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Investments, subsidies and financial constraints in Estonian agriculture

The result's identifiers

  • Result code in IS VaVaI

    <a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F60460709%3A41110%2F23%3A97764" target="_blank" >RIV/60460709:41110/23:97764 - isvavai.cz</a>

  • Result on the web

    <a href="https://www.emerald.com/insight/content/doi/10.1108/AFR-10-2022-0132/full/html" target="_blank" >https://www.emerald.com/insight/content/doi/10.1108/AFR-10-2022-0132/full/html</a>

  • DOI - Digital Object Identifier

    <a href="http://dx.doi.org/10.1108/AFR-10-2022-0132" target="_blank" >10.1108/AFR-10-2022-0132</a>

Alternative languages

  • Result language

    angličtina

  • Original language name

    Investments, subsidies and financial constraints in Estonian agriculture

  • Original language description

    PurposeThe purpose of this study is to explore the determinants of investment decisions of Estonian farms after the transition to market economy and accession to the European Union (EU), in the period 2006-2019.Design/methodology/approachThe paper employs Estonian Farm Accountancy Data Network (FADN) individual farm-level data from the period 2006-2019, and standard and augmented accelerator investment models. Generalised methods of moments (GMM) and bias-corrected least-squares dummy variables (LSDVC) regressions were used to estimate parameters of these models.FindingsIn the considered period, farm investments were positively affected by sales growth, investment subsidies and the cash flow. Decomposition of cash flow into volatile, market income related part, and more stable, farm subsidies related part indicated that investments do not depend on market income part of cash flow. Instead, the stable part of the cash flow (farm subsidies) had a significant and positive effect on investments. This suggests that credit rationing could be present in the EU agriculture, and it depends on the farm subsidies not market income of farms.Originality/valueDespite the wealth of literature on the investment behaviour of farmers, this article is the first attempt to decompose farm cash flow into stable (farm subsidies) and volatile (market income) parts to explain the role of subsidies as a part of cash flow in credit rationing.

  • Czech name

  • Czech description

Classification

  • Type

    J<sub>imp</sub> - Article in a specialist periodical, which is included in the Web of Science database

  • CEP classification

  • OECD FORD branch

    50202 - Applied Economics, Econometrics

Result continuities

  • Project

  • Continuities

    S - Specificky vyzkum na vysokych skolach

Others

  • Publication year

    2023

  • Confidentiality

    S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Data specific for result type

  • Name of the periodical

    Agricultural Finance Review

  • ISSN

    0002-1466

  • e-ISSN

    0002-1466

  • Volume of the periodical

    83

  • Issue of the periodical within the volume

    4/5

  • Country of publishing house

    GB - UNITED KINGDOM

  • Number of pages

    20

  • Pages from-to

    597-616

  • UT code for WoS article

    001050476300001

  • EID of the result in the Scopus database

    2-s2.0-85168129260