Table 6 Estimation results using farm...

Table 6

Estimation results using farm and year fixed effects – dependent variable: debt to asset

	(1)	(2)	(3)	(4)	(5)
	Mixed	Dairy	Other grazing livestock	Granivores	Field-crops
Farmer age below 40	0.115***	0.039**	−0.018	−0.028	0.102
Farmer age below 40	(0.030)	(0.018)	(0.023)	(0.029)	(0.081)
Farmer age above 65	0.001	0.008	−0.026*	0.017	−0.045**
Farmer age above 65	(0.047)	(0.017)	(0.014)	(0.015)	(0.022)
Farm size (log)	0.193	−0.173	0.262**	0.132*	−0.013
Farm size (log)	(0.677)	(0.215)	(0.106)	(0.076)	(0.174)
Farm sizeˆ2 (log)	−0.025	0.017	−0.021**	−0.010	0.006
Farm sizeˆ2 (log)	(0.069)	(0.020)	(0.010)	(0.011)	(0.020)
Rented land	−0.054	0.026	−0.077	−0.029	−0.102
Rented land	(0.134)	(0.034)	(0.048)	(0.075)	(0.125)
Total direct payments^#	−0.055	−0.022	−0.014	0.060*	0.016
Total direct payments^#	(0.046)	(0.053)	(0.034)	(0.033)	(0.038)
LFA	−0.296***	−0.005	−0.007	−0.020*	0.007
LFA	(0.052)	(0.025)	(0.023)	(0.011)	(0.018)
Crop input intensity	−0.031	0.037	0.020	0.042	0.004
Crop input intensity	(0.097)	(0.040)	(0.044)	(0.043)	(0.005)
Labour input	−0.004	0.001	−0.018**	0.007	0.004
Labour input	(0.031)	(0.003)	(0.008)	(0.006)	(0.007)
Agricultural diversification	0.077	−0.001	−0.030	−0.028	−0.027
Agricultural diversification	(0.067)	(0.033)	(0.026)	(0.046)	(0.029)
Farm diversification	0.022	−0.010	−0.021	−0.097	−0.063
Farm diversification	(0.074)	(0.071)	(0.027)	(0.076)	(0.061)
Observations	323	1,733	1,345	434	978
R-squared	0.187	0.082	0.071	0.209	0.078
Year FE	YES	YES	YES	YES	YES

	(1)	(2)	(3)	(4)	(5)
	Mixed	Dairy	Other grazing livestock	Granivores	Field-crops
Farmer age below 40	0.115***	0.039**	−0.018	−0.028	0.102
Farmer age below 40	(0.030)	(0.018)	(0.023)	(0.029)	(0.081)
Farmer age above 65	0.001	0.008	−0.026*	0.017	−0.045**
Farmer age above 65	(0.047)	(0.017)	(0.014)	(0.015)	(0.022)
Farm size (log)	0.193	−0.173	0.262**	0.132*	−0.013
Farm size (log)	(0.677)	(0.215)	(0.106)	(0.076)	(0.174)
Farm sizeˆ2 (log)	−0.025	0.017	−0.021**	−0.010	0.006
Farm sizeˆ2 (log)	(0.069)	(0.020)	(0.010)	(0.011)	(0.020)
Rented land	−0.054	0.026	−0.077	−0.029	−0.102
Rented land	(0.134)	(0.034)	(0.048)	(0.075)	(0.125)
Total direct payments^#	−0.055	−0.022	−0.014	0.060*	0.016
Total direct payments^#	(0.046)	(0.053)	(0.034)	(0.033)	(0.038)
LFA	−0.296***	−0.005	−0.007	−0.020*	0.007
LFA	(0.052)	(0.025)	(0.023)	(0.011)	(0.018)
Crop input intensity	−0.031	0.037	0.020	0.042	0.004
Crop input intensity	(0.097)	(0.040)	(0.044)	(0.043)	(0.005)
Labour input	−0.004	0.001	−0.018**	0.007	0.004
Labour input	(0.031)	(0.003)	(0.008)	(0.006)	(0.007)
Agricultural diversification	0.077	−0.001	−0.030	−0.028	−0.027
Agricultural diversification	(0.067)	(0.033)	(0.026)	(0.046)	(0.029)
Farm diversification	0.022	−0.010	−0.021	−0.097	−0.063
Farm diversification	(0.074)	(0.071)	(0.027)	(0.076)	(0.061)
Observations	323	1,733	1,345	434	978
R-squared	0.187	0.082	0.071	0.209	0.078
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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