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The Contribution of Financial Management Training and Knowledge to Dairy Farm Financial Performance

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  • Douglas Jackson-Smith
  • David Trechter
  • Nate Splett

Abstract

Cooperative Extension and other institutions (e.g., technical colleges, on-line self study programs, university short courses, etc.) frequently stress the importance of financial management education for successful farming operations. The research reported in this paper attempts to quantify the contributions of such training to the financial performance of dairy farms in Wisconsin. Our results suggest a link between a deeper understanding of financial concepts and greater financial returns but that it is a relatively weak one. Moreover, simple exposure to farm management training programs and self-confidence in farm financial decision-making ability are not significantly related to farm financial outcomes.

Suggested Citation

  • Douglas Jackson-Smith & David Trechter & Nate Splett, 2004. "The Contribution of Financial Management Training and Knowledge to Dairy Farm Financial Performance," Review of Agricultural Economics, Agricultural and Applied Economics Association, vol. 26(1), pages 132-147.
    • Handle: RePEc:oup:revage:v:26:y:2004:i:1:p:132-147.
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    File URL: http://hdl.handle.net/10.1111/j.1467-9353.2003.00166.x
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    References listed on IDEAS

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    1. Gloy, Brent A. & Hyde, Jeffrey & LaDue, Eddy L., 2001. "Dairy Farm Management And Long-Term Farm Financial Performance: Evidence From Panel Data," 2001 Annual meeting, August 5-8, Chicago, IL 20515, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    2. Steven T. Sonka & Robert H. Hornbaker & Michael A. Hudson, 1989. "Managerial Performance and Income Variability for a Sample of Illinois Cash Grain Producers," Review of Agricultural Economics, Agricultural and Applied Economics Association, vol. 11(1), pages 37-47.
    3. Tvedt, Douglas D. & Olson, Kent D. & Hawkins, Douglas M., 1989. "Short-Run Indicators Of Financial Success For Southwest Minnesota Farmers," Staff Papers 13933, University of Minnesota, Department of Applied Economics.
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    Cited by:

    1. Tauer, Loren W. & Mishra, Ashok K., 2005. "U.S. Dairy Farm Cost Efficiency," Working Papers 127079, Cornell University, Department of Applied Economics and Management.
    2. Eric T. Micheels & Hamish R. Gow, 2015. "The Effect of Market Orientation on Learning, Innovativeness, and Performance in Primary Agriculture," Canadian Journal of Agricultural Economics/Revue canadienne d'agroeconomie, Canadian Agricultural Economics Society/Societe canadienne d'agroeconomie, vol. 63(2), pages 209-233, June.
    3. Pierre Chiaverina & Sophie Drogué & Florence Jacquet & Larry Lev & Robert King, 2023. "Does short food supply chain participation improve farm economic performance? A meta‐analysis," Agricultural Economics, International Association of Agricultural Economists, vol. 54(3), pages 400-413, May.
    4. Tauer, Loren W. & Mishra, Ashok K., 2006. "Can the small dairy farm remain competitive in US agriculture?," Food Policy, Elsevier, vol. 31(5), pages 458-468, October.
    5. Müller, Anna K. & Theuvsen, Ludwig, 2015. "Financial literacy and food safety standards in Guatemala: The heterogeneous impact of GlobalGAP on farm income," GlobalFood Discussion Papers 199383, Georg-August-Universitaet Goettingen, GlobalFood, Department of Agricultural Economics and Rural Development.
    6. Marcellino, Dana M. & Wilson, Christine A., 2006. "Valuing Farm Financial Information," 2006 Annual meeting, July 23-26, Long Beach, CA 21243, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).

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