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    Policy drivers of farm succession and inheritance

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    Author
    Leonard, Brian
    Kinsella, Anne
    O'Donoghue, Cathal
    Farrell, Maura
    Mahon, Marie
    Keyword
    Agriculture
    Policy
    Succession
    Inheritance
    Farm transfer
    Young Farmers
    Date
    2016-11-18
    
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    URI
    http://hdl.handle.net/11019/1106
    Citation
    Brian Leonard, Anne Kinsella, Cathal O’Donoghue, Maura Farrell, Marie Mahon, Policy drivers of farm succession and inheritance, Land Use Policy, 2017, 61, 147-159, DOI: 10.1016/j.landusepol.2016.09.006
    Abstract
    Farm succession and inheritance is increasingly considered a complex phenomenon which not only affects core dimensions of farm family life but also the agricultural sector more widely. Intergenerational farm transfer in particular is increasingly viewed as fundamental to the sustainability and development of global agriculture. In the majority of EU countries, the average age of farmers is increasing, while the number of farmers under 40 years of age is decreasing. There is growing concern that this demographic trend may have negative impacts on the agricultural industry because it is younger and not older farmers who are associated with more efficient and effective production practices. The question of what motivates decisions to transfer farms is a complex one, and research to date has not apparently enlightened agricultural policy to the extent that current trends towards an ageing farm population are being managed. This research aims to investigate economic and financial aspects of the policy drivers of farm succession and inheritance in Ireland to understand what it is about the policy environment that is failing to stimulate higher levels of farm transfer. It draws on the Teagasc National Farm Survey data which provides Irish data to the Farm Accountancy Data Network in the European Commission. A hypothetical microsimulation model is used to investigate economic factors of farm transfers, with scenarios created to test these factors and their impacts on the transfer process. The Net Present Value (NPV) of income streams for farmers and their successors are calculated to assess which scenarios have the highest/lowest financial effects. The findings illustrate a range of possible scenarios for farm succession/inheritance, with some results indicating that under current policy retaining a farm until death may be more economically beneficial to a farmer than transferring land before death.
    Funder
    Teagasc Walsh Fellowship Programme; Royal Dublin Society
    ae974a485f413a2113503eed53cd6c53
    http://dx.doi.org/10.1016/j.landusepol.2016.09.006
    Scopus Count
    Collections
    Agricultural Economics

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