Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/267588 
Erscheinungsjahr: 
2021
Quellenangabe: 
[Journal:] Baltic Journal of Economics [ISSN:] 2334-4385 [Volume:] 21 [Issue:] 1 [Publisher:] Taylor & Francis [Place:] London [Year:] 2021 [Pages:] 60-84
Verlag: 
Taylor & Francis, London
Zusammenfassung: 
This article investigates dairy farm investment behaviour and the presence of soft budget constraints in the dairy farms of Baltic and Central European transition countries - Estonia, Hungary and Slovenia - using individual dairy farm accountancy panel data for the years 2007-2015. The empirical results confirm that gross dairy farm investment is positively associated with gross dairy farm investment for the previous year for financially unconstrained dairy farms, and negatively for financially constrained dairy farms. It is also positively associated with public investment subsidies, and, except for Slovenia, with growth in real sales for financially unconstrained dairy farms. Mixed results are found for gross dairy farm investment squared and cash flow variables. A particularly significant negative cash flow regression coefficient implies significant soft budget constraints for financially unconstrained Estonian and Slovenian dairy farms, while insignificant cash flow regression coefficients imply weak soft budget constraints for financially unconstrained Hungarian dairy farms.
Schlagwörter: 
Baltic and Central Europe
Dairy farm investment behaviour
Euler equation
investment subsidy
soft budget constraint
JEL: 
D22
G31
H25
Q12
Q14
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