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Risky (farm) business: Perceptions of economic risk in farm succession and inheritance

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Keywords
economic risk, farm succession, inheritance
Date
2020-04
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Agricultural Economics
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http://hdl.handle.net/11019/2383
Citation
B Leonard, M Farrell, M Mahon, A Kinsella, C O'Donoghue, Risky (farm) business: Perceptions of economic risk in farm succession and inheritance, Journal of Rural Studies, 2020, 75,57-69. doi: https://doi.org/10.1016/j.jrurstud.2019.12.007
Abstract
Highlights • Generational renewal is high on the political agenda for agriculture, with young farmers linked to positive outcomes. • There are limited policy incentives for older farmers to consider engaging in the farm succession and inheritance process. • Farmers perceive risks and uncertainties regarding the transfer process, and thus avoid handing over to their successors. • Taxation, retirement income, long term care cost, and marital breakdown are motivations for farmers to retain ownership. • Financial incentives related to generational renewal must aim to alleviate the level of risk perceived by farmers.
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Royal Dublin Society
Teagasc Walsh Fellowship Programme
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