Pub Date : 2022-03-03DOI: 10.17221/298/2021-agricecon
D. Živkov, B. Kuzman, J. Subić
In this paper, we used several elaborate return-to-risk methods to investigate the risk-adjusted performances of five soft commodities. Regarding only the level of risk, we found that cocoa had the highest risk of losses, followed by orange juice. Cotton and coffee had the lowest risk of losses. However, according to the return-to-risk output, cotton was the worst asset in which to invest because it had negative average returns. In contradistinction, sugar had a relatively high risk of losses but also the highest average returns, which put it in the first place according to the Sharpe, Sortino and modified Sharpe ratios. Although orange juice had the second-worst downside risk performance, it came in second place according to the return-to-risk ratio because it had relatively high average returns.
{"title":"Measuring the risk-adjusted performance of selected soft agricultural commodities","authors":"D. Živkov, B. Kuzman, J. Subić","doi":"10.17221/298/2021-agricecon","DOIUrl":"https://doi.org/10.17221/298/2021-agricecon","url":null,"abstract":"In this paper, we used several elaborate return-to-risk methods to investigate the risk-adjusted performances of five soft commodities. Regarding only the level of risk, we found that cocoa had the highest risk of losses, followed by orange juice. Cotton and coffee had the lowest risk of losses. However, according to the return-to-risk output, cotton was the worst asset in which to invest because it had negative average returns. In contradistinction, sugar had a relatively high risk of losses but also the highest average returns, which put it in the first place according to the Sharpe, Sortino and modified Sharpe ratios. Although orange juice had the second-worst downside risk performance, it came in second place according to the return-to-risk ratio because it had relatively high average returns.","PeriodicalId":283940,"journal":{"name":"Agricultural Economics (Zemědělská ekonomika)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-03-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129876665","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-02-18DOI: 10.17221/361/2021-agricecon
A. Grzelak
The aim of this paper is to outline the relationship between income and assets when taking into account selected models of farms' functioning. The following farm models are examined: traditional, industrial, sustainable, and organic. Panel models were used that were based on the results of individual unpublished data for farms in Poland that undertook agricultural accounting according to the Farm Accounting Data Network (FADN) principles from 2004 to 2019. It was found that industrial farms had the clearest income-assets relationship, while traditional farms had the least clear relationship. The value of land, as a component of assets, was found to weaken the income-assets relationship. In consequence, the value of assets increased faster than income. Thus, the farmers are becoming wealthier in terms of the value of their assets, but this is not reflected in their income.
{"title":"The income-assets relationship for farms operating under selected models in Poland","authors":"A. Grzelak","doi":"10.17221/361/2021-agricecon","DOIUrl":"https://doi.org/10.17221/361/2021-agricecon","url":null,"abstract":"The aim of this paper is to outline the relationship between income and assets when taking into account selected models of farms' functioning. The following farm models are examined: traditional, industrial, sustainable, and organic. Panel models were used that were based on the results of individual unpublished data for farms in Poland that undertook agricultural accounting according to the Farm Accounting Data Network (FADN) principles from 2004 to 2019. It was found that industrial farms had the clearest income-assets relationship, while traditional farms had the least clear relationship. The value of land, as a component of assets, was found to weaken the income-assets relationship. In consequence, the value of assets increased faster than income. Thus, the farmers are becoming wealthier in terms of the value of their assets, but this is not reflected in their income.","PeriodicalId":283940,"journal":{"name":"Agricultural Economics (Zemědělská ekonomika)","volume":"40 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-02-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130170042","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-02-07DOI: 10.17221/351/2021-agricecon
L. Smutka, J. Abrhám
The main goal of the paper is to evaluate the impact of the Russian import ban on the development of agricultural exports from EU member states. The study is based on a time-series analysis of empirical statistical indicators. The analysed period is between 2009 and 2019. The source of data for individual analyses is UN Comtrade (2021). The evaluation of export performance is extended by hierarchical cluster analysis. The study quantifies the effects of the import ban on the EU and individual member states through two scenarios. Scenario 1 is based on the cumulative loss of the value of exports. Scenario 2 assumes a continuous development of the value of agricultural exports. Based on the results, it is possible to confirm that the application of the Russian food import ban had a significant impact on EU countries. The impact of sanctions varies across EU countries. Four specific clusters could be identified in the period under investigation. In the period after the ban, the distribution of individual countries among individual clusters changed significantly. The applied ban could be understood not only as an attempt at counter-sanctions. Import restrictions also aim to reduce Russia's dependence on food imports and promote national food security.
