While agriculture is unique with respect to the prevalence of producer owned cooperatives (coops) operating alongside and investor owned firms (IOFs), little is known about their relative reliance on futures markets to hedge commodity price risk. This study investigates factors influencing the hedging behavior of both business forms and finds that each are significantly impacted by the perspective of key influencers of their decision making units (e.g., employees, members, shareholders, board of directors, advisors, consultants, bankers). Notably, coops are found to be more likely to hedge using futures but do so more sparingly (i.e., lower hedging ratios), which may reflect an ability to conduct natural hedges internally and/or less speculative positions taken in futures markets. [Econ Lit classification: Q130].

虽然农业在生产者所有合作社 (coops) 与投资者所有企业 (IOF) 共同运营方面具有独特性，但人们对它们相对依赖期货市场来对冲商品价格风险的情况知之甚少。本研究调查了影响这两种业务形式对冲行为的因素，发现每种业务形式都受到其决策单位关键影响者（例如员工、成员、股东、董事会、顾问、顾问、银行家）观点的显着影响。值得注意的是，合作社更有可能使用期货进行对冲，但这样做的次数较少（即较低的对冲比率），这可能反映出其内部进行自然对冲的能力和/或在期货市场上持有的投机头寸较少。[Econ Lit 分类：Q130]。