Template-Type: ReDIF-Article 1.0 Author-Name: Vilija ALEKNEVICIENE Author-Workplace-Name: Institute of Economics, Accounting and Finance, Aleksandras Stulginskis University, Kaunas, Lithuania Author-Name: Birute STAREVICIUTE Author-Workplace-Name: Institute of Economics, Accounting and Finance, Aleksandras Stulginskis University, Kaunas, Lithuania Author-Name: Egle ALEKNEVICIUTE Author-Workplace-Name: Department of Finance, Vytautas Magnus University, Kaunas, Lithuania Title: Evaluation of the efficiency of European Union farms: a risk-adjusted return approach Abstract: The aim of this study was to assess the efficiency of EU member-state farms using a risk-adjusted return approach and to determine the impact of subsidies on the efficiency of EU farms. Farm efficiency was analysed by the member-state and by the type of farming and was based on the calculation of Sharpe and Treynor ratios. Systemic risk was expressed by standard deviation in order to estimate the share of systemic risk in the total risk. The change in Sharpe ratios was assessed to determine the impact of subsidies on EU farm efficiency. The results of the risk-adjusted return analysis reveal that farms in the EU-15 were more efficient than farms in the EU-12 in 2004-2013, possibly due to being more experienced in risk management. Nevertheless, the EU-15 did not undertake a bigger share of systemic risk when compared to the EU-12 farms. The impact of financial support on the efficiency of the EU-12 farms was also not stronger when compared to the EU-15 farms. Keywords: excess return, farm efficiency, Sharpe ratio, systemic risk, total risk, Treynor ratio Journal: Agricultural Economics Pages: 241-255 Volume: 64 Issue: 6 Year: 2018 DOI: 10.17221/272/2016-AGRICECON File-URL: http://agricecon.agriculturejournals.cz/doi/10.17221/272/2016-AGRICECON.html File-Format: text/html X-File-Ref: http://agriculturejournals.cz/RePEc/caa/references/age-201806-0001.txt Handle: RePEc:caa:jnlage:v:64:y:2018:i:6:id:272-2016-AGRICECON Template-Type: ReDIF-Article 1.0 Author-Name: Jarka CHLOUPKOVA Author-Workplace-Name: European Commission and European Parliament, Brussels, Belgium Author-Name: Gert Tinggaard SVENDSEN Author-Workplace-Name: Department of Political Science, Aarhus University, Denmark Author-Name: Tomas ZDECHOVSKY Author-Workplace-Name: European Parliament, Brussels, Belgium Title: A global meat tax: from big data to a double dividend Abstract: The Food and Agriculture Organization of the United Nations (FAO) emphasizes the right of everyone to have access to safe, sufficient and nutritious food in its Rome Declaration. This article suggests how this noble FAO goal can be achieved. We suggest that a first step could be the introduction of a global meat tax, where the size of the negative externalities from meat production could be calculated based on foresight and big data. Applying the tool of a global meat tax will lead to a "double dividend" as negative externalities are reduced and at the same time huge tax revenues will be generated which could be used to make further steps in the direction of achieving the stated FAO goal in the Rome Declaration. Keywords: climate change, environment, ethics, European Union (EU), food, Food and Agriculture Organisation (FAO), foresight, health, human health, meat consumption, negative externalities, poverty, World Trade Organization (WTO) Journal: Agricultural Economics Pages: 256-264 Volume: 64 Issue: 6 Year: 2018 DOI: 10.17221/270/2016-AGRICECON File-URL: http://agricecon.agriculturejournals.cz/doi/10.17221/270/2016-AGRICECON.html File-Format: text/html X-File-Ref: http://agriculturejournals.cz/RePEc/caa/references/age-201806-0002.txt Handle: RePEc:caa:jnlage:v:64:y:2018:i:6:id:270-2016-AGRICECON Template-Type: ReDIF-Article 1.0 Author-Name: Mansoor Ahmed KOONDHAR Author-Workplace-Name: College of Management, Sichuan Agricultural University, Chengdu, China Author-Name: Lingling QIU Author-Workplace-Name: College of Economics, Sichuan Agricultural University, Chengdu, China Author-Name: LI Houjian Author-Workplace-Name: College of Management, Sichuan Agricultural University, Chengdu, China Author-Name: Weiwei LIU Author-Workplace-Name: College of Management, Sichuan Agricultural University, Chengdu, China Author-Name: HE Ge Author-Workplace-Name: College of Management, Sichuan Agricultural University, Chengdu, China Title: A nexus between air pollution, energy consumption and growth of economy: A comparative study between the USA and China-based on the ARDL bound testing approach Abstract: The aim of the study is to investigate and compare the correlation