Basel II und der Mittelstand - Die Kreditvergabe im Wandel seit 1988 (German Edition)

Report Nicholas Stern , GB. World Radiation Center, Davos. The Stockholm International Water Institute. Earth Institute New York J. World Resources Institute, Washington D. International Institute for Sustainable Development Kanada. Information Center of Ministry of Ecology and Environment. National Institute for Environmental Studies, Onogawa. Environmental Research Institute, Tokyo. WWF hat die "Earth - Hour" angeregt: Deutsche Bundesstiftung Umwelt Deutscher Umweltpreis.

Friends of the Earth Grassroots environmental network, Nichtregierungsorganisation. Sea Shepard Conservation Society. Rettet den Regenwald NGO. Social Entrepreneurship Schwab Foundation. Global Marshall Plan Initiative 2 hoch 33!

Ethikkommission Sichere Energieversorgung der Bundesregierung. World Business Council for Sustainable Development. Terre des Hommes International. Initiative Freiheit und Verantwortung. Ethik im Wirtschaftsunterricht an Schulen. Memorial Internationale Menschenrechtsorganisation, seit , vor allem in Russland, Ukraine. Legambiente "Vista Mare", italienische Umweltschutzorganisation; deutsch: Wir sind bereits einen Schritt weiter", Ernst Ferstl, Aphoristiker.

EU, Multis aus Nicht - Asien. Zentrale Einstiegsstelle zum globalen Lernen. Internetportal des Fairen Handels in Deutschland. Global Young Leaders Conference. The International Maglev Board. How German are you? Welcome to Hell, G20, Hamburg. Invest in Germany GmbH. Interkulturelles Kompetenzzentrum Rheinland - Pfalz. World Economic Forum, Davos. United States Council for International Business.

Ost-West-Wissenschaftszentrum der Uni Kassel. Centre for Global Cooperation Research, Duisburg. World Commission on the Social Dimension of Globalization. Bhagwati, Columbia University N.

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Robert Mundell, Columbia University N. International Economics, Monetary Theory, Integrationstheorie. Business, eigenes Portal, RGE. Paul Krugman, seit N. Philippe Aghion, Harvard Economics. Posen; Jacob Kirkegaard; Jeromin Zettelmeyer. Middle East Institute, Washington. Social Watch, Montevideo, Uruguay. Observer Research Foundation, India. Inter Region Economic Network, Nairobi.

Japan Policy Research Institute. Shanghai Institute for Foreign Trade Shift. China Society for World Economics. Institute of World Economics, Beijing. Institut for Global Engagement, Beijing. Center for China in the World Economy. Initiative der Wirtschaft "Pro Standort Deutschland". Verband Entwicklungspolitik Deutscher Nichtregierungs-Organisationen e.

Stiftung Entwicklung und Frieden, Bonn. Overseas Development Institute, London. Afrika-Verein der Deutschen Wirtschaft e. Afrikanische Union African Union; 54 Staaten. Wirtschafts- und Sozialausschuss der EU. Vale do Rio Doce, Brasilien, Eisenerz. Embraer, brasilianischer Flugzeugbauer , kleine Flieger. Grupo Gerdau, brasilianischer Stahlkonzern. Arca Continental, Mexiko Nahrungs- und Genussmittel. Rusal Russischer Aluminiumproduzent, Spitzenreiter in der Welt.

Gazprom Russland, Gas; im kalten winter Exportrekord. Sistema, Moskau Industrie- und Finanzdienstleistungen. Sberbank Corporate University; Lada bekannte russische Autofirma. Rand wurden von ca. Emaar Properties, Dubai Immobilienprojekt-Entwicklungsgesellschaft. Ostasien China, Japan, auch: Asien auf einen Blick. Ostasien - Institut e. Sonderforschungsbereich Ritualdynamik, Uni Heidelberg. Wirtschaftssinologie, Wirtschaftsjapanologie HS Bremen.

Adam Schall Gesellschaft e. Fudan University, Shanghai Elitehochschule. Fudan School of Management. Tsinghua School of Economics and Management. Nanjing University Partnerhochschule, sehr gut in Physik. Guangxi Normal University, Guilin Partnerhochschule. China Internet Information Center China. Chinesische Welt Blog und Portal.

China Links Service und Infos. China Projekt Projektentwicklung in China. Internet Society of China. European Chamber of Commerce China, Beijing. All China Federation of Industry and Commerce ca. Deutsch - Chinesische Wirtschaftsvereinigung e. Politik und Wirtschaft Chinas, Uni Trier chinapolitik. Botschaft von China in D.

Provinz Fujian, Partnerprovinz von Rhld. Gansu-Provinz Besuch dort Hongkong Trade Development Council. Tsingdao Partnerregion der Metropolregion Rhein-Neckar. Official Website of the Beijing Olympic Games. PetroChina nach Marktwert Spitze: China National Petroleum Corporation. Netz von 50 Hertz, die Bundesregierung wehrt ab und steigt mit KfW ein; die Tochter Nari ist einer Gruppe in Europa beigetreten, die Standardisierungsprozesse vorantreibt: Portugal, Italien, Griechenland, Belgien, Deutschland.

Euro, vorher hatte man schon Pirelli aus Italien gekauft. China Communications Construction, Bauwirtschaft. Trina Solar andere bei Umwelt. Weibo, chinesischer Mikro-Blogger-Dienst wie Twitter. Tsinghua Chip-Hersteller, will Nr. Haier Liebherr , Qingdao; Chef: Galanz, Guandong Mikrowelle, Herde, Klimaanlagen. FAW seit , 1.

Zhengzhou Yutong Bus Co. Guangshou Automobile Group Co. Sany Heavy Industry Co. Luxshare Precision Industry Co Ltd. Comac Mittelstreckenflugzeuge, seit , C Es ist direkter Konkurrent von Apple. Im Dezember wird die Finanzchefin von Huawei in Kanada festgenommen. Die USA verlangen die Auslieferung. Hisense, Qingdao Flachbildschirme, Mitarbeiter; baut inzwischen auch Handys.

Marktes, Coca Cola abgelehnt. Tangshan Iron and Steel Co. Chinachem Group, Hongkong Unternehmen, Immobilien. Tiens-Tianshi, Tianjin chinesische Heilmittel, Wurmgras. Dalian Machine Tool Group. China Life Insurance Versicherung. Ping An Versicherung, Sitz in Shenzhen, seit China Overseas Engineering Group Co. China Magnesium Corporation Ltd.

