Changes in Debt Patterns and Financial Structure of Farm Businesses: A Double Hurdle Approach
James Michael Harris,
Kenneth W. Erickson and
Charles B. Hallahan
No 49402, 2009 Annual Meeting, July 26-28, 2009, Milwaukee, Wisconsin from Agricultural and Applied Economics Association
This paper uses a double hurdle model to help explain one aspect of the changing capital structure of U.S. production agriculture--the increase in the number of debt free farms. Our findings suggest that nonfinancial factors, such as operator age, region, risk aversion, and financial factors such as debt service ability and the cost of capital play significant roles in distinguishing borrowers from non borrowers.
Keywords: Agricultural; Finance (search for similar items in EconPapers)
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