Open AccessDo Small and Mid-scale Beginning Farmers and Experienced Farmers Feel the Same About Farm Financial and Profitability Position?
Author(s) -
J. Dominique Gumirakiza,
Spencer Langford
Publication year - 2020
Publication title -
journal of agricultural science
Language(s) - English
Resource type - Journals
eISSN - 1916-9760
pISSN - 1916-9752
DOI - 10.5539/jas.v12n11p8
Subject(s) - profitability index , position (finance) , scale (ratio) , agriculture , business , outreach , probit model , marketing , agricultural science , small farm , agricultural economics , finance , economics , economic growth , geography , environmental science , cartography , archaeology , econometrics
This study examined various levels of feelings that small and mid-scale farmers in Kentucky have towards financial and profitability situations of their farm operations. The study uses mailed and online survey data collected from 129 small and mid-scale farmers in 2017. We used an ordered Probit model to analyze data. Findings indicate that the probabilities for small and mid-scale farmers to feel positively, fairly, and negatively are 36 percent, 55 percent, and 9 percent, respectively. We found that small and mid-scale beginning farmers are significantly less likely to feel positively than experienced farmers. Findings showed that those who are knowledgeable about agricultural marketing and agricultural economics are more likely to feel positive. These findings are useful for policymakers, outreach specialists, and other agencies seeking to improve the financial and profitability position of small and mid-size farms.