Sunny Optical Technology Co. Ltd Technologie; seit Arne Weber, weltweit B. Iwate University, Morioka Partnerhochschule. Nagoya City University Partnerhochschule. Akita International University Partnerhochschule. Tawasaki City University of Economics Partnerhochschule. Kansai Gaidai University Partnerhochschule. Aoyama Gakuin University, Tokyo Partnerhochschule. Siebold University of Nagasaki.

Gateway for all Japan information. Soziales Netzwerk zum Japanisch-Lernen Cerego. Verband der deutsch-japanischen Gesellschaften Berlin e. Prime Minister of Japan. Ministry of Economy, Trade and Industry Meti bzw. Jetro Japan External Trade Organization. Nippon Keidanren Wirtschaftsdachverband Japans: Japan International Cooperation Agency. Botschaft von Japan in D. Japaninitiative der Deutschen Wirtschaft. Deutsche Industrie- und Handelskammer in Japan. Japan - United States Friendship Commission. Bosch Group, Japan seit als Tochter, schon vorher seit Vertrieb.

Heute seit 46 Generationen in Familienhand. Takata, Tokio Autozulieferer, z. Airbags; auch in Elterlein und Freiberg, Sachsen. Automotive Energy Supply Corp. Toshiba Elektronikkonzern; Bilanzen falsch, Gewinn 1,1 Mrd. Minebea Maschinen- und Anlagenbau, Motor. Canon, Deutschland Fotoapparate, Drucker, Kopierer. Konica, Minolta, Deutschland Fotoapparate. Minoru Mori Mori Building.

Kurita Water Industries Ltd. Jahrhunderts das erste Modell baute; Toiletten gab es aber schon im antiken Griechenland. Oriental Land, Transport und Touristik. Asahi Kasei, Chemiekonzern, Tech Kaihatsu, Japan seit ; Maschinenbau. Seiko, seit ; Uhren. Botschaft der Republik Indien, Berlin. Department of Commerce, India. National Portal of India.

South Asian Association for Regional Cooperation. Angkor Wat, Urwald-Heiligtum, Kambodscha. Avago Tech, Singapur Technologie. Hon Hai Precision Industries, Taiwan baut z. Acer, Taiwan IT, Computer. Largan Precision, Taiwan Technologie. Kalbe Farma, Indonesien Pharma und Biotechnologie.

Bank Rankyat, Indonesien Bank. Charoen Pokphand, Thailand Nahrungsmittel. Advanced Info Service, Thailand Telekommunikation. CP All, Thailand Handel. True Corporation, Thailand Telekommunikation, Kabelnetze. Bharat Forge Indischer Autozulieferer und Schmiedekonzern. Aditya Birla Group Indien: Zement, Textilien, Chemie, Telekommunikation.

Ranbaxy indischer Pharmariese, Generika. Suzlon Energy, indischer Windturbinenhersteller 5. Kotak Mahindra, Indien Bank. Kingfisher, indische Fluglinie und Brauerei. Pidilite Industries, Indien Chemie. Die Geschwindigkeit des wirtschaftlichen und sozialen Wandels in Asien ist dramatischer und rasanter als in jeder anderen Epoche oder Region der Welt", Pilny, Karl: Personalpolitik und Personalentwicklung im Mittelstand Perso-net.

Deloitte Mittelstandsinstitut an der Uni Bamberg. Mittelstands-Institut an der Hochschule Kempten e. Family Enterprise Research Academy. Entrepreneurial Management, Havard Business School. American Enterprise Institute, Washington. Washingtoner Global Entrepreneurship and Development Institut. Landesbank Rheinland - Pfalz. European Venture Capital Association. Ventizz AG Kapital, Finanzierung. Wagnisfinanzierer B-to-v Partners, St. United Equity p2p equity company, Peer to Peer-Plattform.

Kickstarter die weltweit bekannteste klassische Crowdfunding-Plattform. Seedmatch seit ; hat als erste Plattform Crowdfunding in Deutschland angeboten. Zentralverband des Deutschen Handwerks. Verband deutscher Maschinen und Anlagenbau e. Bundesverband Deutsche Start-ups e. Bundesverband der Freien Berufe in Berlin. Verband deutscher Unternehmerinnen VDU, seit Deutsches Forum Nachhaltiger Mittelstand. Bundesverband Deutscher Kapitalbeteiligungsgesellschaften Private Equity. Markenverband, Berlin seit , Mitglieder.

Bundesverband Deutscher Startups e. European Council for Small Business and Entrepreneurship. Business Angels Netzwerk Deutschland e. Faltin; Teeversand von indischem Tee. Industrie- und Handelskammer der Pfalz , Ludwigshafen. Industrie- und Handelskammer Rhein-Neckar, Mannheim. Beratung per E-Learning Blink. Prozedere bei Gewerbeanmeldungen, Portal. Mittelstandslotse RLP, teilweise auch auf kommunaler Ebene. ConMoto Consulting Group Beratung: Deutsche Handarbeit Guerilla-Marketing-Agentur, seit Themen sind auch Qualifizierung, Bildung und Sicherheit.

Es werden immer mehr Demonstratoren kleine modulare Anlagen der Smart Factory eingesetzt. Hilfe bei der digitalen Transformation Science-Alliance. Process Management Consulting Digitalisierungsberatung. Shinginko Tokyo, Mittelstandsbank Japans. Initiative deutscher Mittelstand in China. China, Japan, Indien, Korea. China Trader Award A business has to be involving, it has to be fun, and it has to exercise your creative instincts", Richard Branson, "Virgin", brand creator, entrepreneur.

Bassermann-Jordan, von Winning, Reichsrat von Buhl. Bikotronic, Deidesheim Automatisierungstechnik Baustoff- und Betonindustrie. Elopak GmbH, Speyer Verpackungen. Renolit SE, Worms Kunststofffolien. KG, Worms Maschinenfabrik, seit Insiders Technologies, Kaiserslautern intelligente Analyse eingehender Dokumente,; ca.

Seibel Kunststofftechnik GmbH, Hermersberg. Hager, Blieskastel Elektroverteilungen, mit Tehalit auch Stromtankstellen. Frankenbach, Mainz Spedition, Logistik, Container. Kaufmann, Schwegenheim Elektro- und Metalltechnik, ca. Gundel GmbH, Reilingen Pfannen. Prominent Dosiertechnik, Heidelberg Dosierungen und Wasseraufbereitung. Raschig AG, Ludwigshafen Chemie.

