The aim of the study is to investigate the possible Principal-Agent (PA) problem between managers and the boards in cooperatives, which no study has examined before. We surveyed 28 cooperative managers in Texas, divided into three sub-category groups, to compare mean differences within a conceptual model. As a result, the investigation yielded no direct evidence of a manager-board PA problem within the survey respondents, which suggests unique characteristics of the PA relationships between managers and the boards in cooperatives compared to investor-oriented firms. Lastly, the comparison revealed behavioral differences between each manager group, which provide implications for cooperative management.