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Effects of Production and Other Factors on Hungarian Agricultural Farm’s Creditability

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Author Info

  • József Tóth

    (Corvinus University of Budapest, Hungary)

  • Gábor Kemény

    (Research Institute of Agricultural Economics)

  • Kristóf Tóth

    (Research Institute of Agricultural Economics)

Abstract

In this paper we estimate the impact of different factors on creditability of agricultural farms. According to the literature the collateral (tangible assets), the farm size, productivity, and subsidies should have significant effects on farm loans. We use data from the Hungarian Farm Accountancy Data Network to test our two hypotheses and theoretical assumptions for the period 2001-2010. Because of using panel data, we do our estimations using fixed effects econometrics model to test our assumptions. The results indicate that the chosen factors have significant influence on total liabilities and short- and long-term loans as well. With specially interest of subsidies the growing level of supports decrease the need of other financial tools. At output factors (inclusive farm size) have significant and positive effect, same as collateral (tangible assets).

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Bibliographic Info

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This chapter was published in: József Tóth & Gábor Kemény & Kristóf Tóth , , pages 1021-1028, 2012.

This item is provided by University of Primorska, Faculty of Management Koper in its series MIC 2012: Managing Transformation with Creativity; Proceedings of the 13th International Conference, Budapest, 22–24 November 2012 [Selected Papers] with number 1021-1028.

Handle: RePEc:mgt:micp12:1021-1028

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Related research

Keywords: credit; output; collateral; subsidies; farm size;

References

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  1. Ciaian, Pavel & Pokrivcak, Jan, 2011. "Do agricultural subsidies crowd out or stimulate rural credit institutions? The Case of CAP Payments," Working Papers 117485, Factor Markets, Centre for European Policy Studies.
  2. Ralph Bierlen & Allen M. Featherstone, 1998. "Fundamental q, Cash Flow, and Investment: Evidence from Farm Panel Data," The Review of Economics and Statistics, MIT Press, vol. 80(3), pages 427-435, August.
  3. Pederson, Glenn D. & Khitarishvili, Tamar, 1997. "Challenges Of Agricultural And Rural Finance In Cee, Nis And Baltic Countries," Working Papers 14358, University of Minnesota, Center for International Food and Agricultural Policy.
  4. Bakucs, Lajos Zoltán & Ferto, Imre & Fogarasi, József, 2009. "Investment and financial constraints in Hungarian agriculture," Economics Letters, Elsevier, vol. 104(3), pages 122-124, September.
  5. Swinnen, Johan F. M. & Gow, Hamish R., 1999. "Agricultural credit problems and policies during the transition to a market economy in Central and Eastern Europe," Food Policy, Elsevier, vol. 24(1), pages 21-47, February.
  6. Catherine Benjamin & Euan Phimister, 2002. "Does Capital Market Structure Affect Farm Investment? A Comparison using French and British Farm-Level Panel Data," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 84(4), pages 1115-1129.
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