Bomag GmbH, Boppard Maschinenbau. Er war seit in dieser Position. Wepa, Hillscheid Ausstatter von Apotheken. KG, Wittlich Obstbautechnik, Sondermaschinenbau; gegr. KG, Karlsruhe Drogeriemarktkette, ca. Wessamat, Eismaschinen GmbH, Kaiserslautern. Schroeder - Fire Balloons, Trier. Manz, Reutlingen, Solar- und Automationstechnik, B. Bertrandt AG, Ehningen seit ; Entwicklungsdienstleistungsgesellschaft. DM, am Ende bei 1,4 Mrd.

Rohloff AG, Kassel beste Fahrradnabenschaltung. KG, Minden seit ; elektrische Verbindungs- und Automatisierungstechnik. Hora, Schloss Holte-Stuckenbrock Regelarmaturen. German Pellets, Wismar Holzpellets. Meyer Werft, Papenburg Schiffbau. Ansmann AG, Assamstadt mobile Energie, seit Multivac, Wolfertschwenden seit , Verpackungsmaschinen. Brainlab, Feldkirchen Medizintechnik, bildgesteuertes Operieren, Strahlentherapie; seit Ende beginnt man, eine eigene Akku-Produktion aufzubauen. Im Entwicklungszentrum in Waiblingen.

KG, Rosenfeld seit ; Familienu. Wohnwagen und Wohnmobile sollen zusammen mit der Marke Loncen gebaut werden. Schiess GmbH, Aschersleben B. Hohner, Trossingen Musikinstrumente seit , auch in China und Indonesien. Digisound, Norderstedt Signalgeber, Werke in Hongkong u.

Varta Microbattery, Ellwangen Innovationspreis der dt. Gunther Krieg, Deutscher Umweltpreis Bayerische Staatsbrauerei Weihenstephan, Freising seit , Brauerei. Klosterbrauerei Weltenburg, Regensburg seit ; Brauerei, Bier. Thomas Stift; seit Familienbesitz. Riegele, Augsburg seit ; Brauerei. KG, Dillenburg Metallverarbeitung, seit Pfeifer Holding, Imbst Seil-, Hebetechnik, seit KG, Sigmaringen Metallverarbeitung, seit KG Bierdeckel, seit Weingut Geheimer Rat Dr. Schott Music, Mainz Musikindustrie, Noten, seit Lemken, Xanten Landmaschinen, seit , Erfolgsbeteiligung.

Einigkeit macht stark; Familienmitglieder haben lange Betreuer von Anthos; ca. Katholizismus, Sparsamkeit, Heimatverbundenheit, Diversifizierung. Seeberger GmbH, Ulm seit ; Lebensmittel: Aufgrund der Umstrukturierung sollen zwei Werke in Deutschland geschlossen werden. Freudenberg, Weinheim Chemie, seit , mehrere Firmen in China, seit , seit Handelsbeziehungen, Kooperation mit jap. Zielgruppe stirbt weg; von M. Geze GmbH, Leonberg Sicherheitstechnik; seit Ende gibt Bayer bekannt, weltweit Heroal, Verl seit ; Aluminiumprofilsysteme, nachhaltiges Bauen.

Muelhan AG, Hamburg seit ; industrielle Dienstleistungen, mittlerweile global. KG, Bonn Orgelbau, seit , Familienunternehmen; ca. Claas, Harsewinkel seit , Landmaschinen: Klingspor, Haiger seit ; Schleiftechnologie; B. Die Vorfahren mit Namen Pressler kamen aus Hochstadt.

Hochwald Foods GmbH, Thalfang. Lohmann und Rauscher, Rengsdorf Medizinprodukte, Hygiene. Rhein, China, Kunststoffe in Autos und generell. Vinci Deutschland, Ludwigshafen Bau. KG, Recaro in Stuttgart. KG neuer Anlauf: Ravensburger North America, F. Fresenius MC hat einen Zukauf in China. H ubert Burda, Hamburg Medien-Familienunternehmen. Asklepios, Hamburg Klinikkonzern; ca. About you, Sportscheck; In several places cooperative entrepreneurial breeding places have been initiated, often in the form of creative incubators and beehives.

Creative entrepreneurs operate here as an individual actor within a co- operative cluster. In working together, low-cost housing-initiatives can be realized. Interested potential creative entrepreneurs come together in the initial phase in order to discuss their individual perspectives. As many large cities, Amsterdam is at the brink of bankruptcy. It is faced with a situation in which municipal funds are lacking, and where both private investors and financial institutions no longer in- vest in urban area development. Amsterdam has therefore chosen to develop abandoned industrial harbor areas by stimulating grass-root cooperatives.

Recent research on success factors of cooperatives of small enter- prises shows that increasing the chance on work or on projects is the most important reason for participation Potts, The Amsterdam Municipality has noted that these cooperative initiatives are relatively successful, especially in the current economical crisis. Given the present economical situation, the Cooperative model can serve as a tempting example of innovative en- trepreneurial initiatives. The earlier carefully choreographed redevelopment to the south banks of the IJ waterway —developed in earlier prosperous times — is now making way for the gradual transformation of the Northern Banks of the IJ.

Conventional methods are inadequate for the development of transformation areas, so a solution has been sought in a flexible approach that rallies together all the disciplines and parties in an in- tensive collaborative effort. The City Council is invest- ing in extra infrastructure and in improving the quality of the public space, but it is only pursuing an active land development strategy for the sub-sectors where it is investing directly or is responsible for the allocation of land.

These rules present a number of urban development criteria, such as ensuring sightlines towards the water, maximum construction heights, building lines, the functions of buildings and public space. Alongside the rules of play, a land development plan was needed for great part of the area. The plan is nevertheless extremely flexible in its phasing. The room for manoeuvre within the rules of play for transformation provokes two kinds of reaction: Five years on, it seems that the flexible framework is no longer wholly fit for purpose, particularly because the office pro- gram has been scrapped due to the financial crisis.

However, it seems that Buiksloterham has come through these changed circumstances 7 amsterdam. The approach to Buiksloterham is already achieving maximum effect with a minimum of means for the City Council, which is investing in just a third of the area but has already succeeded in attracting investment from private parties. The project has now entered the following phase and implementation at the scale of individual lots has begun. It is interesting to notice that not only the urban planners are look- ing at these cooperative models.

Also the banking institutions have been persuaded to support these initiatives with specific targeted mortgages. It seems that in times of financial crisis the cooperative models offer an alternative way of urban area development. Discussion As stated, it seems that cooperative initiatives do contribute to the realization of sustainable and mutual value creation. Especially in times of financial crisis and limited resources — both in financial and in environmental terms — such initiatives offer innovative solutions for the times to come.

