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While the benefits of using futures to manage price risk are widely recognised, only certain groups of farmers have suitable futures at their disposal. This paper discusses an innovative instrument, developed in the Belgian-Dutch pear market, that provides an alternative to futures markets by creating a market for price swaps. Thus, the instrument provides some benefits of market-traded derivatives (like futures) while remaining a relatively simple instrument, which requires fewer market transactions. The paper describes key properties of the swap contracts and the platform used to trade them. In addition, it compares the conditions required for establishing price swap markets and futures markets. Thus, our study informs the design of similar risk management instruments for commodities and contexts where futures are absent.

The basic characteristic and comparison of the community-led local development tools: Local Agenda 21, used in public administration generally, and of the LEADER method, used within Local Action Groups (LAGs), is presented in this paper. It analyses their application in the Czech Republic. It discusses the potential synergistic effects of the application of these tools in two rural locations - the areas of two towns (Chrudim and Litomerice), which are leaders in the application of Local Agenda 21 in the Czech Republic. Both towns are members of LAGs - LAG Chrudimsko and LAG Ceske Stredohori. This combination of Local Agenda 21 and LEADER method are mutually supportive. The conclusion discusses recommendations for the improvement of community-led development.

In most developing countries, the agricultural industry has the potential to alleviate poverty at a faster rate compared to other sectors. As such, many governments have initiated policies and programme to improve agricultural performance. However, some of these projects have not achieved success because the local agricultural markets are often controlled by a small group of stakeholders who tend to hide information in the market despite having huge market power. This paper aimed to determine the issues and impacts of the lack of market information in developing countries and to provide strategies for solving such problems. Results show that the presence of an oligopsonic market system, current information and communication technology (ICTs), the lack of market infrastructure and gender limitations are the main issues related to a lack of information. In turn, lack of information leads to an inefficient agricultural market, causes negative impacts on market participants, and ultimately leads to harmful socio-economic effects. Thus, to solve these problems, it is necessary to improve capacity building, increase access to ICTs and improve market infrastructure.

Agriculture has lost its importance in many parts of the world, leaving peasants in a state of uncertainty regarding their social status and identity. This article uses both quantitative and qualitative data to present the changes experienced by Romanian peasants as a result of an entire series of processes which led to the loss of their place within society. Statistical data are used to illustrate the evolution of the most relevant agriculture-related indicators over the last three decades. Qualitative data are presented in order to explain how developments in agriculture were perceived by peasants. While the changes might be irreversible, the story of the 'old' class of peasants should constitute a starting point for redesigning national policies and avoiding the disintegration of an entire social class.

Unstable conditions in the milk market in the Czech Republic (CR) and in the European Union (EU), mainly due to volatility of milk prices, are increasing pressure on dairy farmers to maximise production at the lowest possible production costs. Break-even point (BEP) analysis is a useful tool in dairy herd management for determining minimum requirements for profitability. BEP values for milk yield and milk price were calculated based on data obtained from 95 dairy farms in the CR. BEP values were estimated also for another eight EU countries based upon production and cost data from the EU Farm Accountancy Data Network (FADN). With the milk price ranging from EUR 28 to EUR 38 per 100 L and while excluding subsidies, zero profitability would be achieved on Czech dairy farms with milk yields ranging from 6 706 L to 13 151 L per cow and from 7 450 L to 14 088 L per cow in Czech Fleckvieh (C) and Holstein (H) herds, respectively. In order to achieve 5% profitability, the milk yield would need to increase by 21%. Considerable variability exists among EU countries in estimated BEP values depending upon average milk yields, input prices, and milk prices in different countries.

To understand and promote the importance of business sustainability in agriculture as an important societal issue, one must use the circumstances to force modern-minded management to abandon the classical model of only complying with statutory obligations and to structure the knowledge to coordinate interdisciplinary approaches to ensuring sustainable innovation. The paper analyses the role of business sustainability in promoting sustainable innovation in agriculture. The study used a factor analysis applied to a sample of 183 companies (n₁ = 183) and qualitative research through focus groups (n₂ = 5). The main objective was to identify the factors influencing the innovated areas in relation to sustainability. The results of the factor analysis showed a six-factor solution: process approach, corporate social responsibility, quality management system, supply chain operation processes, demand for production, and employee performance.

