Table 1 Summary statistics by farm type...

Table 1

Summary statistics by farm type

Variable	Description	All farms	Residence	Intermediate	Commercial
Overall Debt Use (1/0)	1 if farmer has any loans; 0 otherwise	0.29	0.22	0.27	0.64
Short-Term Debt Use (1/0)	1 if farmer has any loans with a repayment period of 1 year or less; 0 otherwise	0.26	0.21	0.25	0.59
Debt to Asset Ratio	Ratio of farm debt to farm assets	0.08	0.05	0.07	0.22
Short-Term Debt Amount (1,000 $)	Total amount of loans with a repayment period of 1 year or less (short-term loans) (million $)	85.20	25.61	48.30	488.77
Short-Term Interest Rate (%)	Average interest rate across all short-term loans weighted by the loan balance (%)	0.38	0.22	0.37	1.18
Overall Interest Rate (%)	Average interest rate across all loans weighted by the loan balance (%)	1.23	0.96	1.18	2.71
Covid government payments (1,000 $)	All COVID-19 related government payments (million $)	5.66	0.87	2.46	38.85
Producer payments (1,000 $)	All Pandemic Assistance for Producers – it is included in the total Covid Government payments (million $)	2.89	0.36	1.11	20.67
Farm Assets Sold ($)	Income from farm asset sales (million $)	7.18	5.70	4.97	21.36
Farm Investment (1,000 $)	All improvements on fam real estate and farm operation (million $)	25.78	10.96	15.96	128.24
Labor Cost (1,000 $)	Wages and salaries for all hired farm and ranch labor, including producer and their household (million $)	26.21	1.90	6.10	206.98
Gross Farm Income (1,000 $)	Gross farm income (million $)	181.59	31.81	69.64	1,257.38
Total Off-Farm Income (1,000 $)	Total off-farm income (million $) of the principal operator’s household	102.42	128.74	74.03	66.90
Return On Assets (%)	Rate of return on assets (%)	−0.08	−0.12	−0.09	0.10
Acreage	Total acres operated (owned and leased)	402.85	139.91	321.79	1922.58
Contracts Use	Proportion of production under contracts	0.05	0.02	0.06	0.19
Diversification	Entropy index of diversification	0.11	0.09	0.11	0.19
Land Tenure	Ratio of owned to operated land	1.20	1.26	1.23	0.84
Age	Operator age (years)	62.16	60.77	65.64	57.67
Assets (million $)	Total assets (million $)	1.51	0.86	1.22	5.51
Experience	Operator experience in number of years	27.64	24.48	31.39	30.80
Male (1/0)	1 if the primary operator is male; 0 otherwise	0.86	0.85	0.85	0.94
White (1/0)	1 if the primary operator is white; 0 otherwise	0.96	0.96	0.96	0.98
Crop Insurance Use (1/0)	1 if the producers received crop insurance payments; 0 otherwise	0.15	0.07	0.12	0.59
Education	Education of primary producer (categorical variable ranges from 1 to 5): 1 = did not graduate from high school; 2 = graduated high school degree or received GED; 3 = attended college but did not graduate; 4 = graduated from college; 5 = attended graduate school or higher	2.93	2.99	2.81	2.99
Individual Farm (1/0)	1 if the farm is operated as a sole proprietorship; 0 otherwise	0.88	0.91	0.91	0.62
Land Sold (1/0)	1 if any farm real estate was sold during the last year; 0 otherwise	0.01	0.01	0.01	0.02
Crop Farm (1/0)	1 if the operation is a crop farm; 0 if it is a livestock, ranch, pasture, or other operation	0.35	0.28	0.36	0.68
Number of Observations	Number of Observations in ARMS sample	21,293	5,882	7,126	8,285
Number of Represented Farms	Total farms represented by the USDA ARMS data weights	3,315,326	1,768,514	1,177,989	368,824

