Investment and financial constraints in European agriculture : evidence from France, Hungary and Slovenia

Imre Fertő; Zoltán Bakucs; Štefan Bojnec; Laure Latruffe

The article investigates the investment and financial constraints for French, Hungarian and Slovenian farms using FADN panel data with different econometric estimation approaches. Farm gross investment is positively associated with real sales growth and cash flow implying the absence of soft budget constraint. Gross farm investment is positively associated with investment subsidies. Specific results by country are found depending on farm indebtedness. Investment subsidies can mitigate some capital market imperfections in short-term, while on long-term what is crucial is farm sale ability to successfully compete in the output market gaining sufficient cash flow for farm competitive survival and investment. -- farm investment ; soft budget constraint ; investment subsidy ; panel data analysis

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Year of publication:	2012
Authors:	Fertő, Imre ; Bakucs, Zoltán ; Bojnec, Štefan ; Latruffe, Laure
Publisher:	Budapest : Institute of Economics, Hungarian Academy of Sciences
Subject:	Landwirtschaft \| Agriculture \| Investition \| Investment \| Budgetrestriktion \| Budget constraint \| Investitionspolitik \| Investment policy \| Panel \| Panel study \| Frankreich \| France \| Ungarn \| Hungary \| Slowenien \| Slovenia \| 2003-2008

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Extent:	Online-Ressource (PDF-Datei: [16] S., 143,36 KB)
Series:	Mu̐helytanulmányok / Magyar Tudományos Akadémia, Közgazdaságtudományi Intézet. - Budapest : [Verlag nicht ermittelbar], ISSN 1785-377X, ZDB-ID 2276849-X. - Vol. 2012/13
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Arbeitspapier ; Working Paper ; Graue Literatur ; Non-commercial literature
Language:	English
Notes:	Zsfassung in ungar. Sprache Systemvoraussetzungen: Acrobat Reader Parallelt.: Beruházások és pénzügyi korlátok az európai mezőgazdaságban
ISBN:	978-615-5243-05-9
Other identifiers:	hdl:10419/108264 [Handle]
Classification:	D81 - Criteria for Decision-Making under Risk and Uncertainty ; D92 - Intertemporal Firm Choice and Growth, Investment, or Financing ; O12 - Microeconomic Analyses of Economic Development ; Q12 - Micro Analysis of Farm Firms, Farm Households, and Farm Input Markets ; C23 - Models with Panel Data
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10009517281