectors of the economy (Delleret al., 2009; Brownet al., 2015).

More recent estimates have been produced on the contribution of co-operatives to the global economy (David Grace and Associates, 2014). These estimates suggest that co-operatives contributed 20 percent to the New Zealand economy in 2013. Given all the micro-data we have on hand (see below), such a high estimate can only be derived if one uses gross co-operative output as percentage of GDP to estimate the share of the co-operative sector in New Zealand’s GDP. But such an estimate would not be correctly derived. One must use a value added measure to determine the share of co-operatives in the economy, as we do below. As we shall see, this value added methodology suggests that the co-operative sector contributed about 8 percent to New Zealand’s GDP in 2012, the year of our analysis.

Value added is defined as the net contribution made by the firm to total output.

Hence, from the total (gross) output one subtracts the inputs purchased by the firm (intermediate inputs) to produce a given amount of output in a particular year. One proxy for value added is the wages and profits generated by the firm, which is the new value, added by the firm in the process of producing goods and services.

One should note that these revised estimates, as is true of those estimates being revised, do not address the potential contribution of co-operatives to their communities.

Nor does it address the potential contribution of co-operatives to improving the well-being of its member-owners by providing them with a larger share of the economic pie and with a greater say in what’s being produced and sold. These additional potential contributions can be quite important and worthy of further study and investigation (see, e.g. Uzea and Duguid, 2015; Zeuli and Deller, 2007).

Revising estimates for the New Zealand’s co-operative sector

This study develops, we would argue, a more robust measure of the contribution of co-operatives to New Zealand’s GDP. A thorough survey was conducted on co-operative

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businesses in New Zealand that encompass co-operatives large and small. This survey collected data on the revenue, assets, employees, members, and employees employed by members. It is based on a list of firms provided to us by the New Zealand Cooperatives Association. Also used are the annual reports of co-operatives, where available. The results of this survey are aggregated and presented in Table I[3].

Our revenue estimates represent the large majority of the revenue directly generated by co-operatives in 2012. There appears to have been 86 co-operatives in New Zealand in 2012, not all of whom were members of the New Zealand Cooperatives Association. We have data for 55 of these co-operatives. It appears that those not responding to our survey and for which data were not otherwise available were amongst the smallest co-operatives. As a guesstimate, our revenue estimates probably represents 92 percent of the contribution of co-operatives to New Zealand’s total output. This can be extrapolated to be $41 billion from the original $39 billion for the entire population of co-operative firms.

This guesstimate assumes that the co-operatives for which data were not available generated an annual revenue that was equivalent to the average of all co-operatives for which we have data, exclusive of the top ten co-operatives in New Zealand. If we use the median for the latter or the median for all co-ops excluding Fonterra (the dominant New Zealand co-operative), the revenue adjustment would be somewhat lower, but not by much (less than 5 percent). These adjustments incorporate the assumption that, as already mentioned, the undercoverage is most probably related to smaller firms. Hence we would not anticipate that this undercoverage would be significant. We do not have direct estimates on the value of intermediate inputs into the co-operatives’production process, which are required to estimate the co-operatives’ true or value added (net) contribution to GDP.

We assume that the proportion of output which is value added in the co-operative sector is the same as that for the New Zealand economy, or 40 percent in 2012 (this appears to be a lower-bound estimate) (derived from Statistics New Zealand, 2016).

Given these assumptions, co-operatives contributed $16,300,197,048 in value added or

$16 billion, this compared to the $5.8 billion estimate of Statistics New Zealand referred to above. This revised estimate represents 8 percent of GDP compared to the estimated contribution by Statistics New Zealand of 3 percent. This revised contribution estimate is, therefore, more than twice as much than the Statistics New Zealand based estimate.

Our employment estimates, of 43,566 people in New Zealand, represents 1.9 percent of total employment in New Zealand. This can be scaled up to, at most, 46,896 or by 7.6 percent of the total, to account for missing firms. This is much greater than the level of employment reported by Statistics New Zealand, of 35,937 people. Our employment contribution estimate of co-operatives is therefore almost 30 percent greater than the Statistics New Zealand based estimates (New Zealand employment estimates from, Statistics New Zealand, 2013) .