Variable	Description	All farms	Residence	Intermediate	Commercial
Overall Debt Use (1/0)	1 if farmer has any loans; 0 otherwise	0.29	0.22	0.27	0.64
Short-Term Debt Use (1/0)	1 if farmer has any loans with a repayment period of 1 year or less; 0 otherwise	0.26	0.21	0.25	0.59
Debt to Asset Ratio	Ratio of farm debt to farm assets	0.08	0.05	0.07	0.22
Short-Term Debt Amount (1,000 $)	Total amount of loans with a repayment period of 1 year or less (short-term loans) (million $)	85.20	25.61	48.30	488.77
Short-Term Interest Rate (%)	Average interest rate across all short-term loans weighted by the loan balance (%)	0.38	0.22	0.37	1.18
Overall Interest Rate (%)	Average interest rate across all loans weighted by the loan balance (%)	1.23	0.96	1.18	2.71
Covid government payments (1,000 $)	All COVID-19 related government payments (million $)	5.66	0.87	2.46	38.85
Producer payments (1,000 $)	All Pandemic Assistance for Producers – it is included in the total Covid Government payments (million $)	2.89	0.36	1.11	20.67
Farm Assets Sold ($)	Income from farm asset sales (million $)	7.18	5.70	4.97	21.36
Farm Investment (1,000 $)	All improvements on fam real estate and farm operation (million $)	25.78	10.96	15.96	128.24
Labor Cost (1,000 $)	Wages and salaries for all hired farm and ranch labor, including producer and their household (million $)	26.21	1.90	6.10	206.98
Gross Farm Income (1,000 $)	Gross farm income (million $)	181.59	31.81	69.64	1,257.38
Total Off-Farm Income (1,000 $)	Total off-farm income (million $) of the principal operator’s household	102.42	128.74	74.03	66.90
Return On Assets (%)	Rate of return on assets (%)	−0.08	−0.12	−0.09	0.10
Acreage	Total acres operated (owned and leased)	402.85	139.91	321.79	1922.58
Contracts Use	Proportion of production under contracts	0.05	0.02	0.06	0.19
Diversification	Entropy index of diversification	0.11	0.09	0.11	0.19
Land Tenure	Ratio of owned to operated land	1.20	1.26	1.23	0.84
Age	Operator age (years)	62.16	60.77	65.64	57.67
Assets (million $)	Total assets (million $)	1.51	0.86	1.22	5.51
Experience	Operator experience in number of years	27.64	24.48	31.39	30.80
Male (1/0)	1 if the primary operator is male; 0 otherwise	0.86	0.85	0.85	0.94
White (1/0)	1 if the primary operator is white; 0 otherwise	0.96	0.96	0.96	0.98
Crop Insurance Use (1/0)	1 if the producers received crop insurance payments; 0 otherwise	0.15	0.07	0.12	0.59
Education	Education of primary producer (categorical variable ranges from 1 to 5): 1 = did not graduate from high school; 2 = graduated high school degree or received GED; 3 = attended college but did not graduate; 4 = graduated from college; 5 = attended graduate school or higher	2.93	2.99	2.81	2.99
Individual Farm (1/0)	1 if the farm is operated as a sole proprietorship; 0 otherwise	0.88	0.91	0.91	0.62
Land Sold (1/0)	1 if any farm real estate was sold during the last year; 0 otherwise	0.01	0.01	0.01	0.02
Crop Farm (1/0)	1 if the operation is a crop farm; 0 if it is a livestock, ranch, pasture, or other operation	0.35	0.28	0.36	0.68
Number of Observations	Number of Observations in ARMS sample	21,293	5,882	7,126	8,285
Number of Represented Farms	Total farms represented by the USDA ARMS data weights	3,315,326	1,768,514	1,177,989	368,824

Note(s): The table presents the descriptions of variables used in the study along with the summary statistics for the entire sample in our analysis (column titled “All Farms”), and the sample divided by farm types according to the USDA criteria for defining Residence, Intermediate, and Commercial farm operations

Source(s): Authors own work

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