{"title":"The impact of the Russian import ban on EU agrarian exports","authors":"L. Smutka, J. Abrhám","doi":"10.17221/351/2021-agricecon","DOIUrl":"https://doi.org/10.17221/351/2021-agricecon","url":null,"abstract":"The main goal of the paper is to evaluate the impact of the Russian import ban on the development of agricultural exports from EU member states. The study is based on a time-series analysis of empirical statistical indicators. The analysed period is between 2009 and 2019. The source of data for individual analyses is UN Comtrade (2021). The evaluation of export performance is extended by hierarchical cluster analysis. The study quantifies the effects of the import ban on the EU and individual member states through two scenarios. Scenario 1 is based on the cumulative loss of the value of exports. Scenario 2 assumes a continuous development of the value of agricultural exports. Based on the results, it is possible to confirm that the application of the Russian food import ban had a significant impact on EU countries. The impact of sanctions varies across EU countries. Four specific clusters could be identified in the period under investigation. In the period after the ban, the distribution of individual countries among individual clusters changed significantly. The applied ban could be understood not only as an attempt at counter-sanctions. Import restrictions also aim to reduce Russia's dependence on food imports and promote national food security.","PeriodicalId":283940,"journal":{"name":"Agricultural Economics (Zemědělská ekonomika)","volume":"49 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-02-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123414024","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-02-04DOI: 10.17221/334/2021-agricecon
J. Špička, Zdeňka Náglová
The paper responds to the ongoing trends in meat consumption in developed countries and fills the gap in empirical studies on consumer segmentation by preferences in the purchase of meat and meat products in the Czech Republic. The paper aims to assess the differences between the consumer segments according to their preferences in purchasing meat and meat products. The data source was a quantitative questionnaire survey conducted among a representative sample of 992 respondents. An exploratory latent class analysis segmented consumers according to the decision-making criteria when buying meat and meat products. The results complete the picture of the meat and meat products market in terms of consumer behaviour and contribute to a better understanding of meat consumption. The segmentation of consumers according to their preferences resulted in three different categories of consumers, which differ in their purchase decision criteria and socio-demographic characteristics. The segments do not differ significantly in terms of occupation status, region, community size or income level of the respondents. The differences between the generations are much more critical, which were evident in the respondents' average age and household composition. Producers and retailers should better target their marketing activities and communication to different segments.
{"title":"Consumer segmentation in the meat market – The case study of Czech Republic","authors":"J. Špička, Zdeňka Náglová","doi":"10.17221/334/2021-agricecon","DOIUrl":"https://doi.org/10.17221/334/2021-agricecon","url":null,"abstract":"The paper responds to the ongoing trends in meat consumption in developed countries and fills the gap in empirical studies on consumer segmentation by preferences in the purchase of meat and meat products in the Czech Republic. The paper aims to assess the differences between the consumer segments according to their preferences in purchasing meat and meat products. The data source was a quantitative questionnaire survey conducted among a representative sample of 992 respondents. An exploratory latent class analysis segmented consumers according to the decision-making criteria when buying meat and meat products. The results complete the picture of the meat and meat products market in terms of consumer behaviour and contribute to a better understanding of meat consumption. The segmentation of consumers according to their preferences resulted in three different categories of consumers, which differ in their purchase decision criteria and socio-demographic characteristics. The segments do not differ significantly in terms of occupation status, region, community size or income level of the respondents. The differences between the generations are much more critical, which were evident in the respondents' average age and household composition. Producers and retailers should better target their marketing activities and communication to different segments.","PeriodicalId":283940,"journal":{"name":"Agricultural Economics (Zemědělská ekonomika)","volume":"20 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-02-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121622325","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-02-03DOI: 10.17221/226/2021-agricecon
C. Penone, S. Trestini
The volatility of food prices still raises concerns among agricultural market players, increasing interest in the futures markets, thus calling for a better understanding of the connection between the futures and the Italian spot prices. This study uses symmetric and asymmetric vector error correction models to investigate the relationship between futures and spot prices for the Italian agricultural markets of soybean, corn, and milling wheat. The results confirm the leading role of the futures contract prices for all the considered commodities. Moreover, the non-linear cointegration analysis results suggest price transmission's asymmetries for all the agricultural commodity prices. This research provides critical insight into the shape of the futures-spot price transmission.
