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Succession Decisions in U.S. Family Farm Businesses

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Author Info

  • Mishra, Ashok K.
  • El-Osta, Hisham S.
  • Shaik, Saleem

Abstract

Farm transfer or succession by the “next generation†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 farmer’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 Info

Article provided by Western Agricultural Economics Association in its journal Journal of Agricultural and Resource Economics.

Volume (Year): 35 (2010)
Issue (Month): 1 (April)
Pages:

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Handle: RePEc:ags:jlaare:61055

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Web page: http://waeaonline.org/
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Related research

Keywords: 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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Cited by:
  1. Foltz, Renee D. & Marshall, Maria I., 2012. "Family Business Decision-Making: Factors and Influences on Choosing a Successor," 2012 Annual Meeting, August 12-14, 2012, Seattle, Washington 124272, Agricultural and Applied Economics Association.
  2. Hung-Hao Chang, 2013. "Old Farmer Pension Program and Farm Succession: Evidence from a Population-Based Survey of Farm Households in Taiwan," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 95(4), pages 976-991.
  3. Adhikari, Arun & Mishra, Ashok K. & Chintawar, Sachin, 2009. "Adoption of Technology and Its Impact on Profitability of Young and Beginning Farmers: A Quantile Regression Approach," 2009 Annual Meeting, January 31-February 3, 2009, Atlanta, Georgia 46830, Southern Agricultural Economics Association.
  4. Elliott, Matthew & James Jr., Harvey, 2013. "Nature Of The Farm: Revisited," 2013 Annual Meeting, August 4-6, 2013, Washington, D.C. 150726, Agricultural and Applied Economics Association.
  5. Harris, James Michael & Mishra, Ashok K. & Williams, Robert P., 2012. "The Impact Of Farm Succession Decisions On The Financial Performance Of The Farm," 2012 Annual Meeting, August 12-14, 2012, Seattle, Washington 124749, Agricultural and Applied Economics Association.
  6. Lange, Kelly Y. & Johnson, Jeffrey W. & Johnson, Phillip N. & Hudson, Darren & Wang, Chenggang & Gustafson, Bill, 2013. "Intergenerational Management Transfers in Family Farm Businesses," 2013 Annual Meeting, February 2-5, 2013, Orlando, Florida 142731, Southern Agricultural Economics Association.

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