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Investment activity and ownership structure of Czech corporate farms Inra
Curtiss, J.; Latruffe, L.; Medonos, T.; Ratinger, T.; IAAE, International Association of Agricultural Economists (USA); EAAE, European Association of Agricultural Economists (NLD); CUB, Corvinus University of Budapest (HUN).
This paper aims at assessing the relationship between ownership structure, performance and investment activity. In particular it studies how behavioural differences between farms related to ownership structure influence farms' investment activity and thus their further development potential resulting in farm structural changes. The paper analyses a sample of corporate farms over 7 years, 1997-2003, using structural model of three equations including investment accelerator model. This model considers the effect of ownership on (a) technical efficiency as proxy for the quality of operational management, (b) returns on capital as proxy for quality of financial management, (c) investment activity, and (d) investment sensitivity to internal funds as proxy for...
Tipo: Meeting Paper Palavras-chave: CORPORATE OWNERSHIP; EMPLOYEE OWNERSHIP; EXTERNAL OWNERSHIP; AGENCY PROBLEM; INVESTMENT BEHAVIOR; FINANCIAL CONSTRAINT.
Ano: 2007 URL: http://www.prodinra.inra.fr/prodinra/pinra/doc.xsp?id=PROD20084a52b8f6&uri=/notices/prodinra1/2008/09/
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Performance of different institutional units in the Czech Republic and the role of external financing Inra
Davidova, S.; Latruffe, L.; Ratinger, T.; EAAE, European Association of Agricultural Economists (NLD).
The paper analyses the relationship between the financial structure of the different institutional units in the Czech Republic and their performance, by testing several theoretical hypotheses. It employs Data Envelopment Analysis to estimate separately corporate and individual farms’ technical efficiency, and investigates the effect of indebtedness on efficiency in a second stage, accounting for potential endogeneity. No substantial differences were detected between individual and corporate farms. For both groups higher long-term indebtedness negatively affects farm performance (agency theory and adjustment hypothesis), while the latter is used for appraising loan applications (credit evaluation). Case studies to banks and farms confirmed these findings.
Tipo: Meeting Paper Palavras-chave: EFFICACITE TECHNIQUE CORPORATE FARMS; CREDIT; INDIVIDUAL FARMS; TECHNICAL EFFICIENCY.
Ano: 2005 URL: http://www.prodinra.inra.fr/prodinra/pinra/doc.xsp?id=PROD2009601eb8e0&uri=/notices/prodinra1/2010/07/
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