It is indeed the question whether these cooperative initiatives are only initiated because of the widely felt need of urgency. Should coop- erative initiatives be seen as a temporary intermediary solution, or do they indeed offer a wider perspective, striving for a long-term sustain- able society? Creative Sustainable Urban Development 5. Conclusions Also in the present Western European context a number of new ap- proaches can be identified, using mutual value creation as a guiding principle. These cooperative initiatives do offer at first site an answer to the socio-economical and environmental problem that we are faced with.

More examples need to be studied to identify and understand key factors for their success. The near future will tell whether and how these creative initiatives will offer sustainable ways of tackling the times to come. A Framework for Addressing and Measuring Entrepreneurship. Creating an Innovative Europe. The wealth of networks: How social production trans- forms markets and freedom. Creative clusters and innovation. Putting creativity on the map. Design for Sustainable Change.

Can the Creative Industries lead us to a sustainable future? Creative Industries Knowledge Transfer Network. Dos Santos Duisenberg, E. Creative Economy Report A feasible Development Option. SMEs in the crisis: Green Paper; Unlocking the potential of cultural and creative industries. Unlocking the potential of cultural and creative industries. American Journal of Small Business, 12 4 , Creative industries; colourful fabric in multiple dimensions. Capitalism at the crossroads. Next generation busi- ness strategies for a post-crisis world. The economy of culture in Europe.

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Study on the entrepreneurial dimension of cultural and creative industries. A Toolkit for Urban Innovators. Measuring Entrepreneurship; A Collection of Indicators. Creative Industries and Economic Evolution. Creativity as competitive factor for urban regions. How the creative economy is changing the city pp. Needs, needs everywhere, but not a BoP market to tap. Hart, Next generation business strategies for the Base of the Pyramid.

Innovation from the inside out. A Handbook of Cultural Economics. Decision 21 april Besluit van 21 april tot uitvoering van de Wet ruimtelijke ordening. The Hague, the Netherlands: Transformation of the Northern Banks of the IJ: Eng- lish summary, at: Rotterdam City Harbors Stadshavens , at: Co-operative management and co-operative governance: It will cover seven sections: First, the context, second, the analytical framework and research questions, third, the theoretical framework, four, the methodology, five, the empirical framework, six, the results of this research: This said, our research relies on a con- text of in-depth on going society changes as Gabriel Colletis highlighted in This author has got a modern approach to economic and politi- cal situations.

He explained that goals for democracy and knowledge would link the economy to society to protect employees from damage and the causes of psychosocial risks at work whilst ensuring financial profitability. Through a people-centred business model, co-operative enterprises have played a key role in international development for over years, contributing to the development of an estimated 3 billion people world- wide. Out of thirty nine thousands Say it is a singular company with a strategic general assembly where: In , national averages show that profits were allocated in the following ways: Analytical framework and research questions 2.

I observed inconsistencies and tensions at three levels: So we ask ourselves: Which are the best practises? Which model for 3. A critical and cooperative approach This research frame takes into account two approaches: A multi-disciplinary analysis also helps to shed light on the political and economic SCOP governance concept at its origin. Consequently, we propose to study this governance as a multi- paradigmatic concept, and also to correlate Governance centres with corporate governance, which bring under scope of study altogether urban governance, good governance, global governance and European governance according to Kazancigil and Hermet The political and economic origins of western cooperative governance can be found in the cameralism, specifically in Europe and France.

A new governance concept is in line with New Economic Regulation NER and integrates all forces implied in the organiza- tional, economic and environmental decision-making process. However these governance models all refer a unique economic model. To have a better understanding of legal specificities required by the cooperative governance, we have studied the cooperative research pro- ducing by Barbeyer D.

They are businesses looking for a joint-enhanced successful trading. In fact, equal profit- sharing is an efficient way for keeping it business fair and worthwhile. Clearly, the co-operative makes the choice of sharing-profits amongst members rather than rewarding outside investors. To achieve a successful organisation with this structure dual, the model of cooperative balance according to D.

This is the reason why I have studied this subject. We have studied governance, human resources management and strategy in France from a cross referenced perspective, considering: A tryptical approach Altogether our professional courses, our studies and empirical knowl- edge about research fields invite us to adopt a qualitative methodology that places far more value on words than numbers, referring to: This pleads for from action to research, from experience to expression, and for the introduction of the results of the research into the actions pur- sued.

For me, what is about is not a transformation from actress to author but a reconciliation of the actress with the author. We intend to show that: The originality and complexity of this tryptical approach takes place in the field of internal research I mean my personal research as ac- tress according to Mintzberg as well in the field of public research I mean my universitary research. My exploratory reasoning has consisted of several types of actions: This reasoning helped us to recognize the existence of: The empirical frame It covers a representative sample panel of sixteen SCOP, small and medium sized businesses in Rhone Alpes, a dynamic region due to its geographical situation in the Rhone Valley and its legacy of an anarchist history.

All these SCOP share innovative ideas and practises in the field of governance or management or strategy but including differences, namely: We met thirteen men and four women in all. A woman and a man participated together in the interview in only one case. It is not only a lack of understanding, but also real op- position between these two groups. For example, the refusal, decided to save the business, of salary blockage. For example the shareholders would oppose new shareholders and organize a veto for new candidates.

The in-house putsch 3. The contested leader 5. He or she is often re-elected even though he or she is still sitting on an ejector seat. The board con- stitutes for all the managers and co-operators a guardrail against potential abuse of power and then shall contribute to a better living together. It was a good experience which also gives me the opportunity of study- ing my thesis and working at the same time.

It creates an opportunity for debates between General Assemblies and offers the possibility to make suggestions and clarify goals in view of the next General Assembly meeting. To build up good relations within the SCOP, it is recommended to anticipate possible tensions, to spot them when they happen, to analyse them in the context to find solutions.

It is really a 3 sided challenge: The collective, individual as well as the territorial identities are likely to be affect , which requires to act for preventing a co-op splitting up. A genuine co-operative management is needed for efficient co-operative governance. This could be the subject of a future presentation. Finally, others questions are still open. How internal co- operation can develops into internal co-operation?

This refers to the mutualisation of SCOP which can be named the coo-petition. Politique du performatif Editions Amsterdam, Paris. Son utopie et sa pratique. Critical studies on men and queer theories, disponible sur www. Mondragon Unibertsitatea , Since , surveys have shown that the economic efficiency of these organ- isations is directly linked to their cooperative status.

However, these co-ops are often threatened in an environment that is going more and more global. In practical terms, it is more and more difficult for them not to neglect their economic performance falling into militancy, risk of bankruptcy and, at the same time, not to give up on their political objectives economistic tendancy, risk of trivialisation. But, and here is the core issue of this paper: The district of Roanne , inhab- itants is located in France, kilometres from Lyon, in the North West of the Rhone Alps region, just beside Burgundy and Auvergne.