Understanding buying behaviour for sustainable products is important for food producers and distributors. This study aims to examine the effect of knowledge of the product, interest in sustainability, and characteristics of consumers on the frequency of buying sustainably produced butter using the Stimulus-Organism-Response (SOR) model. In this study, two different types of butter were used, one produced by a well-known brand and the other by a less-known dairy. Data were collected through a structured online survey of 825 respondents from Poland. The research found that knowledge about the product and the sustainability-related product attributes does not positively influence the frequency of purchasing sustainable butter. The results indicate that consumers living in smaller towns, having higher incomes and smaller households, are more frequent buyers of sustainably produced butter.

The Turn of the month (ToM) effect is a calendar anomaly when the majority of returns of an asset are concentrated into several days around the end of the old month and the start of the new one. Until now, the investigation of the ToM effect has mainly been focused on the stock markets. However, this paper investigates the presence of the ToM effect in eight key agricultural commodity markets (cocoa, coffee, corn, cotton, rice, soybean, sugar, wheat), using three different alternatives of the ToM window, during the 2001–2021 time period. The results show a statistically significant ToM effect in the rice, coffee, and sugar markets. Further results show that the ToM pattern changed during the COVID-19 pandemic, and that, in the case of commodities with a statistically significant ToM effect, the ToM effect can be efficiently used to beat the buy & hold investment strategy convincingly.

In recent years, progress has been made towards incorporating the sociocultural perspective in the assessment of ecosystem services (ES) to identify the relevant services according to the different needs and perceptions of the populations consulted. New sociocultural assessment methods are being explored to respond to this emerging line of research, without a generally accepted alternative being found thus far. Aiming to contribute to this line of research, this article proposes a new methodological approach for the sociocultural assessment of ES. The new methodological approach is based on combining two different measurement procedures: a traditional Likert scale and the Kano model. The case of ES provided by forests will be considered for its development and application. With the application of the proposed methodology, the sensitivity and consistency of sociocultural assessments of ES would be improved, and the development of longitudinal analysis would be facilitated.

Optimizing current assets and their financing resources is of great importance for firms to sustain their existence with the highest level of profitability. However, empirical evidence from the food and beverage industry on the effects of working capital management (WCM) on profitability is scarce and mixed. This study aims to understand how various components of WCM affect the profitability of listed European food and beverage (F&B) companies. For this purpose, static panel data methodology was used to test the relationship between profitability and WCM measured by the cash conversion cycle and its components. The results were checked for robustness by using dynamic panel data methodology. Our results indicate a negative relationship between profitability and the cash conversion cycle. Unlike previous studies that have analysed a single country, this study provides evidence based on analyses of the largest possible sample of listed European F&B companies.

Because of the COVID-19 pandemic and the war in Ukraine, agricultural commodities had significant price increases, which inevitably implies high risk. In this article, we try to mitigate the extreme risk of corn and soybeans by constructing multivariate portfolios with developed and emerging European stock indices. We measured extreme risk via conditional value at risk. To address different goals that investors might prefer, we produced portfolios with the lowest risk and highest return-to-risk ratio. According to the results, corn and soybeans had relatively high portfolio shares. However, they are the riskiest assets because they have a very low pairwise correlation with the stock indices. Portfolios with emerging European indices had better risk-reducing results, considering both agricultural commodities because these indices are less risky than developed indices. In particular, the risk reductions of corn were 38% and 50% in the portfolios with developed and emerging stock indices, respectively, whereas, for soybeans, the results were 28% and 41%, respectively. In optimal portfolios, emerging European stock indices had the upper hand in most cases.

Pest control is one of the ecosystem services most affected by the intensification of agriculture. Pests can lead to significant losses in crop yields and jeopardise food security. In this context, installing hedgerows around greenhouses is presented as an opportunity to improve the presence of natural enemies and favour the control of pests. However, the adoption of this practice has not spread among farmers. The objective of this article is to determine the factors that affect the decision to adopt hedgerows around greenhouses by studying the case of southeast Spain. A binary logistic regression model is developed from a farmer survey of 189 farmers in the study area. The variables that are significant when explaining the installation of hedgerows are the size of the farm, the expenses, the number of methods used to combat pests, technical advice, and environmental awareness. Based on these results, action measures are proposed to promote the adoption of this practice.

Geographical indication (GI) represents the specific good quality and reputation of the regional characteristics of agricultural products, which is a positive approach for stabilising the export of agricultural products, realising high quality and high prices for agricultural products and rural revitalisation. Based on the China-EU Geographical Indications Agreement, this paper discusses the differences between China and the European Union (EU) in terms of GI protection from three aspects: the institutional framework, the operational system, and the operational status of GIs. The purpose of the study is to identify the differences between China and the EU in the protection of GIs, China's shortcomings, and gaps, and to propose policy recommendations for China to protect GI products better, exploit the economic impact of GIs and enhance the competitiveness of China's exports.

