Financing Constraints and the Family Farm: How do Families React?
This paper explores the idea that off-farm income is used for investment in farm assets. Using Alabama farm data for the 1997-2004 period, we find that farm investment is more sensitive to off-farm than to on-farm income, and that this sensitivity is stronger for farms with sales less than $250,000.
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- Simon Gilchrist & Charles P. Himmelberg, 1995.
"Evidence on the Role of Cash Flow for Investment,"
95-01, New York University, Leonard N. Stern School of Business, Department of Economics.
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- Robert E. Carpenter & Bruce C. Petersen, 2002. "Is The Growth Of Small Firms Constrained By Internal Finance?," The Review of Economics and Statistics, MIT Press, vol. 84(2), pages 298-309, May.
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