Template-Type: ReDIF-Article 1.0
Author-Name: Štefan Bojnec
Author-Workplace-Name: Faculty of Management, University of Primorska, Koper, Slovenia
Author-Name: Imre Fertő
Author-Workplace-Name: Institute of Economics, CERS-HAS, Budapest, Hungary
Author-Workplace-Name: Kaposvár University, Kaposvár, Hungary
Title: Do CAP subsidies stabilise farm income in Hungary and Slovenia?
Abstract: A large share of the Common Agricultural Policy (CAP) budget takes the form of subsidies for supporting and stabilising the income of European Union farmers. This paper assesses whether CAP subsidies stabilise farm income and examines how subsidies may reduce the variability of farm income over time. The analysis is developed on a constant sample of Hungarian and Slovenian Farm Accountancy Data Network farms during the period 2007-2015. It incorporates both the whole sample and farms classified according to two criteria: economic size, and the relative importance of subsidies. Farm income variability is analysed by means of variance decomposition using three main income components: market revenue income, subsidies, and the cost of external factors. Variability in farm income over time is high due to the high variability in the market revenue component. Subsidies mitigate instability in farm income because their variability is lower than that of market revenue income. While CAP subsidies thus represent a stable source of farm income, they have played a limited countercyclical role in stabilising total farm income. Subsidies are not found to be targeted at the farms that face the highest level of income variability and thus may not be an efficient tool for stabilising farm income.
Keywords: farm income, farm management, farm subsidies, Common Agricultural Policy, variance decomposition
Journal: Agricultural Economics
Pages: 103-111
Volume: 65
Issue: 3
Year: 2019
DOI: 10.17221/190/2018-AGRICECON
File-URL: http://agricecon.agriculturejournals.cz/doi/10.17221/190/2018-AGRICECON.html
File-Format: text/html
X-File-Ref: http://agriculturejournals.cz/RePEc/caa/references/age-201903-0001.txt
Handle: RePEc:caa:jnlage:v:65:y:2019:i:3:id:190-2018-AGRICECON

Template-Type: ReDIF-Article 1.0
Author-Name: Mirela Cristea
Author-Workplace-Name: University of Craiova, Craiova, Romania
Author-Name: Gratiela Georgiana Noja
Author-Workplace-Name: West University of Timisoara, Timisoara, Romania
Title: European agriculture under immigration effects: New empirical evidence
Abstract: European agriculture is widely shaped under the compelling effects of international migration, both economic (labour) immigration and the refugee crisis. This complex endeavour could lead to significant spillover effects also upon the agricultural sectors in neighbouring locations, with different overall economic performances for migrant receiving countries. The research is thus set to assess the outcomes of the European agriculture under the impact of economic and humanitarian migration, focusing on the results achieved by ten EU Member States (most targeted by migrants), during 2000-2016. A balanced panel comprising a complex set of indicators was configured in order to provide accurate credentials for the methodological endeavour that consists of spatial analysis and structural equation modelling (SEM). Estimations show that the agricultural sector will be mainly shaped by economic immigration and less by the humanitarian flows. Major effects are induced through the value added by the agricultural sector, increases in exports of basic foods and agricultural raw materials (spatial analysis). However, a fail to properly manage the EU labour mobility for the following years could lead to a negative downturn on agricultural productivity (SEM).
Keywords: agricultural outcomes, econometric modelling, European Union, immigration flows
Journal: Agricultural Economics
Pages: 112-122
Volume: 65
Issue: 3
Year: 2019
DOI: 10.17221/69/2018-AGRICECON
File-URL: http://agricecon.agriculturejournals.cz/doi/10.17221/69/2018-AGRICECON.html
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Handle: RePEc:caa:jnlage:v:65:y:2019:i:3:id:69-2018-AGRICECON

Template-Type: ReDIF-Article 1.0
Author-Name: Joe-Ming Lee
Title: Non-linear relationships among related party transactions, financial characteristics, corporate governance, and corporate value - Analysis of high-growth and low-growth food firms
Abstract: This paper empirically investigates the relationship between related party transactions, financial characteristics, and corporate governance on the corporate value in Taiwan's food industry during 2008-2017. The results show that non-linear relationships among related party transactions, financial characteristics, corporate governance, and corporate value. This study recommends to low-growth food firms that they should strengthen the power of their financial performance and corporate governance.
Keywords: corporate governance, financial characteristics, firm growth, non-linear models, related party transactions
Journal: Agricultural Economics
Pages: 123-132
Volume: 65
Issue: 3
Year: 2019
DOI: 10.17221/228/2018-AGRICECON
File-URL: http://agricecon.agriculturejournals.cz/doi/10.17221/228/2018-AGRICECON.html
File-Format: text/html
X-File-Ref: http://agriculturejournals.cz/RePEc/caa/references/age-201903-0003.txt
Handle: RePEc:caa:jnlage:v:65:y:2019:i:3:id:228-2018-AGRICECON