{"title":"Testing for asymmetric cointegration of Italian agricultural commodities prices: Evidence from the futures-spot market relationship","authors":"C. Penone, S. Trestini","doi":"10.17221/226/2021-agricecon","DOIUrl":"https://doi.org/10.17221/226/2021-agricecon","url":null,"abstract":"The volatility of food prices still raises concerns among agricultural market players, increasing interest in the futures markets, thus calling for a better understanding of the connection between the futures and the Italian spot prices. This study uses symmetric and asymmetric vector error correction models to investigate the relationship between futures and spot prices for the Italian agricultural markets of soybean, corn, and milling wheat. The results confirm the leading role of the futures contract prices for all the considered commodities. Moreover, the non-linear cointegration analysis results suggest price transmission's asymmetries for all the agricultural commodity prices. This research provides critical insight into the shape of the futures-spot price transmission.","PeriodicalId":283940,"journal":{"name":"Agricultural Economics (Zemědělská ekonomika)","volume":"45 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-02-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133396729","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-01-25DOI: 10.17221/384/2021-agricecon
L. Čechura, Zdeňka Žáková Kroupová, M. Lekešová
This paper deals with the sources of total factor productivity (TFP), namely technical efficiency, scale efficiency, and technological change, considering the size of agricultural producers and using balanced panel data in the period 2014–2018 drawn from the Farm Accountancy Data Network (FADN) database for three sectors of Czech agriculture – cereals, milk, and beef. The investigation is based on the stochastic frontier (SF) modelling of an input distance function (IDF) with four error components (heterogeneity, statistical noise, persistent and transient inefficiency). The sector-specific models are estimated by a four-step estimating procedure with a system generalised method of moments (GMM) estimator to address the endogeneity problem. The results reveal inter- and intra-sectoral differences in productivity drivers. In particular, the smallest producers lag considerably behind the largest ones due to the scale effect (SEC). While large farms should focus on technological change, improvements in scale and technical efficiency have been identified as the main sources of coping with productivity losses for small farmers.
{"title":"Productivity and efficiency in Czech agriculture: Does farm size matter?","authors":"L. Čechura, Zdeňka Žáková Kroupová, M. Lekešová","doi":"10.17221/384/2021-agricecon","DOIUrl":"https://doi.org/10.17221/384/2021-agricecon","url":null,"abstract":"This paper deals with the sources of total factor productivity (TFP), namely technical efficiency, scale efficiency, and technological change, considering the size of agricultural producers and using balanced panel data in the period 2014–2018 drawn from the Farm Accountancy Data Network (FADN) database for three sectors of Czech agriculture – cereals, milk, and beef. The investigation is based on the stochastic frontier (SF) modelling of an input distance function (IDF) with four error components (heterogeneity, statistical noise, persistent and transient inefficiency). The sector-specific models are estimated by a four-step estimating procedure with a system generalised method of moments (GMM) estimator to address the endogeneity problem. The results reveal inter- and intra-sectoral differences in productivity drivers. In particular, the smallest producers lag considerably behind the largest ones due to the scale effect (SEC). While large farms should focus on technological change, improvements in scale and technical efficiency have been identified as the main sources of coping with productivity losses for small farmers.","PeriodicalId":283940,"journal":{"name":"Agricultural Economics (Zemědělská ekonomika)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-01-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129804945","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-01-25DOI: 10.17221/156/2021-agricecon
J. Szarek, J. Piecuch
Currently, technological development is driven by the search for solutions to prevent climate change and environmental degradation, increase energy efficiency, and meet societal needs in relation to avoiding conflict while navigating the implementation of current and future needs. Many of the solutions come from the rapid development of the bioeconomy. The aim of this article is to determine the impact of bioeconomy variables on economic growth in 27 EU countries. The research goal of the paper is based on the estimation of dynamic panel models using the generalized method of moments (GMM). The following set of variables used in the dynamic panel model had a positive impact on economic growth in the EU-27 countries: greenhouse gases by sector: agriculture, circular material use rate, recycling rate of packaging waste by type of packaging – plastic packaging, recycling rate of packaging waste by type of packaging – wooden packaging. Three variables were shown to have a negative impact on economic growth, namely: recycling rate of municipal waste, recycling rate of e-waste, trade-in recyclable raw materials – exports extra-EU.
