Dimensions of Risk and Managerial Responses to Risk on Commercial Farms in Kwazulu-Natal, South Africa

Gerald Ortmann, Michael Woodburn and Jonathan Levin

No 346316, 10th Congress, The University of Reading, UK, July 10-15, 1995 from International Farm Management Association

Abstract: A study conducted among 199 commercial farmers in the province of KwaZulu-Natal, South Africa, suggests that more dimensions of risk sources and managerial responses to risk may exist than are commonly included in risk management analyses. Factor analyses suggest that six factors describe risk sources and managerial responses to risk. In addition to financial and cost dimensions, variability of crop gross income and livestock gross income are viewed as separate sources of risk as are changes in government policies and changes in government regulation. The results support the classification of management responses to risk into the production, marketing and financial categories, but also include the categories of insurance, cost reduction and assurance.

Keywords: Risk; and; Uncertainty (search for similar items in EconPapers)
Pages: 12
Date: 1995
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Persistent link: https://EconPapers.repec.org/RePEc:ags:ifma95:346316

DOI: 10.22004/ag.econ.346316

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