The textile industry was its traditional industrial activity and it has undergone a few changes over the last twenty years1. Even if these chosen constraints based on ecology and cooperation have enabled the company to keep a niche market in this hypercompetitive environment, they were not enough to ensure a 1 Houssel J. The new business still relies on the same ecological values — they sell organic cotton — and solidarity — as all the manufacturing process is subcontracted to local toll manufacturers — but they have been better at taking into account the market constraints and have not opted for a co-op status.

This is the very role of social and solidarity-based business incubator that we are going to present in this paper. Then we will present the impact of such an initiative on the local econ- omy development of new niche markets, resistance to globalisation, preservation of the textile industry and of the local know how But, in this area, mutualistic and cooperative movements have been developing since the nineteenth century.

The local economy is still linked to the textile and clothing industry, the main industrial sector until The trend in local private sector jobs can be clearly noticed on the following graph total employment in dark, industrial sector in pink, textiles in green and service sector in blue. Figure 1 Private sector employment in the Roannais Source: Most of the leading manufacturers in the region have chosen to focus on creation and marketing and to outsource the bulk of their produc- tion to low-wage countries.

They produce prototypes in their workshops and call on local subcontractors for restocking and updating4. Strategic map of textiles in Roanne Competitive realignment is indisputably the dominant strategy of local businesses. In , a few sub-con- tractors, who had to close down their factories, decided to develop a common, innovative strategy focused on a niche market: In hypercompetitive sectors such as textiles, specializing in organic cotton can loosen the constraints of competitiveness and replace it with a broader concept of performance. Its aim is to produce exchange values The cooperation is both internal and external: More- over, it had a micro market.

Above all, the large and medium retailers took over the sales of organic textiles. And last but not least, the world 5 Haynes I. The new business turnover: CNB was given press coverage, in the local and regional press but also in scientific literature7. It also shows how difficult it is for co-ops in a plural economy not to neglect their economic performance risk of bankruptcy and, at the same time, not to abandon their political goals risk of trivialization. The solution is perhaps to look for a new definition of the concept of performance, that must be defined as both the production of an ex- change value economic added-value and the production of social and political values social added-value.

Une approche castoriad- isienne: Plan de mandat , Roanne, p. Introduction In an era of turbulence and domino-effects in the globalized economic environment of interconnected institutions, established economic en- tities are failing and local societies are challenged for sustainability. Main Street banking functions with an unsighted side that underpins local communities: An economic policy gearing towards societal value creation and sticking to clear business principles is emerging at a community level. Modern Homo Communicans seems to prefer to be connected to, and stay in contact with his surrounding world.

Mutuality and social cohe- sion through sustainable finance, especially at a decentralized local level, function as security mechanisms in the current era of turbulence. Chang analyzes how social networks are the most frequent sources of saving and investment information and he claims that they are most utilized by those who have the least wealth.

As this research suggests, connect- edness rather than expertise prevails in important matter DiMaggio et 1 We want to thank Prof. This paper argues that connectedness resides in the network struc- ture of establishing a cooperative and functioning as a cooperative. Fur- thermore, the paper explains the logos of the individual that becomes the logic of mutuality via network connections embedded in the ethos of cooperatives with the pathos of collective orientation.

In an era of crisis, network orientation sustains collective orientation and ethical values, as a greater good. Greek collective orientation is manifested in his- tory when a common goal is set, directs various aspects of every day ethos in local communities. Network Identification and Network Indicators The complex modern life world is primarily created by relations and the behavioral patterns that derive from them. A network is a group of relationships, a set of socially relevant members connected with one or more relations.

Network indicators describe what a node is, what type of connection the nodes have and what the direction and the intensity of those connections are. In the context of the current paper, coopera- tion as behavior is examined in the network formation of cooperative banks in local economy of Greece. When we speak about social life net- works, as considered in the current piece, complexity is present.

Indica- tors assist in identifying a network and understanding the specialized and critical function of connectivity as a survival strategy. Social relations cover affinity and kinship ties, commonly de- fined roles and familiarity in feelings and mutual awareness; a family member, a friend, a schoolmate, a significant other could be examples of such relations. Interactions are ties based on behavior of individu- als. Flows are unidirectional or bi-directional exchanges or transfers between nodes for resources, information or influence.

Flows, also, occur in the context of social relations where different kinds of support and companionship are manifested when transactions are involved. In so- cial network analysis causality is located in the social structure and not in the individual. So, behavior embedded in networks is a characteristic indicator of network effect and scope. Each member of a group rarely shares the same relation to the group.

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So, interaction and strength of connection are characteristics that upgrade the groups to networks, and introduce market as communities. Principal types of data that we meet in society are attribute data that relate attitudes, opinions and behavior with individuals and groups, measured with values of variables; relational data refers to contacts, connections, ties and attachments which relates individual elements themselves. A third type of data comprises the ideational data that describe the meanings, motives, definitions and typifications themselves.

The concept of social network analysis has been an emerg- ing field, due to the notion of relationship between social entities, its importance and the patterns associated to these relationships. The structure formed is measured with structural variables. Social net- works use distinctive indicators to present themselves: These are the members of cooperatives.

The need for service and trans- action for social benefit drives cooperative banks. Katerinakis finite set of actors and the relations defined on them as lasting pat- terns of relations among actors. The partnership approach applied in cooperative banks is inclusive to customer-members, employee- members, leadership-members, and local society at large. Key theoretical and terminological motivations rise with the intro- duction of domain-specific terminology like social group, isolation, popu- larity, liaison, prestige, balance, transitivity, clique, subgroup, social cohesion, social position, social role, reciprocity, mutuality, exchange, influence, dominance, conformity.

The whole of social life is a set of points some of which are joined with lines to form a network of rela- tions with reciprocity, intensity and durability. Categorical indicators of transmission, adaptation, binding and exclusion describe the quality of a network Borgatti et al Transmission happens when network connections are treated as pipe- lines for the flow of jobs, support, identities, diseases, knowledge and service. Network structure adaptation happens when actors make similar choices because of their position following constraints and op- portunities.

Binding happens when a network commits itself to act as a complete whole. The internal structure of the network affects collective action, coordination and community work. Exclusion happens when the existence of one tie connection does not allow the existence of another tie and affects the relations with other nodes. In networks of markets, exclusion is manifested with the availability of bargaining partners. Con- nections are more likely established when proximity from one node to another is close; then locality is established.

