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Debt Financing and Efficiency in Agricultural Firms

Author

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  • Alarcón, Silverio
Abstract
In this work the effects of large- and short-term debts on efficiency are tested on a set of agricultural firms. Accounting data of crop, livestock, mixed and service firms are used. First, the efficiencies of the farms are obtained by using nonparametric methods (input-oriented DEA). Then, in a second stage, censored regressions are run with different kinds of explicative variables, including financial ratios. The results show a significative and positive relationship between short-term indebtedness and efficiency, which would be agree with some theories positing that firms with higher short-run obligations make additional efforts to satisfy their payments, and this leads to an improvement of efficiency.

Suggested Citation

  • Alarcón, Silverio, 2007. "Debt Financing and Efficiency in Agricultural Firms," 103rd Seminar, April 23-25, 2007, Barcelona, Spain 9436, European Association of Agricultural Economists.
    • Handle: RePEc:ags:eaa103:9436
    DOI: 10.22004/ag.econ.9436
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    File URL: https://ageconsearch.umn.edu/record/9436/files/sp07al01.pdf
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    Cited by:

    1. Russell, Levi A. & Briggeman, Brian C. & Featherstone, Allen M., 2013. "Debt and Input Misallocation in Farm Supply and Marketing Cooperatives: A DEA Approach," 2013 Annual Meeting, August 4-6, 2013, Washington, D.C. 150445, Agricultural and Applied Economics Association.

    More about this item

    Keywords

    Agricultural Finance;

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