Food security is of great importance to all countries. Correspondingly, agricultural price insurance is an important tool to maintain food security. This study adopts the traditional spider web model to establish a mathematical framework for exploring the internal mechanism of agricultural price insurance, which can ease the volatility of the agricultural market. Then, the influence of agricultural price insurance on the supply of agricultural products is examined. The findings show that the supply elasticity of most agricultural products is greater than the demand elasticity, with agricultural product markets presenting a natural divergence. Agricultural price insurance changes the supply curve of agricultural products by reducing their supply elasticity, subsequently positively affecting the reduction of price fluctuation and the stabilisation of outputs. Agricultural price insurance can even change agricultural product markets under certain conditions, allowing a shift from divergence to convergence. Moreover, by adjusting the insurance parameters of agricultural prices, the equilibrium yield and price can be changed, and the planting area and income of farmers can be maximised. The mathematical basis for agricultural insurance derived in this study can support food security strategies at the national level and further provide a theoretical basis to formulate policies and departmental measures.

Political and security stability have the potential to support developing countries‘ efforts to achieve Sustainable Development Goals, as this region is home to the majority of the global population. This study examines the impact of political and security stability and other factors on food security [as measured by the prevalence of undernourishment (PUN)] in developing countries. We analysed 2002–2020 data from 83 developing countries across Africa, Asia, and Latin America and the Caribbean, using the system General Method of Moment (sys-GMM). Our study indicates that political and security stability and the use of the internet can increase food security or reduce PUN in developing countries. Other factors contributed to an increase in PUN: the previous year’s PUN, the cereal import dependency ratio and the unemployment to total population ratio. Meanwhile, other factors have varying effects on the PUN in developing countries.

The paper aims to identify the changes and intensity of the factors influencing consumers’ purchasing decision-making process in the food market. The research offers a unique comparison of the situation between the years 2007 and 2022 and reveals the emerging factors affecting consumer decisions. The authors conducted a representative questionnaire survey (N = 686) to determine the influence of individual factors. The data were processed using factor analysis, which allowed for the reduction of the number of factors (20) to four determinants covering 61% of the total variability in the dataset. The determinants of consumer purchasing decisions include traditional promotional elements, product parameters, newly formed factors based on sustainability and health awareness trends, and price discounts. Consumer behaviour appears to be influenced by a wide range of short- and long-term factors, and it is necessary to look at it comprehensively over a longer time horizon, taking current trends into account.

In this article, we explore multiscale extreme risk interdependence between four soft agricultural markets – coffee, cocoa, cotton and orange juice. Wavelet correlation and cross-correlation are used to investigate this interlink, and dynamic conditional Value at Risk is used to measure extreme risk. Wavelet correlation results suggest a very weak connection between the markets in the short-term and midterm horizons, which means that investors who operate in the short term or midterm do not have to apply hedging measures against extreme risk. However, the situation is different in the long term, where relatively high correlations are found on the highest wavelet scale in all pairs, except coffee–cocoa. Complementary cross-correlation analysis indicates a lead–lag relationship between the markets. The results are mostly in line with expectations, as bigger markets lead smaller markets. Only in the cases of cocoa–cotton and cocoa–orange juice does the opposite happen.

The study’s main objective is to determine the predisposition and challenges of agriculture to provide environmental public goods to society in areas particularly facing natural or other specific constraints (ANCs) established within their current delimitation in Poland. Its organisational features, economic situation, and the degree of interest in measures specifically serving the protection of the natural environment under the Common Agriculture Policy (CAP) EU were indicated. Statistically significant factors determined farmers’ willingness to participate in these measures. It turned out that farms from ANCs communes with particularly difficult conditions significantly contribute to the total production potential of agriculture in Poland. However, compared to farms with better natural conditions, they are characterised by a lower income per 1 ha of utilised agriculture area (UAA) and a higher share of subsidies, including those for participation in environmental measures, which were implemented to a greater extent. Based on the logistic regression model, it was found that in ANCs communes with particularly difficult conditions, the most important factor of farmers’ greater willingness to implement environmental measures was their higher level of education. On the other hand, this inclination was negatively affected by the higher income adjusted for operating subsidies per 1 ha of UAA.