Nodes with common social attributes, needs, and market transactions increase the probability of connection and realize homophily. Homophily increases the likelihood of connection between nodes at an individual or collective level Shalizi and Thomas, ; McPherson et al, When nodes are connected in pairs then mutual regulation is enforced, both in moral and economic terms.

Self-regulation is a kind of discipline instrumental for institu- tional arrangements in Ostrom terms Two important indicators of network structure are network density and network centrality to explain aspects of behavior in the business world. The combination of these outcomes sets lower and upper bounds on network centrality. Density describes the gen- eral level of linkage among the point in the graph. Density depends on inclusiveness and the degrees of its points.

Inclusiveness refers to the number of points that are included within the various connected parts of a network Granovetter Density denotes how members of a network are able to sustain their connections, as relations. For example, commitment to a banking relation may be more intense than a commitment to a relation of an acquaintance. This means that any network of banking relations is likely to have a lower density than any network of awareness relations. Also, changes at the individual level of contacts result into a continuous transformation of the density of global features of the network.

Understanding networks means to identify the most important actors, ties and relations. The idea of centrality is defined as relation- ship between structure and influence in transactions within small groups, especially in market terms. Centrality is anchored with point centrality and centralization is used to describe particular properties, like prestige, in the graph structure that represents a network.

The question on centrality was moved in governance issues, as the level of democratization of society through decentralization of decision making and in community organizations and planning. In financial cooperatives, membership participation and direct decision-making promote democratic corporate governance and managerial improvement.

Networks are wholes that determine the nature of their parts and have properties distinct from their parts, as members or actors. Map- ping a network visualizes information that show how the network is structured and how it operates. Closeness measures the ability of an actor to access other actors of the network and monitor their status. Betweenness shows the level control over the flow in a network and may represent an indication of leadership status for specific actors.

If relations offer connectedness in a network then trust, task at hand, mental and material resources, strategy and goals indicate the path to comprehend and evaluate a given social network of interest. In the case of financial cooperatives trust is a crucial connecting bond. These theorists converge in the concept of kalokagathia, the ethical basis of life in the Greek city-state.

The pragmatic content of the concept is suited to a community organized on the basis of scattered individual households to defend against enemies in a society with a shame culture. As Greeks moved on to form cities, agathos was enriched with cooperativeness, temperance, civil service, justice, and wisdom Adkins , Thus, an agathos politis good citizen contributed to a prosperous city in general by practicing philanthropy Constantelos Greeks considered economics literally governing the oikos as part of their inquiry into ethics, politics, and social organization; thus, eco- nomic crisis is tight to government relations.

So, while profit making has been legitimate since ancient Greece and part of the atomistic sys- tem Doukas , , profiteering aishrokerdia was punished in mythological times. Therefore, the economy contributes to developing interpersonal relationships based on the mutual respect of oral commitments, pride, and honouring the virtue of philotimo that generates bonds of trust Ioannou Traditionally, Greeks have put emphasis on integrity, the primary layer of current philotimo Psaropoulos Integrity originally re- flected the public pressure to behave uprightly, a norm of the citizen.

Ethos Meets Pathos in Cooperative Banking justice, solidarity, and truthfulness — could be admired3. Philotimo seems to have earned the status of a collective conscience in modern Greece, where people no longer philosophize about it or try to impose it on others, but rather take it for granted and assume its widespread existence.

Philotimo is defined as an innate faculty that may motivate people to do more than what is expected, without expecting anything in re- turn. It is a case of an ideal occurrence where participants generally accept a norm based on the foundation of that normative society, as defined by Habermas This type of norma- tive ethics transcends the deontology of duties and rules, as well as consequentialism.

In this sense, philotimo closely corresponds to the virtues and moral character that define virtue ethics. Furthermore, the three central concepts of virtue ethics — virtue, practical wisdom, and eudaimonia — are comprehensible, objective, and empirically truthful Held in various manifestations of philotimo. It is a virtue that corresponds with credibility, with the tendency to cooperate, and with the ritual of keeping your word face and commitments without writ- ing a contract;4 it is a way of life with ethos, consistent with the teleo- logical approach of Aristotle. This attribute of personal integrity, maintaining face, and trust is essential for all banking practices and acquires institutional support through community networks that form cooperative banks with ele- ments of collective rationality.

It is a script of a collective programming of mind Hofstede and Hofstede , 25 for Greeks, a determinant of the foundation of cooperative and credit-related institutions in Euro- pean Mediterranean culture and the Greek tradition Hall Cooperatives as Social Economy The traditional Greek value of philotimo is the origin of security, faith, and status that are very important for Greeks in business, in ad- dition to their need for self-esteem Bourantas and Papadakis These cultural traits explain to some extent the phenomenon of small, family-owned firms.

In such settings of collective dispersion of owner- ship, community-based companies or common business ventures entail increased solidarity, accountability and professionalism. Furthermore, symmetry in action, impact, and rule enforcement are pre-conditions for efficiency. Local societies activate the spirit of survival as collec- tives with a common teleology to rediscover community. A reflection and extension of the socially organized business finds an exemplary application in cooperative economy and banking. The same notion seems to be the cultural foundation recognized by the Nobel Prize for the institution of Grameen Bank, as a peace-and- harmony-making institution, a primary role in mirco-economics, as also Ostrom pointed out in her Nobel Prize speech.

The nature of social business is closely associated with the return of material capital not in monetary units, but in units of social capital — such as resources, solidarity, mutual recognition, respect, and the sense of belonging and contributing — that are embedded in the structure of social entrepre- neurship.

Cooperative banks are the major types of enterprises in which money transactions are complemented with service agreements as active reciprocal relations among their members. These banks are important in order to stimulate sustainable characteristics in the so- ciety in which they operate, providing the material base to ensure the reproduction of monetary and social capital Lin Such grass roots ventures function as a social network in which in- dividual actors gain from the support and protection of the group, and the group gains from the contribution of individuals to the pool of its shared resources.

The cooperative movement represented a comple- mentary, ethically motivated incentive for this response to early capi- talism and, with its ideals of local support, mutuality, and democratic participation, became a driving force in the 20th century and beyond. Cooperation is still a challenge for several societies, but in cases like Greece it became a necessity, as resource sharing, information, and knowledge exchange was the only feasible response to productivity gaps.

