This paper aims to investigate productivity and profitability growth in the context of changing farm structure in Ukraine. We address the question of how different farm types, concretely holding enterprises and non-holdings have comparatively performed on the background of their different business strategies. We found that there are no significant differences in terms of productivity between them. Additionally, these results reveal that further research should include corporate level analysis of holdings in order to capture the effects of diversification, since internal management practices, peculiarities of organizational and governance structures as well as inter-subsidiary relationships may tangle the analysis of affiliation effects. Acknowledgement :