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This study investigates the determinants that influence a firm’s decision to use external private equity in agriculture. The use of external equity as a funding source in agriculture has increased since 1990; however, the literature addressing this phenomenon is limited. The asset specificity approach (Williamson 1988) offers insightful contributions to understand the choice of financial mechanisms. Specifically, financial structure is related to asset specificity, the extent to which assets are redeployable to alternative uses, a particularly important attribute in agricultural production. I construct an international dataset of companies that receive external private equity finance to test the determinants of using external equity finance. Results show that the attributes of the assets involved in agriculture are important determinants of financing choices.


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