Moreover, cooperatives covered the lack of awareness about standard banking transactional frameworks in local communities. Cooperative bank partners according to Owen adapted from Thomas , 18 IPA was officially accepted by the Greek co-operative network as an institutional declaration of commitment in the Association of Co-oper- ative Banks in Greece as of Association of Co-operative Banks of 5 Established in , the International Co-operative Alliance is the Apex organiza- tion for co-operatives worldwide.. Its principles, as explicitly declared on , can be accessed at http: In the tradition of their founders, cooperative members believe in the ethical values of honesty, openness, social responsibility, and caring for others.

These cooperative values clearly define the net- work components using the traditional factory and community studies of Radcliffe-Brown, as described by Scott However, different cooperatives compete for the allocation of the shared or non-sharable resources. A Social Network Representation in CBC The island of Crete consists of four prefectures and it is the base of the two largest cooperative banks in Greece, which have an intercon- nected network of more than 70 branches on the island Pancretan Co-operative Bank , 6.

CBC operates mainly in the western part of the island and it is expanding to the east, while the Pancretan Co- operative Bank is more oriented to the eastern part of the island and is expanding to the west. CBC is a bank that was founded from 60 local individuals and en- trepreneurs with societal concern Bantourakis et al. It operates for their greater good as a whole, consisting of pre-existing ties of homophily that are transmuted into homopolar6 bonds among members of the Chania community, protect- ing them during the era of crisis in Greece.

There are three primary attributes of social entrepreneurship that provide stability and boost growth for CBC: The core value of philotimo safeguards integrity and performance in Cretan soci- ety, as an enthymeme of a social added-value. Greekness as an identity, manifested in Crete with philotimo, enriches transactional ethos with a social dimension, that makes CBC ethical and a benefit dimension that makes it sustainable.

Bank headquarters are represented with node 22, whereas isolated branches with nodes 10 and The term homopolar is taken from chemistry and is contrasted to ionic to denote mutually contributed electrons in a covalent bond. Katerinakis solidarity that deals with their risks. Their philotimo, as mutuality, is reinforced in CBC network-based banking. Dependency matrix of CBC branches in a network of organizational ties Source: Initially, a transac- tional ethos based on contractual agreements, conditionality, commit- ments, and reservations is in contrast with local cooperatives; but the Know-Your-Customer principle that lies in the essence of international banking and the core of cooperatives is grounded in personal social ties and not impersonal statistics Basel Committee on Banking Supervi- sion Therefore, cooperatives represent a distinct modern type of social enterprise with customers that are member-patrons.

Their banking policy favours transactions with liquidity and collater- als and not with intangible derivatives; it is a needs-oriented banking. In Greek cooperative banks, doing business means implementing your social networking bonds: Philotimo provides an ethical founda- tion for banking customers, employees, and executives — all networked members of cooperatives. That is what makes people pay attention to detail, work around the clock, stay involved when they are not in office, and put in effort that is worthwhile for their community. Frugality is an attribute of self-sufficiency especially when people are connected by the homopolar bonds of responsible sourcing and distribution of funds.

The cooperative bonds of Homo Diktyous override the utilities of Homo Oeconomicus and add to community development Christakis et al. Banking means Participating in CBC, with society engaged to balance the crisis. Association of Co-operative Banks of Greece Association of Co-operative Banks of Greece. Bank of International Settlements. A Concise History of Greece, 2nd edn, Cambridge: Christian Faith and Cultural Heritage: Socially embedded consumer transactions: The Habermas Reader, Cambridge: Introduction to social network methods, University of California, Riverside.

Introduction to Critical Theory: Horkheimer to Haber- mas, Berkeley: University of California Press. Managing Employment Relations in Greece: Travels in Greece, Cassirer, Oxford pp. God and Ronald Reagan: Public administration in Canada: American psychologist, 14, Greece, from Ancient Myths to Modern Re- alities. Financial reporting by housing cooperatives in crisis times: All types of businesses — a prof- it-making enterprise, a foundation, a mutual society or a cooperative — need to register their economic and financial transactions in order to facilitate an effective and efficient management.

Moreover, if the financial statements of a company disclose solvency and profitability, it becomes attractive for new investors, thus raising capital in order to continue to grow. Therefore, accounting, particularly applicable accounting regulation is essential for sustainability of firms. In this paper, we deal with a particularly relevant accounting regulation for cooperatives, the IFRS 13 Fair value measurement, which has come into force at the beginning of So, the fair value is a market-based measurement. In this document, the leaders of G20 expressed their concern about the accounting standards and demanded reducing the complexity of the valuation criteria, in particular in regard of the fair value measurement not least because its application increases the procyclicality of the prices.

The application of the fair value measurement contributes to greater transparency of the markets and consequently to mutual trust among the market participants. Cooperatives are also subject to the general accounting regulation governing companies, but they are also obligated to apply some specific accounting regulations, as is the case with Spain.

In markets in crisis, when real estate bubbles are followed by falls in demand and, therefore, decline in market prices, fair value measurement has been taking on greater significance for housing cooperatives. The primary objective of the housing cooperatives is to build homes for their members, not pursuing profit which allows members to obtain residential property at a reasonable price.

In Spain as in the other EU member states the applicable regulation stipulates that financial institutions should report their real property land and buildings at fair value, using market prices. In some cases a downward correction up to 80 per cent has taken place, forcing banks to recognize huge losses.

In the current crisis, it is obvious that the land and buildings of the housing cooperatives have also depreciated, but in principle the sale of real property to the members is made at predetermined prices. Therefore, while other businesses should recognize losses as a re- sult of the dramatic fall of the real estate prices, housing cooperatives should apply fair value measurement only for that real property, which is to be sold to non-members. So, housing cooperatives have a compet- itive advantage over property developers, because their profit and loss statements are not affected by substantial fluctuations of real property prices.

However, the use of fair value is currently being subject of debate. The application of the fair value approach has been accompanied by a significant risk because that it could affect the markets both positive- ly and negatively. However, in periods of economic decline, especially during crisis, firms using fair value accounting may yield adverse feedback as a result of the recognition of significant losses in their financial statements.

That could pose a real threat to the firms to be driven out of the market. Perhaps we should come back to the definition given initially to fair value, referring to a fair market value; that is, a fair value in a fair market. The question we must ask is whether the market currently operates in a fair manner and if the applicable accounting enables the disclosure of the real economic and financial position of the company.

In our view, currently the criterion of fair val- ue is adversely affecting the common perception with respect to the fi- nancial statements because of the economic globalization. For example, when there is a slump in prices at the stock exchange in Hong Kong the stock price of a British company could be also affected negatively without regard of its performance and management.