Template-Type: ReDIF-Article 1.0
Author-Name: You-How Go
Author-Workplace-Name: Universiti Tunku Abdul Rahman, Perak, Malaysia
Author-Name: Wee-Yeap Lau
Author-Workplace-Name: University of Malaya, Kuala Lumpur, Malaysia
Title: Palm oil spot-futures relation: Evidence from unrefined and refined products
Abstract: This study examines the palm oil spot-futures relation in terms of mean and volatility spillovers from 2010 to 2018. Based on the cross-correlation function of standardised residuals and its squared residuals, our results show: first, crude palm oil (CPO) futures returns Granger cause refined palm oil, palm stearin and palm olein spot returns. Second, refined palm kernel oil spot returns Granger cause crude palm kernel oil futures returns in mean and variance. Third, CPO spot and refined palm olein futures returns are independent; and fourth, there is volatility spillover from CPO futures market to refined palm oil spot market within longer time. These findings suggest that refiners can use CPO futures returns instead of crude palm kernel oil futures returns for predicting the future spot return of refined palm oil products. To lock in purchasing price of unrefined palm oil products, the producers can rely on the spot volatility to decide the optimal number of crude palm kernel oil futures contracts.
Keywords: causality in mean, causality in variance, crude palm oil, palm kernel oil, spot-futures relation
Journal: Agricultural Economics
Pages: 133-142
Volume: 65
Issue: 3
Year: 2019
DOI: 10.17221/31/2018-AGRICECON
File-URL: http://agricecon.agriculturejournals.cz/doi/10.17221/31/2018-AGRICECON.html
File-Format: text/html
X-File-Ref: http://agriculturejournals.cz/RePEc/caa/references/age-201903-0004.txt
Handle: RePEc:caa:jnlage:v:65:y:2019:i:3:id:31-2018-AGRICECON

Template-Type: ReDIF-Article 1.0
Author-Name: Ornella Mikuš
Author-Workplace-Name: Department of Agricultural Economics and Rural Development, Faculty of Agriculture, University of Zagreb, Zagreb, Croatia
Author-Name: Marin Kukoč
Author-Workplace-Name: Ministry of Agriculture of the Republic of Croatia, Zagreb, Croatia
Author-Name: Mateja Jež Rogelj
Author-Workplace-Name: Department of Agricultural Economics and Rural Development, Faculty of Agriculture, University of Zagreb, Zagreb, Croatia
Title: The coherence of common policies of the EU in territorial cohesion: A never-ending discourse? A review
Abstract: The measures of Common Agricultural Policy (CAP) and Regional (Cohesion) Policy are aimed at achieving cohesion, i.e. reducing the economic (sectoral), social and territorial disparities at European Union level. The issue of rural areas has become an important part of the CAP measures in Pillar 2. Since the CAP does not have a primarily territorial orientation, it does not contribute to territorial cohesion of rural areas. In a similar vein, regional policy, which is primarily oriented towards territorial development, also failed to give rise to complete, balanced development. Using qualitative analysis, this article summarises references selected on the basis of the authors' experience in policy issues. The types of discourse included on the subject of coherence of common policies are the role of agricultural, rural and regional policy in cohesion and the conflict of cohesion and competitiveness objectives. Modern political and economic efforts of converging competitiveness into the macro concept with spatial implication result in planning and implementation of inappropriate measures and instruments intended to encourage the balanced territorial development of the EU. From this arises a conflict of cohesion and competitiveness, coupled with long-term consequences for the most vulnerable areas.
Keywords: coherence, cohesion, Cohesion Policy, Common Agricultural Policy, competitiveness
Journal: Agricultural Economics
Pages: 143-149
Volume: 65
Issue: 3
Year: 2019
DOI: 10.17221/229/2018-AGRICECON
File-URL: http://agricecon.agriculturejournals.cz/doi/10.17221/229/2018-AGRICECON.html
File-Format: text/html
X-File-Ref: http://agriculturejournals.cz/RePEc/caa/references/age-201903-0005.txt
Handle: RePEc:caa:jnlage:v:65:y:2019:i:3:id:229-2018-AGRICECON