Determinants of investments in non‐farm assets by farm households
Determinants of investments in non‐farm assets by farm households
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农户非农资产投资的决定因素
DOI：
10.1108/00215100480001151
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发表时间：
2004
影响因子：
1.6
通讯作者：
Allen M. Featherstone
中科院分区：
文献类型：
--
作者：
Teresa Serra;B. Goodwin;Allen M. Featherstone
分析了农户的非农投资决策。使用了从1994年到2000年观察到的堪萨斯州农场样本的农场级数据。估计了一个删失因变量模型系统，以考察影响农户投资组合的因素。这一分析的核心问题是，农业收入的变异性是否会影响非农业投资决策。以前对非农投资决定因素的分析没有考虑到收入变化的作用。研究结果表明，农户收入波动越大，非农资产在农户投资组合中的相关性越高，表明这些资产被用作农户收入风险管理工具。
Off‐farm investment decisions of farm households are analyzed. Farm‐level data for a sample of Kansas farms observed from 1994 through 2000 are utilized. A system of censored dependent variable models is estimated to investigate the factors that influence the composition of farm households’ portfolios. The central question underlying the analysis is whether farm income variability influences off‐farm investment decisions. Previous analyses on the determinants of non‐farm investments have failed to consider the role of income variability. Results of this study indicate that higher farm income fluctuations increase the relevance of non‐farm assets in the farm household portfolio, thus suggesting these assets are used as farm household income risk management tools.