between energy consumption, air pollution and economic growth in China and the USA. Both countries are powerful economic countries in the world, thus we attempt to know whether energy consumption and air pollution vary as the economy develops. The data for the research spanning from 1970 to 2014 was gathered from an indicator of the World Bank. The time span was decided due to the data availability of both countries. To examine the long-run equilibrium relationship, there was performed the ARDL bound test. Results of unit root indicated that all the variables were integrated of order one. In the case of the ARDL bound test, the values of F-statistics exceeded the upper bound value, which means they are statistically significant. The estimation results substantiated the positive coefficient of energy consumption at the 1% significance level in China, implying that air pollution can increase as the energy consumption rises in China. However, the empirical results of the USA were exactly on the contrary. The outcomes of the CUSUM and CUSUMSQ tests revealed that all coefficients in both the short- and long-run models were stable. Based on the above analysis, the study suggests that China should adopt innovation and environmentally friendly modern technologies. Specifically, China ought to inspire and motivate energy saving and low-carbon research innovations, energy saving industries, green investment and carbon sequester technologies as well as public environmental awareness creations to mitigate environmental deterioration and climate change. Keywords: carbon emission, development of China and USA, environmental pollution, resource saving Journal: Agricultural Economics Pages: 265-276 Volume: 64 Issue: 6 Year: 2018 DOI: 10.17221/101/2017-AGRICECON File-URL: http://agricecon.agriculturejournals.cz/doi/10.17221/101/2017-AGRICECON.html File-Format: text/html X-File-Ref: http://agriculturejournals.cz/RePEc/caa/references/age-201806-0003.txt Handle: RePEc:caa:jnlage:v:64:y:2018:i:6:id:101-2017-AGRICECON Template-Type: ReDIF-Article 1.0 Author-Name: Lukasz SATOLA Author-Workplace-Name: Institute of Enterprises Economics and Management, University of Agriculture in Krakow, Krakow, Poland Author-Name: Tomasz WOJEWODZIC Author-Workplace-Name: Institute of Economic and Social Sciences, University of Agriculture in Krakow, Krakow, Poland Author-Name: Wojciech SROKA Author-Workplace-Name: Institute of Economic and Social Sciences, University of Agriculture in Krakow, Krakow, Poland Title: Barriers to exit encountered by small farms in light of the theory of new institutional economics Abstract: For at least 25 years, processes involving structural changes have been growing more and more intense in the countries of Central and Eastern Europe, with these processes including a decline in the number of small farms. The main aim of this paper is to present the mechanisms involved in, as well as barriers to and costs preventing the exit of farms from agriculture, including those that make it difficult to transfer production resources which are being released to other companies. This research takes the form of an overview and is based on the output of new institutional economics, and on transaction cost and rent-seeking theories in particular. The most frequent difficulties encountered in the process of exit from farming include low profitability of production and the shortage of capital among potential buyers, while the lack of sellers' financial resources and the necessity of incurring expenses related to preparing and finalising the sale of resources held by them (the actual transaction costs related to closing down farms) are frequently overlooked. The most important barriers preventing the complete liquidation of farms are the inherent transaction costs categorised as expenses, as well as the emotional costs and costs of alternatives, which are difficult to evaluate and estimate. The following notions are particularly helpful in explaining barriers to exit from farming: the concept of transaction costs and rent-seeking theory, which are both a part of the stream of thought of new institutional economics. Keywords: new institutional economics, rent-seeking theory, transaction costs, transformation of farms Journal: Agricultural Economics Pages: 277-290 Volume: 64 Issue: 6 Year: 2018 DOI: 10.17221/233/2016-AGRICECON File-URL: http://agricecon.agriculturejournals.cz/doi/10.17221/233/2016-AGRICECON.html File-Format: text/html X-File-Ref: http://agriculturejournals.cz/RePEc/caa/references/age-201806-0004.txt Handle: RePEc:caa:jnlage:v:64:y:2018:i:6:id:233-2016-AGRICECON