Table 5 Estimation results using farm...

Table 5

Estimation results using farm and year fixed effects – dependent variable: asset turnover ratio

	(1)	(2)	(3)	(4)	(5)
	Mixed	Dairy	Other grazing livestock	Granivores	Field-crops
Farmer age below 40	−0.007	−0.014	−0.015	−0.002	−0.014
Farmer age below 40	(0.013)	(0.014)	(0.017)	(0.014)	(0.024)
Farmer age above 65	−0.037*	0.002	−0.001	−0.022	−0.027*
Farmer age above 65	(0.020)	(0.010)	(0.010)	(0.020)	(0.015)
Farm size (log)	−0.313	−0.185*	−0.138**	0.132**	−0.311*
Farm size (log)	(0.367)	(0.096)	(0.068)	(0.053)	(0.163)
Farm sizeˆ2 (log)	0.033	0.018*	0.019**	−0.019**	0.036**
Farm sizeˆ2 (log)	(0.038)	(0.010)	(0.007)	(0.008)	(0.016)
Rented land	0.029	0.117**	0.089***	0.098*	0.317***
Rented land	(0.054)	(0.048)	(0.027)	(0.053)	(0.108)
Total direct payments^#	0.055	0.043*	0.070***	−0.022	0.005
Total direct payments^#	(0.044)	(0.023)	(0.023)	(0.026)	(0.030)
LFA	−0.002	0.069**	0.010	−0.099***	0.056
LFA	(0.017)	(0.034)	(0.013)	(0.014)	(0.056)
Crop input intensity	0.005	0.033	0.054	0.006	−0.014
Crop input intensity	(0.065)	(0.027)	(0.043)	(0.029)	(0.017)
Labour input	−0.000	0.007**	0.008	0.020**	0.001
Labour input	(0.011)	(0.003)	(0.011)	(0.008)	(0.003)
Agricultural diversification	−0.032	0.084***	0.025	−0.056	0.019
Agricultural diversification	(0.032)	(0.027)	(0.018)	(0.045)	(0.046)
Farm diversification	−0.043	0.102*	0.034	0.013	−0.022
Farm diversification	(0.050)	(0.054)	(0.032)	(0.175)	(0.045)
Observations	323	1,733	1,345	434	978
R-squared	0.146	0.179	0.096	0.164	0.124
Year FE	YES	YES	YES	YES	YES

	(1)	(2)	(3)	(4)	(5)
	Mixed	Dairy	Other grazing livestock	Granivores	Field-crops
Farmer age below 40	−0.007	−0.014	−0.015	−0.002	−0.014
Farmer age below 40	(0.013)	(0.014)	(0.017)	(0.014)	(0.024)
Farmer age above 65	−0.037*	0.002	−0.001	−0.022	−0.027*
Farmer age above 65	(0.020)	(0.010)	(0.010)	(0.020)	(0.015)
Farm size (log)	−0.313	−0.185*	−0.138**	0.132**	−0.311*
Farm size (log)	(0.367)	(0.096)	(0.068)	(0.053)	(0.163)
Farm sizeˆ2 (log)	0.033	0.018*	0.019**	−0.019**	0.036**
Farm sizeˆ2 (log)	(0.038)	(0.010)	(0.007)	(0.008)	(0.016)
Rented land	0.029	0.117**	0.089***	0.098*	0.317***
Rented land	(0.054)	(0.048)	(0.027)	(0.053)	(0.108)
Total direct payments^#	0.055	0.043*	0.070***	−0.022	0.005
Total direct payments^#	(0.044)	(0.023)	(0.023)	(0.026)	(0.030)
LFA	−0.002	0.069**	0.010	−0.099***	0.056
LFA	(0.017)	(0.034)	(0.013)	(0.014)	(0.056)
Crop input intensity	0.005	0.033	0.054	0.006	−0.014
Crop input intensity	(0.065)	(0.027)	(0.043)	(0.029)	(0.017)
Labour input	−0.000	0.007**	0.008	0.020**	0.001
Labour input	(0.011)	(0.003)	(0.011)	(0.008)	(0.003)
Agricultural diversification	−0.032	0.084***	0.025	−0.056	0.019
Agricultural diversification	(0.032)	(0.027)	(0.018)	(0.045)	(0.046)
Farm diversification	−0.043	0.102*	0.034	0.013	−0.022
Farm diversification	(0.050)	(0.054)	(0.032)	(0.175)	(0.045)
Observations	323	1,733	1,345	434	978
R-squared	0.146	0.179	0.096	0.164	0.124
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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