In this study, a global agricultural trade network was constructed, and its topological characteristics from 1991 to 2021 were analysed. The influences of nine variables were empirically tested, including factor endowments and economic, geographical, and institutional factors. The research results show that the scale of trade networks is constantly expanding, and trade relations are becoming increasingly concentrated. Further, global agricultural trade patterns are gradually being reshaped. However, European economies and the United States still dominate the power of network control, with a clear ‘core-edge’ hierarchy. Among the factors influencing the global agricultural trade network, differences in arable land areas, agricultural product prices, geographical distances, and financial institutions have proven important. However, their influence varies. Compared to the differences in the endowments of other factors, the comparative advantage of agricultural trade in various nodes worldwide comes more from the arable land areas. The greater the difference in agricultural prices, the closer are the trade ties between nodes. Differences in geographical distance have proven conducive to establishing agricultural trade relations. Finally, the greater the difference in financial systems, the greater the likelihood that agricultural trade links will occur.

We examine the determinants of off-farm work in Swiss agriculture between 2003 and 2013. By differentiating between the between-farm effects and the within-farm effects, our model provides new insights into the labour allocation process as compared with standard cross-sectional or panel data models. As regards the between-farm variations, our results show that younger farm families without children and farm households with higher non-agricultural education levels of both the farmer and the partner are more involved in working activities outside the farm. However, the within-farm time effects provided a more differentiated picture: impacts of changes in most variables over time tended to be smaller, and in case of two variables show opposite directions. In addition to a negative between-effect of farm income on the allocation of off-farm labour, our results on within-farm effects suggest that an increase in farm income per annual family work unit could be compatible with a higher share of off-farm work during the analysed period.

Mexican agricultural production has been characterised by a lack of dynamism in recent years and is losing ground in terms of GDP. This may reflect the lack of funding from commercial and development banks. This research aims at studying the dynamics of the agriculture sector through econometric analysis using Vector Autoregressive (VAR) and Vector Error Correction (VEC) models in order to examine the short- and long-run relationships among agricultural production, terms of trade (ratio of agricultural prices and general price level), agricultural exports and lending from commercial and development banks. The main empirical findings, contrary to what was expected, is that even though there was a precarious level of funding from the banking sector, credit from commercial banking was higher than that from development banking in the last decades. Further, relative prices were found to have a negative relationship with agricultural exports, showing the importance of the external sector in agriculture.

The paper presents selected results of the sociological research focused on social inclusive activities that use and are located in the natural environment of rural areas. The paper is based on the contemporary form of the concept of a fully integrated modern society, and deals with the implementation of this concept within the strategy of social inclusion in both the European and Czech context. The authors have created, based on secondary research, a typology of social inclusive activities within Czech rural areas. Primary research, consisting of a questionnaire survey, was used to study the awareness of these issues among the rural population. Based on the selected results of both the primary and secondary research, the authors conclude that a possible path to social inclusion, is, alongside specific social services, social farming, which harmonizes the potential of the rural natural environment with the attitudes of the rural population (the actors and observers of social inclusive activities within their locality).The ongoing research is focused on monitoring barriers to the development of this business sector, which are crucial for the rural actors.

The paper analyses the structure and level of international cooperation among African states in the area of agriculture and rural development. It focuses on the AU and its eight Regional Economic Communities. The international cooperation schemes between the World Bank, EU, FAO and African countries in agricultural policy are reviewed. The paper concludes that, despite numerous cross-border initiatives, governance of agricultural policies in the pan-African context remains fragmented. Policy-making and cooperation schemes need to be stepped up to address continent-wide challenges in the sector. There is an urgent need for the AU and the EU to intensify their cooperation in agricultural policies and development. The AU in collaboration with its regional bodies should establish a common agricultural policy for the continent. Such initiatives need to be Africa-driven and adapted to African needs. The EU should only provide technical know-how and institutional support if welcomed by African partners. Collective action towards rural areas via greater coordination of African agricultural policies and actions would help to develop the missing institutional framework needed for agricultural development in the continent. Fostering economic growth through agricultural development and reforms may also lead to a reduction of migration as witnessed by the EU in the sixties.

