Agricultural Economics, 2026 (vol. 72), issue 8

A tribute to Professor Vladimír JeníčekEditorial

Lukáš Čechura

Agric. Econ. - Czech, 2026, 72(8):473-474 | DOI: 10.17221/425/2026-AGRICECON  

Optimising the Stutzer ratio in multivariate agricultural portfoliosOriginal Paper

Dejan Živkov, Boris Kuzman, Jonel Subić

Agric. Econ. - Czech, 2026, 72(8):475-482 | DOI: 10.17221/377/2025-AGRICECON  

This paper evaluates the risk-adjusted performance of multivariate agricultural portfolios using the Stutzer ratio, an advanced measure that accounts for non-normal return distributions and downside risk. Three four-asset portfolios – grains, softs, and meats – are analysed in this study. The Stutzer ratio incorporates a risk-aversion parameter (θ) that penalises tail risk, providing a more accurate assessment of skewed and fat-tailed returns. Results show that Stutzer-optimised portfolios outperform naïve equal-weight portfolios in risk-adjusted terms, as optimisation effectively balances expected returns and downside exposure....

Has the agricultural productivity increased after European Union enlargements in Central European countries? Evidence from four countries' cereal productionOriginal Paper

Lukáš Čechura, Štefan Bojnec, Jan Falkowski, Imre Fertő

Agric. Econ. - Czech, 2026, 72(8):483-492 | DOI: 10.17221/156/2023-AGRICECON  

It was widely expected that following European Union's enlargement in 2004, farmers in new member states would improve their performance by increasing the efficiency of their production processes. In this study, using the Farm Accountancy Data Network data, we look at changes in total factor productivity, a measure which captures how efficiently and intensely inputs are utilised in production, that took place in farms producing cereals in the Czech Republic, Hungary, Poland, and Slovenia between 2004 and 2017. We find that in all four countries total factor productivity increased in the first years after the accession, but later declined. Overall,...

Cognition, adoption intensity, and environmental efficiency of the planting and breeding circular model: Evidence from Northeast ChinaOriginal Paper

Zhe Zhao, You Xu, Yi Zhang

Agric. Econ. - Czech, 2026, 72(8):493-512 | DOI: 10.17221/270/2025-AGRICECON  

Based on 1 051 survey observations from 83 villages in Northeast China and the conceptual framework of 'model cognition – whether to adopt – adoption intensity – adoption benefits', this study empirically analyses how farmers' cognition of the circular model of planting and breeding (CMPB) affects adoption decisions and adoption intensity, as well as the impact of adopting the CMPB on environmental efficiency. The results indicate that perceived economic benefits and perceived ease of use significantly increase farmers' adoption intensity. Moreover, adopting the CMPB has a significant positive effect on environmental efficiency; higher...

Temperature shocks could accelerate China's expansion of agricultural operations amid ageing trendsOriginal Paper

He Yang, HaoZhaoXing Liao, Shi Wu Li, Wei Huang, Hao Yang, Haixia Zhang, Chen GuangYan

Agric. Econ. - Czech, 2026, 72(8):513-526 | DOI: 10.17221/72/2025-AGRICECON  

The integration of smallholder land and expanded agricultural operational scale are global agricultural development trends. Using 2012–2020 longitudinal data from the China Family Panel Studies (CFPS) combined with satellite-derived meteorological records, this study examines how temperature shocks influence land rental behaviour, supplemented by rigorous robustness checks. Results indicate that temperature shocks reduce per-hectare net income, deteriorate working conditions, and increase smallholders' likelihood of transferring out land – particularly elderly farmers supported by their children. Notably, factor inputs (e.g. fertilisers...