Our estimates also indicate that New Zealand’s co-operative sector was clearly dominated by Fonterra, New Zealand’s major dairy co-operative, which contributed 51 percent to total measured output and 40 percent to employment. Fonterra is followed by three retail co-operatives (supermarkets) which contributed 21 percent and 8 percent to total output and employment, respectively. New Zealand’s top ten co-operatives contributed 89 and 65 percent to total output and employment, respectively. These co-operatives are closely linked to the agriculture sector (see Table II and Figure 1).

Figure 2 illustrates the distribution of total output within the co-operative sector using the official Statistics New Zealand industry classifications. It is clear from Table II that many of the official non-agricultural sectors are closely linked with supply and marketing aspects of agriculture. Agriculture dominates the co-operatives sector in New Zealand.

The estimation of the indirect employment by co-operative members gives us some idea of the multiplier effect of co-operatives on employment. The numbers in Table II, based on survey data, cannot be used in isolation to indicate the multiplier due to different

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Revenue($)Assets($)MembersEmployees

Estimated employmentby members Year201220112011-12average20122011201220122012 Total39,187,756,60736,526,658,68537,857,207,64636,932,418,84035,743,853,9001,229,17743,566246,890* A.Totaladjustedformissing firms(medianrevfor co-opsexcludingFonterra)41,689,102,77338,858,147,53740,273,625,15539,289,807,27738,025,376,4891,307,63546,347130,698** B.Totaladjustedformissing firms(medianrevfor co-opsexcludingtop 10co-ops)40,192,570,87937,463,239,67738,827,905,27837,879,403,93836,660,362,9741,260,69444,683139,040** C.Totaladjustedformissing firms(averagerevfor co-opsexcludingtop 10co-ops)42,182,730,47039,318,254,77440,750,492,62239,755,025,66238,475,623,1431,323,11846,896134,049** A.Valueadded16,675,641,10915,543,259,01516,109,450,062 B.Valueadded16,077,028,35214,985,295,87115,531,162,111 C.Valueadded16,873,092,18815,727,301,91016,300,197,049 A.Valueadded%ofGDP7.9%7.7%7.8%A.Co-op employment as%oftotal2.1% B.Valueadded%ofGDP7.6%7.4%7.5%B.Co-op employment as%oftotal2.0% C.Valueadded%ofGDP8.0%7.8%7.9%C.Co-op employment as%oftotal2.1% Notes:*Thisisverymuchanupper-boundestimate;**adjustedfordouble-counting

Table I.

Contribution of New Zealand’s cooperatives to the economy

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response rates across sectors, the potential for double counting (businesses being a member of more than one co-operative) and other such reasons. It should be noted that the adjusted multiplier is based on a sample of one-third of the co-operative firm population.

This could lead to inaccuracy in the multiplier if this sample is not representative.

Further research is required to generate more robust estimates for employment and output multipliers.

When some of these issues are taken into account, the multiplier can be calculated to be 3 as opposed to a multiplier of 5.7, where the latter is based on the unadjusted employment estimates. This means that for each person directly employed by a co-operative, a total of three people will employed in the economy. This includes people employed by franchises of the co-operative and people employed by farms or businesses such as producer co-operatives.

Gross revenue (%) Employment (%)

Fonterra (dairy) 50.7 39.5

Foodstuffs Auckland (retail) 9.1 2.1

Foodstuffs South Island (retail) 6.1 3.0

Foodstuffs Wellington (retail) 5.8 3.1

Zespri (Kiwi fruit distributers) 3.9 0.3

Alliance group (livestock) 3.7 11.4

CRT (rural trading supply cooperative)^a 3.0 1.1

Ravensdown ( fertilizer) 2.6 1.5

Ballance agri-nutrients 2.1 1.7

Farmlands (rural trading supply cooperative)^a 1.9 1.1

Total 88.9 64.8

Note:^aCRT and Farmlands merged in 2013 Table II.

New Zealand’s top ten cooperatives in 2012

Fonterra (Dairy)

Foodstuffs Auckland (Retail)

Foodstuffs South Island (Retail)Foodstuffs Wellington (Retail)Zespri (Kiwi fruit distributers)Alliance Group (Livestock) CRT (Rural trading supply cooperative)

Ravensdown (Fertilizer)Ballance Agri-Nutrients

Farmlands (Rural trading supply cooperative) 60%

50%

40%

30%

20%

10%

0%

New Zealand’s Top 10 Cooperatives in 2012 Gross revenue

New Zealand’s Top 10 Cooperatives in 2012 Employment

Figure 1.

