Template-Type: ReDIF-Article 1.0 Author-Name: Arkadiusz Kijek Author-Workplace-Name: Maria Curie-Sklodowska University, Lublin, Poland Author-Name: Tomasz Kijek Author-Workplace-Name: Maria Curie-Sklodowska University, Lublin, Poland Author-Name: Anna Nowak Author-Workplace-Name: University of Life Sciences in Lublin, Lublin, Poland Author-Name: Adam Skrzypek Author-Workplace-Name: Siedlce University of Natural Sciences and Humanities, Siedlce, Poland Title: Productivity and its convergence in agriculture in new and old European Union member states Abstract: This study measures changes in total factor productivity of agriculture for 25 European Union (EU) member states in 2004-2016 using the Färe-Primont index. It also attempts to answer the question whether in the analysed period the levels of total factor productivity in this sector were convergent between member states. To this end, panel unit root tests were used. The study indicates that in new EU member states the level of total factor productivity (TFP) was relatively lower than in most EU-15 states. It was also found that convergence occurred in agricultural productivity almost in all EU member states (except Belgium and the United Kingdom). The research shows that in new EU member states the process of making up differences in the productivity of agriculture was stronger than in old EU member states. Keywords: divergence, Färe-Primont index, panel unit root test, total factor productivity Journal: Agricultural Economics Pages: 01-09 Volume: 65 Issue: 1 Year: 2019 DOI: 10.17221/262/2017-AGRICECON File-URL: http://agricecon.agriculturejournals.cz/doi/10.17221/262/2017-AGRICECON.html File-Format: text/html X-File-Ref: http://agriculturejournals.cz/RePEc/caa/references/age-201901-0001.txt Handle: RePEc:caa:jnlage:v:65:y:2019:i:1:id:262-2017-AGRICECON Template-Type: ReDIF-Article 1.0 Author-Name: Joe-Ming Lee Title: Regional heterogeneity among non-operating earnings quality, stock returns, and firm value in biotech industry Abstract: This paper analyses regional heterogeneity under the discretionary measures of non-operating earnings quality and stock returns on firm value in Taiwan's biotech industry during 2008-2015. An econometric framework based on panel smooth transition regression models is employed in a non-linear panel data model. The results show that biotech firms near the bottom threshold for operating income have low-quality non-operating earnings and those near the upper threshold demonstrate the opposite. Investors who exclusively focus on stock returns are thus likely to miss important information about the quality of earnings. Keywords: biotech industry, firm value, non-operating earnings, panel smooth transition regression (PSTR) models, regional heterogeneity, stock returns Journal: Agricultural Economics Pages: 10-20 Volume: 65 Issue: 1 Year: 2019 DOI: 10.17221/24/2018-AGRICECON File-URL: http://agricecon.agriculturejournals.cz/doi/10.17221/24/2018-AGRICECON.html File-Format: text/html X-File-Ref: http://agriculturejournals.cz/RePEc/caa/references/age-201901-0002.txt Handle: RePEc:caa:jnlage:v:65:y:2019:i:1:id:24-2018-AGRICECON Template-Type: ReDIF-Article 1.0 Author-Name: Gaetano Martino Author-Workplace-Name: Department of Agricultural, Food and Environmental Sciences, University of Perugia, Perugia, Italy Author-Name: Daniela Toccaceli Author-Workplace-Name: Center for the Study of the Agricultural Economy and the Rural Development, Accademia dei Georgofili, Florence, Italy Author-Name: Miroslava Bavorova Author-Workplace-Name: Faculty of Tropical AgriSciences, Czech University of Life Sciences Prague, Prague, Czech Republic Title: An analysis of food safety private investments drivers in the Italian meat sector Abstract: Food safety systems that implement Hazard Analysis and Critical Control Points (HACCP), certification, traceability, brands as well as in geographical indications and private branding require dedicated investments in physical resources, human resources and in re-organising the production processes and control activities. Investment decisions can be made according to legal requirements or based on voluntary decisions. In this study, we address the two following research questions: do the inducements due to the regulatory framework influence the decision to invest in the implementation of food safety strategies and what is the size of this potential influence? Does the allocation of the decision right to invest influence the investment