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Transaction costs, farm finance and investment

Author

Listed:
  • Catherine Benjamin

    (ESR - Unité de recherche d'Économie et Sociologie Rurales - INRA - Institut National de la Recherche Agronomique)

  • Euan Phimister

    (University of Aberdeen)

Abstract

Les décisions d'investissement des exploitants agricoles sont modélisées en prenant en compte les coûts d'ajustements et de transactions apparaissant quand de nouveaux emprunts sont contractés. L'introduction explicite de ces coûts conduit à la simultanéité entre les décisions financières et les décisions d'investissement de l'exploitation. Par rapport aux travaux sur les contraintes de liquidité, le modèle génère une classification observable des exploitations ce qui permet d'éviter les biais de sélectivité. La résolution du modèle théorique conduit à des spécifications différentes suivant l'existence ou non de coûts de transaction. L'application économétrique est réalisée à partir d'un panel cylindré d'exploitations agricoles françaises sur la période 1989-1993. Une méthode des moments généralisés basée sur un modèle différencié est utilisée. La spécification basée sur l'hypothèse d'un marché du capital parfait (pas de coûts de transaction) est rejetée. Par contre, la spécification déduite du modèle avec coûts de transaction n'est pas rejetée par les données.

Suggested Citation

  • Catherine Benjamin & Euan Phimister, 1996. "Transaction costs, farm finance and investment," Post-Print hal-01931622, HAL.
    • Handle: RePEc:hal:journl:hal-01931622
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    Citations

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    Cited by:

    1. Gardebroek, Cornelis & Oude Lansink, Alfons G.J.M., 2008. "Dynamic Microeconometric Approaches To Analysing Agricultural Policy," 107th Seminar, January 30-February 1, 2008, Sevilla, Spain 6592, European Association of Agricultural Economists.
    2. Harris, James Michael & Blank, Steven C. & Erickson, Kenneth W. & Hallahan, Charles B., 2010. "Off-farm Income and Investments in Farm Assets: A Double Hurdle Approach," 2010 Annual Meeting, July 25-27, 2010, Denver, Colorado 61531, Agricultural and Applied Economics Association.
    3. 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.
    4. Myyrä, Sami, & Pietola, Kyosti & Heikkilä, Anna-Maija, 2011. "Farm Level Capital: Capital positions, structures, the dynamics of farm level investments, capital accumulation and leverage positions," Factor Markets Working Papers 105, Centre for European Policy Studies.
    5. Curtiss, Jarmila, 2012. "Determinants of Financial Capital Use: Review of theories and implications for rural businesses," Factor Markets Working Papers 123, Centre for European Policy Studies.
    6. Martin Petrick, 2005. "Empirical measurement of credit rationing in agriculture: a methodological survey," Agricultural Economics, International Association of Agricultural Economists, vol. 33(2), pages 191-203, September.
    7. Wink Junior, Marcos Vinício & Sheng, Hsia Hua & Eid Junior, William, 2011. "Custos de transação: uma análise empírica da sua relação com investimento e investimento direto estrangeiro," RAE - Revista de Administração de Empresas, FGV-EAESP Escola de Administração de Empresas de São Paulo (Brazil), vol. 51(2), March.
    8. Peter Howley & Emma Dillon, 2012. "Factors affecting the level of farm indebtedness: the role of farming attitudes," Working Papers 1201, Rural Economy and Development Programme,Teagasc.
    9. Lagerkvist, Carl Johan & Olson, Kent D., 2001. "Asymmetric Information, Capital Structure And Agricultural Investment," 2001 Annual meeting, August 5-8, Chicago, IL 20652, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    10. Curtiss, Jarmila, 2012. "Determinants of Financial Capital Use: Review of theories and implications for rural businesses," Working papers 122846, Factor Markets, Centre for European Policy Studies.
    11. Olsen, Jakob Vesterlund & Pederson, Michael Friis, 2011. "An Empirical Analysis of Access to Finance for Danish Farms: Understanding Investment and the Absence of Risk Management," 2011 International Congress, August 30-September 2, 2011, Zurich, Switzerland 114591, European Association of Agricultural Economists.

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