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Macroeconomic Conditions And Agribusiness Profitability: An Analysis Using Pooled Data

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  • Neibergs, J. Shannon
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    Abstract

    Theoretical and empirical insights into the linkages between firm profitability and macroeconomic conditions are developed for nineteen agribusinesses. The hypothesis investigated in this analysis is that firm financial performance is a function of firm specific factors and macroeconomic conditions common to all firms. Seemingly unrelated regression with an unequal number of observations is used to estimate macroeconomic linkages. Empirical results indicate that macroeconomic conditions have differing affects on firm profitability dependent on a firmÂ’s financial structure and the market segment in which it operates. Capital intensive industries and highly leveraged firms have higher business risk and are more susceptible to macroeconomic conditions.

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    File URL: http://purl.umn.edu/34310
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    Bibliographic Info

    Article provided by International Food and Agribusiness Management Association (IAMA) in its journal International Food and Agribusiness Management Review.

    Volume (Year): 01 (1998)
    Issue (Month): 01 ()
    Pages:

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    Handle: RePEc:ags:ifaamr:34310

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    Keywords: Agribusiness;

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    1. Sims, Christopher A, 1972. "Money, Income, and Causality," American Economic Review, American Economic Association, vol. 62(4), pages 540-52, September.
    2. Chambers, Robert G. & Just, Richard E., 1982. "An investigation of the effect of monetary factors on agriculture," Journal of Monetary Economics, Elsevier, vol. 9(2), pages 235-247.
    3. Orden, David, 1986. "Money and Agriculture: The Dynamics of Money Financial Market-Agricultural Trade Linkages," Agricultural Economics Research, United States Department of Agriculture, Economic Research Service, issue 3.
    4. D. Lynn Forster, 1996. "Capital structure, business risk, and investor returns for agribusinesses," Agribusiness, John Wiley & Sons, Ltd., vol. 12(5), pages 429-442.
    5. Bordo, Michael David, 1980. "The Effects of Monetary Change on Relative Commodity Prices and the Role of Long-Term Contracts," Journal of Political Economy, University of Chicago Press, vol. 88(6), pages 1088-1109, December.
    6. Schmidt, Peter, 1977. "Estimation of seemingly unrelated regressions with unequal numbers of observations," Journal of Econometrics, Elsevier, vol. 5(3), pages 365-377, May.
    7. Granger, C W J, 1969. "Investigating Causal Relations by Econometric Models and Cross-Spectral Methods," Econometrica, Econometric Society, vol. 37(3), pages 424-38, July.
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    Cited by:
    1. Bruce Bjornson & Michael E. Sykuta, 2002. "Growth by acquisition and the performance of large food retailers," Agribusiness, John Wiley & Sons, Ltd., vol. 18(3), pages 263-281.

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