New Zealand’s top ten co-operatives share of total output

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Hence, the direct and indirect employment impact of co-operatives on employment might very well amount to 6.3 percent of total employment. Further research is required to estimate the indirect effect of co-operatives on GDP. One could hypothesize, by linear extrapolation from the employment estimates, that the direct and indirect contribution of co-operatives to GDP was about 24 percent. But this is a very tentative estimate that should be taken with more than a grain of salt. Of course a multiplier of 2 (perhaps a more reasonable number) would generate a total contribution to GDP of about 16 percent.

Clearly the 8 percent estimate of the direct contribution of co-operatives to the New Zealand GDP does not paint a full picture of the co-operative sector’s overall contribution to the New Zealand economy in 2012. Our multiplier estimates are the weakest of our estimates.

But even low-balling our estimates, it is clear that co-operatives play an important role in the New Zealand economy and are competitive with the traditional investor owned firms.

Conclusion

Our revised estimates of the size of the co-operative sector, using a combination of surveys and annual reports, suggest that New Zealand’s co-operative sector is much larger than previously thought, both in terms of output and employment. These estimates are carefully constructed using value added methodology and also taking care to introduce assumptions, where necessary, that err on the side of generating lower-bound as opposed to upper-bound estimates. Therefore, our much higher revised estimates are lower-bound. These estimates contribute to efforts by the ICA and the United Nations to generate robust estimates of the contribution of the co-operative sector to the economy.

It is important to note that our estimates are for 2012 and not all firms are covered, albeit these are the smaller players. Needless to say, revisions and improvements to our estimates are warranted.

Similar to the rest of the world, New Zealand’s co-operative sector is heavily biased toward agriculture. Moreover, it is dominated by one major co-operative, Fonterra, New Zealand’s preeminent dairy co-operative. It is owned by its farmer shareholders and sources milk which is then processed and distributed locally and internationally.

Retailing, heavily focused on agricultural output, is the other dominant sector in New Zealand’s co-operative economy.

These size estimates of New Zealand’s co-operative sector represents another bit of rigorous, grounded evidence, that supports the argument that co-operative firms are long term sustainable and competitive. Of critical importance is that New Zealand’s co-operative

Public Administration and Safety, Health Care and Social Assistance, Arts, Recreation and

Other Service 13%

Professional, Scientific, Technical, Administrative and Support

Services 5%

Rental, Hiring, Real Estate, Transport, Postal and

Warehousing 0%

Wholesale Trade 17%

Finance and Insurance Services

13%

Retail Trade and Accommodation

10% Manufacturing

0%

Agriculture, Forestry, Fishing and Mining

34%

Electricity, Gas, Water and Waste Services and Construction

8% Figure 2.

Cooperatives by sector

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sector is larger than what we previously thought, based robust estimates. Member owned and controlled firms, that are relatively democratic, can survive and prosper even in the midst local and global competition. The more hierarchical, profit-oriented, IOFs, remain dominant, but have not been able to drive co-operative firms out of the market place as conventional economic theory predicts. The co-operative has been able to garner efficiencies and consumer support, part of a co-operative advantage over the investor-owned firm (Altman, 2014, 2016). The evidence for this is the size of the co-operative economy in New Zealand and elsewhere. And, these are lower-bound estimates, which also do not address the benefits that the co-operatives can and might be providing member-owners and communities over what is provided by the conventional IOF.

Acknowledgment

The author would like to thank Ben Udy who was selected as the research assistant for this project, where he was tasked to gather and collate the data to construct estimates of New Zealand’s co-operative sector and produce a report based on this new data set under the author’s supervision, using the methodology that the author developed. Ramsey Margolis, formerly Executive Director of Cooperative Business New Zealand, played an instrumental role in launching this project and the author thank him for his initiative and his comments and suggestions. The author would also like to thank the referee, for her/his excellent comments and suggestions, as well as Louise Lamontagne and Hannah Altman.

Notes

1. We would argue that this is also the case of the recent estimates put out by David Grace and Associates (2014). See below for a discussion of its New Zealand estimates.

2. The Statistics New Zealand report is not publically available. Some of the details of the report were provided to Ben Udy by e-mail and are available upon request.

3. Methods and complexities related to the construction of output estimates are discussed in Altman (1988, 1992) and Cole (1970). Also, note that the micro-data is confidential as per agreement with the New Zealand Cooperatives Association, now known as Cooperative Business New Zealand.

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