Succession Decisions in U.S. Family Farm Businesses
AbstractFarm transfer or succession by the â€œnext generationâ€ holds a place of central importance in the determination of industry structure and total number of farmers and has profound implications for farm families. The family farm sector relies heavily on intergenerational succession. Succession and retirement are linked and reflective of the life cycles of the farm household and the farm business. A large farm-level data set and a logistic regression model were used to examine the determinants of farm succession decisions in the United States, with special emphasis given to the treatment of endogenous wealth and farm size variables. Results point to the importance of farmerâ€™s age, educational attainment of farm operators, off-farm work by the operator or operator and spouse, expected household wealth, and farm business location on the decision to have succession plans.
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Bibliographic InfoArticle provided by Western Agricultural Economics Association in its journal Journal of Agricultural and Resource Economics.
Volume (Year): 35 (2010)
Issue (Month): 1 (April)
education; endogeneity; farm household wealth; farm transfer; household income; intergenerational succession; life cycle; logit model; off-farm work; Farm Management; Labor and Human Capital;
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