This impact could result in recognition of losses in the income statement or in erosion of equity by the British company due to decisions by thousands of inves- tors, unrelated to it. Occasionally, the fair value is calculated using parameters that are based on market prices or mathematical models, some of which are not sufficiently validated. One of the most significant implications of the introduction of the fair value measurement is the breaking with the hegemony of historical cost concept.

However, the use of fair value is limited to certain balance sheet items, basically, financial instruments, and to accounting recognition of certain valuation corrections, as well as and to certain transactions, such as exchange transactions with commercial substance, non-mon- etary capital contributions, non-current assets held for sale finance leases and the measurement of impairment of assets. So, we have to use indirect valua- tion procedures, which require selected inputs based on hypothesis and methods, inevitably including subjective components.

The application of the fair value means that at the end of the fiscal year the company can recognize potential gains or losses arising from changes in the fair value by comparing the initial value of the transaction and the fair value at the end of the year. In most cases, these differences have a direct impact on the income statement and, in some cases consequently on the equity. Regarding to the fair value measurement, Borio IFRS 13 aims to delimit the fair value within the framework of an IFRS, with the purpose of measuring the fair value and defining the information to be disclosed in the financial statements in order to illustrate how the fair value was calculated.

Figure 1 shows the main goals of this international standard. In this sense, the FASB had taken the lead with regard to this situ- ation with the SFAS Fair Value Measurement, available since Sep- tember , with the aim of establishing a framework for measuring fair value and explaining the requirements regarding the disclosure of the related information. The result is IFRS Financial reporting by housing cooperatives in crisis times Figure 1: In , the IASB began work on a project on the assessment of the consequences of the application of the fair value.

However, the project was added to IASB agenda before the beginning of the global financial crisis. As a result, the measurement of the fair value proceeds on the as- sumption that the market participants take into account the character- istics of the assets and liabilities in order to fix its price under current market conditions, including risks.

This implies that the intention of the company to value assets or liabilities is irrelevant to the measure- ment of fair value. The company will use valuation techniques that are suitable to the circumstances whenever there are sufficient data available to measure fair value in order to maximize the use of relevant observable inputs and minimize the use of unobservable data.

Three approaches are com- monly used, and proposed by the standard to determine the fair value: When the income approach is used, the fair value meas- urement reflects current market expectations about those future amounts. Capitalization of earnings is one of the meth- ods commonly used for measuring the value of an asset or a company. Therefore, the critical component for the implementation of this method for the valuation of a company is the determination of future earnings.

The standard provides that in some cases a single valuation tech- nique will be appropriate for example, when an asset or a liability is valued using quoted prices in an active market for identical assets or liabilities ; in other cases, multiple valuation techniques will be more suitable. In order to increase the consistency and comparability in fair val- ue measurements and the quality of the disclosed information in the financial statements, the standard sets an order of priority for the in- puts used in the valuation methods discussed previously.

So, this IFRS establishes a fair value hierarchy in three levels: At this level, inputs would be available for many financial as- sets and financial liabilities. Figure 2 illustrates which application of the criteria of fair value hierarchy to apply, depending on how the market performs and what information is available.

Application of fair value hierarchy levels. It increases the volatility of the accounting ba- sic parameters such as the income and equity. Now the income of an entity at the end of each financial year will be the result of revenues and expenses arising from the ordinary operations of the company, more capital gains and losses realized and unrealized arising from changes in the fair value of assets and liabilities. Housing cooperatives In general, cooperatives contribute to the economic growth, using the competitive edge of their flexible business model in various economic sectors such as agriculture, finance, insurance consumption and hous- ing.

These organizations promote employment and social inclusion because they hire people from different walks of life and skills, and often disabled persons, since the cooperatives are based on democratic spirit, values and principles that enable the most disadvantaged groups of society to be heard and, most importantly, to be helped. Cooperatives give priority to the interests of their members, the aim for which they were established. Moreover, there is a democratic control quite in contrary to the capital companies, where the decision making process is based on the participation in the capital.

Usually, coopera- tives are not involved in speculative business.

The question to ask is if they will succeed to survive in the present economic scenario, strongly affected by the international financial crisis and the sovereign debt crisis in the Euro zone, or on the contrary, will they be affected in the same way as the other types of businesses. This can be attributed to the specificity of the cooperative enterprises: With reference to member states, the EESC recommended the creation of environment for the proliferation and the development of cooperatives.

In addition, the committee called attention to the necessity of improving the statistics and more comprehensive studies, in order to demonstrate the achievements of the cooperatives. The EESC also recommended more cooperation among cooperatives as well as between cooperatives and public and private companies. To ensure good governance, the EESC stressed the necessity of improving the internal audit in order to avoid abuses of the cooperative form.

Shown the benefits of cooperatives in general, we will focus on the housing cooperatives, which main objective is to provide their members with residential and in some case with commercial property. Typically, the members of these cooperatives are the end-users of the property. One of the more affected sectors of the economy by the global eco- nomic crisis has been the property development sector, suffering under dramatic decline in sales and construction activities.

Housing cooperatives have been also affected by the financial crisis.

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However, the interests pursued by the cooperatives are quite different from these of the real estate developers. The primary goal of real estate developers is to generate high profits and to pay dividends to their shareholders. After, many of the buyers have become insolvent, real estate developers has begun to suffer significant losses. Housing cooperatives run construction activities in order to provide their members with residential property and are not involved in speculative business.

On the contrary, housing cooperatives pursue improving the housing conditions. So, there are two completely different ways to provide people with residential property. These negative economic realities have a great impact on the eco- nomic and financial position of each company, which should be disclosed in the financial statements. Investors need to know if a company is managed effectively and efficiently and if its balance sheet is healthy, in order to make a decision about investing in the company.

The international accounting standards provide that assets, specifi- cally real estate assets, should be reviewed in order to determine their potential impairment, the loss of value, which should be disclosed in the income statement. The loss of value is a result of the overvalua- tion of real estate assets. So, property developers should recognize the valuation losses because the book value of the assets exceeds their fair value.

The fair value measurement has some peculiarities which are caused by subjectivism and pro-cyclical features, moving market values to the financial statements, reproducing the ups and downs of the economy. As we have mentioned, given the diversity of approaches and inputs for using fair value measurement, the IFRS 13 pursues an increased objectivity and comparability.

In February , the Spanish government has issued a regulation aiming at radical restructuring of the financial sector. This regulation stresses that the main problem of the Spanish financial sector are the loans extended to the real estate sector. There are still doubts about the valuation of such assets and loans classified as doubtful. Thus, bank balance sheets must recognize impairments of assets linked to the real estate activity. In this context, the question is whether the housing cooperatives have overvalued real estate assets on their balance sheets and there- fore should also recognize losses.