decision and does this potential influence vary across food safety systems? We carried out an empirical investigation on investment decisions in the Italian meat sector, comparing systems dedicated to safety and marketing strategies. The knowledge of such an influence provides a better understanding of the micro-level motivations of food safety investments in a critical area and contribute to the design of regulatory strategies. Keywords: decision rights, food safety, investment, law, transaction costs Journal: Agricultural Economics Pages: 21-30 Volume: 65 Issue: 1 Year: 2019 DOI: 10.17221/352/2017-AGRICECON File-URL: http://agricecon.agriculturejournals.cz/doi/10.17221/352/2017-AGRICECON.html File-Format: text/html X-File-Ref: http://agriculturejournals.cz/RePEc/caa/references/age-201901-0003.txt Handle: RePEc:caa:jnlage:v:65:y:2019:i:1:id:352-2017-AGRICECON Template-Type: ReDIF-Article 1.0 Author-Name: Fabio Gaetano Santeramo Author-Name: Emilia Lamonaca Author-Workplace-Name: University of Foggia, Foggia, Italy Title: On the drivers of global grain price volatility: an empirical investigation Abstract: Several drivers may generate market instability, but the partial contribution of different factors is still debated. We investigate how market-based drivers influence the global price volatility of three major grains: wheat, corn, barley. We adopt a Seemingly Unrelated Regression Equations model, in order to investigate potential common patterns. We compare inter-annual, intra-annual, and global volatility, to conclude on short-run and long-run dynamics of markets instability. We quantify the negative relationship linking (temporal) arbitrage and grain price volatility and conclude on the effects of supply movements on price volatility. Keywords: arbitrage, grain market, price dynamics, Seemingly Unrelated Regression Equations (SURE), shocks Journal: Agricultural Economics Pages: 31-42 Volume: 65 Issue: 1 Year: 2019 DOI: 10.17221/76/2018-AGRICECON File-URL: http://agricecon.agriculturejournals.cz/doi/10.17221/76/2018-AGRICECON.html File-Format: text/html X-File-Ref: http://agriculturejournals.cz/RePEc/caa/references/age-201901-0004.txt Handle: RePEc:caa:jnlage:v:65:y:2019:i:1:id:76-2018-AGRICECON Template-Type: ReDIF-Article 1.0 Author-Name: Mercedes Rodriguez Author-Name: Luis Miguel Sanchez Author-Workplace-Name: Institute of Regional Development, University of Granada, Granada, Spain Author-Name: Eugenio Cejudo Author-Workplace-Name: Institute of Regional Development, University of Granada, Granada, Spain Author-Name: Jose Antonio Camacho Author-Workplace-Name: Institute of Regional Development, University of Granada, Granada, Spain Title: Variety in local development strategies and employment: LEADER programme in Andalusia Abstract: For the period 2007-2013 LEADER became the fourth axis of rural development policy. One of the main characteristics of LEADER is that it adopts a bottom-up approach. Local Action Groups (LAGs) have to define and implement area-based local development strategies (LDSs). In this paper, we examine the relationship between variety in the LDSs implemented by LAGs and employment safeguarding over the programming period 2007-2013 in Andalusia, the most populated region of Spain. Firstly, we construct several indicators to capture differences in the number of projects carried out, the grants awarded, the investments made and the safeguarded employment. Secondly, we carry out an exploratory factor analysis. We use cluster analysis to classify LAGs applying similar LDSs. The results obtained show that there is no ideal strategy for employment safeguarding and that spending high amounts of money in a few numbers of projects does not guarantee success. Thus, most LAGs do not show any clear specialisation pattern but obtain moderate results in terms of employment safeguarding. This supports the idea that LAGs need to have sufficient flexibility to find a balance among the different objectives of the rural development policy and to translate this balance into the funding of projects. Keywords: ocal action groups, rural development, strategy Journal: Agricultural Economics Pages: 43-50 Volume: 65 Issue: 1 Year: 2019 DOI: 10.17221/106/2018-AGRICECON File-URL: http://agricecon.agriculturejournals.cz/doi/10.17221/106/2018-AGRICECON.html File-Format: text/html X-File-Ref: http://agriculturejournals.cz/RePEc/caa/references/age-201901-0005.txt Handle: RePEc:caa:jnlage:v:65:y:2019:i:1:id:106-2018-AGRICECON