The fall of the communist system in Central Europe was followed by dynamic social and economic change that also had its clear impact on the food sector. One of the key factors shaping the contemporary condition of the agricultural sector in region has been change of ownership, with the collapse of the nationalised sector and restitution of property to former owners. The work presented here considers the main directions of changes and assessment of selected economic processes ongoing in the farming sector over the last quarter-century throughout the region under consideration. This analysis may be further broken down in relation to the three suggested phases of change, i.e. transformation, integration and polarisation. The work took in five countries of the former Eastern Bloc, i.e. the Czech Republic, Hungary, Poland, Romania and Slovakia.

This paper describes a methodology for assessing farms that considers the multi-functionality derived from the requirements and expectations of the agricultural sector. To this end an original, multicriteria method was developed for assessing farms based on their individual data. Five dimensions were assessed (production, economic, financial stability, environmental, social & other), representing the most important aspects of farming. The overall assessment based on these five dimensions aims to express the total sustainability rate of the farms. The methodology used to develop this assessment is described. The results of the assessment for 2016 are presented and classified according to various factors and are linked to other important indicators. The data used is from the Farm Accountancy Data Network database in the Czech Republic.

There is a link between rural-urban remittances and wage inequality. However, the existing literature sheds little light on this topic. In this study, we establish a three-sector general equilibrium model to investigate the effects of rural-urban migrants' remittances on wage inequality. Further, we use Chinese macroeconomic data to calibrate the parameters and conduct analysis with numerical simulation. We find that, when rural-urban migrants raise their remittance rate, wage inequality between skilled labour and the urban formal sector remains unchanged in the sector-specific capital case but narrows in the sector-mobile capital case. Moreover, in the sector-specific case, skilled and unskilled wage inequalities, w_SY and w_SZ, decrease at the same rate as the urban-rural wage inequalities, w_XY and w_XZ, respectively. In the mobile case, however, the former declines faster than the latter.

The agricultural sector is being supported in Turkey, as well as in the world. The issue of competitiveness is observed in agriculture, despite supports. This study aims at investigating the impact of agricultural supports in Turkey on competitiveness of agricultural products. Vector autoregression (VAR) model has been adopted in the study. The internal terms of trade (TOT), percentage producer support estimate (PSE), and the producer nominal protection coefficient (NPC) variables have been included in the model. The internal terms of trade in Turkey have developed over time against the benefit of agricultural sector. PSE has had a significant impact on TOT. Therefore, the use of PSE as a political variable has been concluded as a significant. Means of support must be discussed in Turkey more than the amount of supports. In particular, supports that will provide farmers with competitive advantage and boost up product farmyard prices will be more efficient and beneficial for farmers.

The purpose of the article is to recognise whether Michał Kalecki's investment theory works in the functioning of farms in the EU countries. We use the data of farms of the EU FADN (Farm Accountancy Data Network) system. The dynamic panel (the 1st difference generalised method of moments - GMM) estimator model was employed for analysis. The assessments were related to the economic size of farms. The results have allowed the partial confirmation of the validity of Kalecki's model to explain agricultural holdings adjustment mechanisms in the investment sphere. It is about medium-large (ES4) and large farms (ES5). In smaller farms (ES1-3) this mechanism was not recorded, and also in the largest agricultural holdings (ES6) where the development mechanism is more complex. Thus the size of farms determines different changes in investments activity in analysed groups of farms. Results suggest that a demand effect of investment expenditures, in the case of the examined group of farms, predominates to supply effect. It can be attributed to the fact that agriculture through the institutional system (the CAP - Common Agricultural Policy) and the peculiarities of this sector have weakened internal competition. We should be aware that the developmental mechanisms of agricultural holdings in the investment sphere are complex, and Kalecki's theory may somewhat better understand these mechanisms.

The EU is committed to increasing the use of renewable energy sources. In the sector of transportation, the share of renewable energy is to reach 10% by 2020 and 14% by 2030, respectively, in the EU. According to the latest forecasts, the production of the first-generation biofuels made from food raw materials is showing a declining tendency in the main European producing countries. Therefore, the objective of our research is to forecast the production of some selected biofuel producing countries within the EU as well as the traditional biofuel production in Hungary. The question of land use changes due to the new regulations is crucial. Our examinations were carried out by using Verhulst's logistic function based on the biofuel production data of EUROSTAT. The function has already reached the saturation level in Germany, France and Sweden but in the case of other examined countries, biofuel production is also in the phase of slowing growth. Furthermore, findings are also justified by the 2015 regulation that restricts the share of producing first-generation biofuels in the final energy consumption to 7% and promotes the production of advanced biofuels, thereby decreasing the indirect change in land use and increasing sustainable crop production.