ESSENTIAL VALUES AND PRINCIPLES FOR EFFECTIVE BUSINESS DECISIONS AND PERFORMANCE OF COOPERATIVES IN TERTIARY INSTITUTIONS

Abstract

The knowledge and application of cooperative values and principles by cooperative leaders or managers is conventionally seen as a pre-requisite to achieving cooperative objectives. However, it does appear that many cooperative leaders lack ideas of these values and principles. This paper examined the essential values and principles for effective business decisions and performance of cooperatives in tertiary institutions.  Ex post facto approach which is based on documented evidences was used in literature review. Thematic issues were descriptively analysed. The results showed that for effective functioning of a cooperative, values such as self-help, self-responsibility, democracy, equality, equity, solidarity, honesty, openness, social responsibility, and care for others have to be imbibed by the management committee. It was also revealed that cooperative principle of voluntary and open membership, democratic member control, member economic participation, autonomy and independence, education, training and information, cooperation among members, and concern for community are requisites for efficient cooperative performance. In essence, for there to be performing management and cooperative societies in tertiary institutions the management committee have to imbibe the above values and principles. This paper concluded that through proper knowledge and application of cooperative values and principles, business decisions of cooperatives in tertiary institutions can be influenced. It recommended among other things that there should be continuous education of members and management committee on cooperative values and principles by various cooperative societies. This is based on the premise that an adequate understanding of the cooperative belief systems that are encompassed in cooperative values and principles will engender increased commitment and participation in cooperative activities.