{"title":"Dynamic panel model in bioeconomy modeling","authors":"J. Szarek, J. Piecuch","doi":"10.17221/156/2021-agricecon","DOIUrl":"https://doi.org/10.17221/156/2021-agricecon","url":null,"abstract":"Currently, technological development is driven by the search for solutions to prevent climate change and environmental degradation, increase energy efficiency, and meet societal needs in relation to avoiding conflict while navigating the implementation of current and future needs. Many of the solutions come from the rapid development of the bioeconomy. The aim of this article is to determine the impact of bioeconomy variables on economic growth in 27 EU countries. The research goal of the paper is based on the estimation of dynamic panel models using the generalized method of moments (GMM). The following set of variables used in the dynamic panel model had a positive impact on economic growth in the EU-27 countries: greenhouse gases by sector: agriculture, circular material use rate, recycling rate of packaging waste by type of packaging – plastic packaging, recycling rate of packaging waste by type of packaging – wooden packaging. Three variables were shown to have a negative impact on economic growth, namely: recycling rate of municipal waste, recycling rate of e-waste, trade-in recyclable raw materials – exports extra-EU.","PeriodicalId":283940,"journal":{"name":"Agricultural Economics (Zemědělská ekonomika)","volume":"3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-01-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133749810","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-01-21DOI: 10.17221/329/2021-agricecon
Liangliang Zhai, Shi Yuan, Yujing Feng
This paper uses the global trade analysis project (GTAP) to evaluate the impact of grain export restrictions on world food security during the COVID-19 epidemic. The study found that export restrictions distort world market prices, which in turn distort consumption and production, harm the interests of consumers and farmers in some countries, and threaten food security. In this regard, maintaining the convenience of the food trade is the wise choice of all countries. It is necessary to tighten the World Trade Organization (WTO) disciplines related to export restrictions, strengthen global food security governance and jointly build a community with a shared future for mankind.
{"title":"The economic effects of export restrictions imposed by major grain producers","authors":"Liangliang Zhai, Shi Yuan, Yujing Feng","doi":"10.17221/329/2021-agricecon","DOIUrl":"https://doi.org/10.17221/329/2021-agricecon","url":null,"abstract":"This paper uses the global trade analysis project (GTAP) to evaluate the impact of grain export restrictions on world food security during the COVID-19 epidemic. The study found that export restrictions distort world market prices, which in turn distort consumption and production, harm the interests of consumers and farmers in some countries, and threaten food security. In this regard, maintaining the convenience of the food trade is the wise choice of all countries. It is necessary to tighten the World Trade Organization (WTO) disciplines related to export restrictions, strengthen global food security governance and jointly build a community with a shared future for mankind.","PeriodicalId":283940,"journal":{"name":"Agricultural Economics (Zemědělská ekonomika)","volume":"26 24","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-01-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"113954938","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-01-10DOI: 10.17221/235/2021-agricecon
Yehui Tong, Ramon Saladrigues
Using the logistic model, this article investigates the influence of financial factors on gaining profits for new firms in the Spanish food industry. Specifically, the firms founded separately during the crisis period and during the postcrisis period are observed for their first three years. The findings suggest that indebtedness (for both periods), previous profitability (for the postcrisis period) and accounts payable (for the crisis period) were most frequently statistically significant in the logistic model. Hence, for new firms, controlling debt burden, accumulating internally generated funds and using payables to establish business relationships can help to gain profits. Firm size and asset rotation were significant in the first year (especially during the postcrisis period), with a positive relationship to profits. Given that the food industry is highly competitive, enlarging firm size to reach efficiencies of scale and using a low-price strategy with high asset rotation to obtain market share are effective marketing strategies for new firms. This article contributes to the empirical studies about the financial effects on new firms' profits in the food industry; it can also help potential entrepreneurs make better decisions about starting new businesses and help to manage new firms better in different macroeconomic environments.
{"title":"An analysis of factors affecting the profits of new firms in Spain: Evidence from the food industry","authors":"Yehui Tong, Ramon Saladrigues","doi":"10.17221/235/2021-agricecon","DOIUrl":"https://doi.org/10.17221/235/2021-agricecon","url":null,"abstract":"Using the logistic model, this article investigates the influence of financial factors on gaining profits for new firms in the Spanish food industry. Specifically, the firms founded separately during the crisis period and during the postcrisis period are observed for their first three years. The findings suggest that indebtedness (for both periods), previous profitability (for the postcrisis period) and accounts payable (for the crisis period) were most frequently statistically significant in the logistic model. Hence, for new firms, controlling debt burden, accumulating internally generated funds and using payables to establish business relationships can help to gain profits. Firm size and asset rotation were significant in the first year (especially during the postcrisis period), with a positive relationship to profits. Given that the food industry is highly competitive, enlarging firm size to reach efficiencies of scale and using a low-price strategy with high asset rotation to obtain market share are effective marketing strategies for new firms. This article contributes to the empirical studies about the financial effects on new firms' profits in the food industry; it can also help potential entrepreneurs make better decisions about starting new businesses and help to manage new firms better in different macroeconomic environments.","PeriodicalId":283940,"journal":{"name":"Agricultural Economics (Zemědělská ekonomika)","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-01-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128563605","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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