Table 4 Estimation results using farm...

Table 4

Estimation results using farm and year fixed effects – dependent variable: return on assets

	(1)	(2)	(3)	(4)	(5)
Farmer age below 40	−0.045***	−0.006	−0.006	0.003	−0.003
Farmer age below 40	(0.008)	(0.010)	(0.018)	(0.015)	(0.009)
Farmer age above 65	0.002	−0.011	−0.005	−0.028*	−0.011
Farmer age above 65	(0.011)	(0.008)	(0.013)	(0.017)	(0.007)
Farm size (log)	−0.237	−0.111*	0.058	0.028	0.005
Farm size (log)	(0.230)	(0.065)	(0.053)	(0.061)	(0.111)
Farm sizeˆ2 (log)	0.026	0.015**	−0.000	−0.006	0.002
Farm sizeˆ2 (log)	(0.023)	(0.006)	(0.006)	(0.009)	(0.011)
Rented land	0.009	0.030	0.033**	0.025	0.049
Rented land	(0.048)	(0.024)	(0.016)	(0.038)	(0.032)
Total direct payments^#	0.022	0.066***	0.087***	0.011	0.001
Total direct payments^#	(0.020)	(0.018)	(0.021)	(0.013)	(0.021)
LFA	0.018	0.031	0.011	−0.064***	0.010
LFA	(0.014)	(0.021)	(0.010)	(0.015)	(0.034)
Crop input intensity	−0.064	−0.026	−0.022	−0.073	−0.012
Crop input intensity	(0.047)	(0.023)	(0.036)	(0.048)	(0.0152)
Labour input	−0.034**	−0.006	−0.019*	−0.004	−0.002**
Labour input	(0.013)	(0.003)	(0.010)	(0.008)	(0.001)
Agricultural diversification	−0.000	0.048**	−0.017	−0.115*	0.004
Agricultural diversification	(0.017)	(0.023)	(0.018)	(0.067)	(0.029)
Farm diversification	0.031	0.127***	0.040	−0.340	0.054
Farm diversification	(0.033)	(0.039)	(0.027)	(0.314)	(0.036)
Observations	323	1,733	1,345	434	978
R-squared	0.207	0.157	0.087	0.193	0.057
Year FE	YES	YES	YES	YES	YES

	(1)	(2)	(3)	(4)	(5)
Farmer age below 40	−0.045***	−0.006	−0.006	0.003	−0.003
Farmer age below 40	(0.008)	(0.010)	(0.018)	(0.015)	(0.009)
Farmer age above 65	0.002	−0.011	−0.005	−0.028*	−0.011
Farmer age above 65	(0.011)	(0.008)	(0.013)	(0.017)	(0.007)
Farm size (log)	−0.237	−0.111*	0.058	0.028	0.005
Farm size (log)	(0.230)	(0.065)	(0.053)	(0.061)	(0.111)
Farm sizeˆ2 (log)	0.026	0.015**	−0.000	−0.006	0.002
Farm sizeˆ2 (log)	(0.023)	(0.006)	(0.006)	(0.009)	(0.011)
Rented land	0.009	0.030	0.033**	0.025	0.049
Rented land	(0.048)	(0.024)	(0.016)	(0.038)	(0.032)
Total direct payments^#	0.022	0.066***	0.087***	0.011	0.001
Total direct payments^#	(0.020)	(0.018)	(0.021)	(0.013)	(0.021)
LFA	0.018	0.031	0.011	−0.064***	0.010
LFA	(0.014)	(0.021)	(0.010)	(0.015)	(0.034)
Crop input intensity	−0.064	−0.026	−0.022	−0.073	−0.012
Crop input intensity	(0.047)	(0.023)	(0.036)	(0.048)	(0.0152)
Labour input	−0.034**	−0.006	−0.019*	−0.004	−0.002**
Labour input	(0.013)	(0.003)	(0.010)	(0.008)	(0.001)
Agricultural diversification	−0.000	0.048**	−0.017	−0.115*	0.004
Agricultural diversification	(0.017)	(0.023)	(0.018)	(0.067)	(0.029)
Farm diversification	0.031	0.127***	0.040	−0.340	0.054
Farm diversification	(0.033)	(0.039)	(0.027)	(0.314)	(0.036)
Observations	323	1,733	1,345	434	978
R-squared	0.207	0.157	0.087	0.193	0.057
Year FE	YES	YES	YES	YES	YES

Note(s): Clustered robust standard errors are in parentheses. ***p < 0.01, **p < 0.05, *p < 0.1. ^#inverse hyperbolic sine transformation (Bellemare and Wichman, 2020)

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