Performance of different institutional units in the Czech Republic and the role of external financing

Sophia Davidova, Laure Latruffe and Tomas Ratinger
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Tomas Ratinger: VUZE - Research Institute of Agricultural Economics

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Abstract: The paper analyses the relationship between the financial structure of the different institutional units in the Czech Republic and their performance, by testing several theoretical hypotheses. It employs Data Envelopment Analysis to estimate separately corporate and individual farms' technical efficiency, and investigates the effect of indebtedness on efficiency in a second stage, accounting for potential endogeneity. No substantial differences were detected between individual and corporate farms. For both groups higher long-term indebtedness negatively affects farm performance (agency theory and adjustment hypothesis), while the latter is used for appraising loan applications (credit evaluation). Case studies to banks and farms confirmed these findings.

Keywords: CORPORATE FARMS; CREDIT; INDIVIDUAL FARMS; TECHNICAL EFFICIENCY; EFFICACITE TECHNIQUE; holdings; use efficiency; république tchèque; europe; exploitation agricole; économie agricole; efficacité (search for similar items in EconPapers)
Date: 2005-04-09
Note: View the original document on HAL open archive server: https://hal.science/hal-02285613v1
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Published in 94. EAAE Seminar, European Association of Agricultural Economists (EAAE). INT., Apr 2005, Wye, United Kingdom. 13 p

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Working Paper: Performance of Different Institutional Units in the Czech Republic and the Role of External Financing (2005)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-02285613

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