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Abstract

Farm succession by the “next generation” is a key factor in the determination of industry structure and the total number of farmers and has profound implications for farm families which rely heavily on intergenerational succession. Our results indicate that, in addition to farm, operator, and off-farm work variables, succession plans have a positive and significant effect on financial performance, both in terms of higher profit margins and returns to equity. Further, we also find that farms with designated family successors have higher financial performance, both in terms of higher profits margins and returns to equity.

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