Table 7 Estimation results using farm...

Table 7

Estimation results using farm and year fixed effects – dependent variable: overall farm financial performance

	(1)	(2)	(3)	(4)	(5)
	Mixed	Dairy	Other grazing livestock	Granivores	Field-crops
Farmer age below 40	−0.129	−0.044	−0.128	−0.020	0.128
Farmer age below 40	(0.082)	(0.093)	(0.143)	(0.110)	(0.139)
Farmer age above 65	−0.095	−0.053	−0.079	−0.205	−0.166**
Farmer age above 65	(0.186)	(0.074)	(0.104)	(0.130)	(0.065)
Farm size (log)	−2.293	−1.603**	0.240	0.607	−0.525
Farm size (log)	(2.901)	(0.693)	(0.533)	(0.441)	(0.682)
Farm sizeˆ2 (log)	0.246	0.188***	0.031	−0.087	0.082
Farm sizeˆ2 (log)	(0.304)	(0.069)	(0.058)	(0.066)	(0.070)
Rented land	0.057	0.654**	0.353*	0.306	0.589**
Rented land	(0.485)	(0.316)	(0.198)	(0.272)	(0.284)
Total direct payments^#	0.225	0.559***	0.715***	0.101	0.040
Total direct payments^#	(0.269)	(0.171)	(0.165)	(0.112)	(0.138)
LFA	−0.436***	0.449*	0.087	−0.615***	0.154
LFA	(0.167)	(0.250)	(0.096)	(0.114)	(0.250)
Crop input intensity	−0.501	−0.008	0.117	−0.391	−0.068
Crop input intensity	(0.491)	(0.232)	(0.336)	(0.317)	(0.088)
Labour input	−0.251**	−0.010	−0.100	0.022	−0.001
Labour input	(0.121)	(0.026)	(0.083)	(0.056)	(0.014)
Agricultural diversification	0.041	0.615***	−0.048	−0.864*	0.008
Agricultural diversification	(0.254)	(0.220)	(0.159)	(0.441)	(0.201)
Farm diversification	0.131	1.185***	0.314	−2.219	0.099
Farm diversification	(0.392)	(0.395)	(0.272)	(2.147)	(0.229)
Observations	323	1,733	1,345	434	978
R-squared	0.262	0.197	0.111	0.195	0.091
Year FE	YES	YES	YES	YES	YES

	(1)	(2)	(3)	(4)	(5)
	Mixed	Dairy	Other grazing livestock	Granivores	Field-crops
Farmer age below 40	−0.129	−0.044	−0.128	−0.020	0.128
Farmer age below 40	(0.082)	(0.093)	(0.143)	(0.110)	(0.139)
Farmer age above 65	−0.095	−0.053	−0.079	−0.205	−0.166**
Farmer age above 65	(0.186)	(0.074)	(0.104)	(0.130)	(0.065)
Farm size (log)	−2.293	−1.603**	0.240	0.607	−0.525
Farm size (log)	(2.901)	(0.693)	(0.533)	(0.441)	(0.682)
Farm sizeˆ2 (log)	0.246	0.188***	0.031	−0.087	0.082
Farm sizeˆ2 (log)	(0.304)	(0.069)	(0.058)	(0.066)	(0.070)
Rented land	0.057	0.654**	0.353*	0.306	0.589**
Rented land	(0.485)	(0.316)	(0.198)	(0.272)	(0.284)
Total direct payments^#	0.225	0.559***	0.715***	0.101	0.040
Total direct payments^#	(0.269)	(0.171)	(0.165)	(0.112)	(0.138)
LFA	−0.436***	0.449*	0.087	−0.615***	0.154
LFA	(0.167)	(0.250)	(0.096)	(0.114)	(0.250)
Crop input intensity	−0.501	−0.008	0.117	−0.391	−0.068
Crop input intensity	(0.491)	(0.232)	(0.336)	(0.317)	(0.088)
Labour input	−0.251**	−0.010	−0.100	0.022	−0.001
Labour input	(0.121)	(0.026)	(0.083)	(0.056)	(0.014)
Agricultural diversification	0.041	0.615***	−0.048	−0.864*	0.008
Agricultural diversification	(0.254)	(0.220)	(0.159)	(0.441)	(0.201)
Farm diversification	0.131	1.185***	0.314	−2.219	0.099
Farm diversification	(0.392)	(0.395)	(0.272)	(2.147)	(0.229)
Observations	323	1,733	1,345	434	978
R-squared	0.262	0.197	0.111	0.195	0.091
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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