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What farmer types are most likely to adopt joint venture farm business structures?

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  • Marit E. Kragt
  • Brendan Lynch
  • Rick S. Llewellyn
  • Wendy J. Umberger

Abstract

Joint venture (JV) farm structures have the potential to increase the productivity and profitability of traditional family farms. However, such structures are not widely adopted within the farm business community. Furthermore, knowledge on the relative attractiveness of different JV models to farmers is limited. We use a choice experiment to explore what JV structures are preferred by Australian farmers, and how farmers’ socio‐demographic and attitudinal characteristics influence the type of JV structure preferred. A latent class analysis revealed significant unobserved preference heterogeneity amongst the population. We identify four latent classes that differ in their preferences regarding the number of JV partners, access to new machinery, and/or the opportunity for additional annual leave. All classes of farmers displayed positive preferences for operational decision‐making with other JV partners, although they varied in their preferences towards final operational responsibility. The diversity in preferences shows that there is no ‘one size fits all’ JV design, leaving opportunities for a range of JV decision models. Such flexibility in JV design is likely to have advantages when seeking JV partners, with a significant proportion of the sampled population open to collaborative decision‐making models.

Suggested Citation

  • Marit E. Kragt & Brendan Lynch & Rick S. Llewellyn & Wendy J. Umberger, 2019. "What farmer types are most likely to adopt joint venture farm business structures?," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 63(4), pages 881-896, October.
    • Handle: RePEc:bla:ajarec:v:63:y:2019:i:4:p:881-896
    DOI: 10.1111/1467-8489.12332
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    Cited by:

    1. Creppy, Priscilla & Bicknell, Kathryn & Renwick, Alan, 2024. "Understanding smallholder preferences for joint ventures in Ghana's rice sector: Improving market access through inclusive business models," Economic Analysis and Policy, Elsevier, vol. 81(C), pages 470-481.
    2. Lily Kiminami & Shinichi Furuzawa & Akira Kiminami, 2024. "Conditions for approaching shared value creation management in the Japanese rice flour-related business: application of mixed methods research," Asia-Pacific Journal of Regional Science, Springer, vol. 8(2), pages 755-786, June.

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