Agricultural Economics, 2019 (vol. 65), issue 1

Productivity and its convergence in agriculture in new and old European Union member statesOriginal Paper

Arkadiusz Kijek, Tomasz Kijek, Anna Nowak, Adam Skrzypek

Agric. Econ. - Czech, 2019, 65(1):01-09 | DOI: 10.17221/262/2017-AGRICECON  

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...

Regional heterogeneity among non-operating earnings quality, stock returns, and firm value in biotech industryOriginal Paper

Joe-Ming Lee

Agric. Econ. - Czech, 2019, 65(1):10-20 | DOI: 10.17221/24/2018-AGRICECON  

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.

An analysis of food safety private investments drivers in the Italian meat sectorOriginal Paper

Gaetano Martino, Daniela Toccaceli, Miroslava Bavorova

Agric. Econ. - Czech, 2019, 65(1):21-30 | DOI: 10.17221/352/2017-AGRICECON  

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...

On the drivers of global grain price volatility: an empirical investigationOriginal Paper

Fabio Gaetano Santeramo, Emilia Lamonaca

Agric. Econ. - Czech, 2019, 65(1):31-42 | DOI: 10.17221/76/2018-AGRICECON  

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.

Variety in local development strategies and employment: LEADER programme in AndalusiaOriginal Paper

Mercedes Rodriguez, Luis Miguel Sanchez, Eugenio Cejudo, Jose Antonio Camacho

Agric. Econ. - Czech, 2019, 65(1):43-50 | DOI: 10.17221/106/2018-AGRICECON  

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,...