Sources of Growth in South African Agriculture - A Corporate Finance Perspective

• Autorzy: Joseph Chisasa

Warianty tytułu

Źródła wzrostu w rolnictwie Afryki Południowej z perspektywy finansowej przedsiębiorstw

• Języki publikacji: EN

Abstrakty

EN

The capital structure theory has been applied extensively in corporate fi rms with mixed results. This article examines the role of capital structure on the performance of firms in South Africa's agricultural sector following the pecking order theory. Survey data was collected from smallholder farmers in Mpumalanga and North West provinces during 2013. A total of 500 respondents were included in the survey using the multistage sampling technique of which 362 responses were received. Using the structural equation modeling approach, the study observes a positive and signifi cant relationship between capital structure and the performance of smallholder farmers. Both short-term and long-term debt contributes to improved productivity through the purchase of working capital requirements and the acquisition of capital equipment. Furthermore, the study reveals that land size has a positive influence on agricultural output. These empirical results suggest that channelling debt capital to farmers will improve their productivity. All models fit indices applied confirm the model was a good fit to the data. (original abstract)

Teoria struktury kapitału jest powszechnie, choć z różnymi efektami stosowana przez korporacje. W niniejszym artykule omówiono wpływ struktury kapitału na działalność przedsiębiorstw rynku rolnego Afryki Południowej z zastosowaniem teorii hierarchii ważności. Dane pozyskano od rolników prowadzących niewielkie gospodarstwa, podczas badań terenowych przeprowadzonych w 2013 roku w obrębie Mpumalanga i na terenach północno-zachodnich prowincji kraju. Łącznie zbadano 500 respondentów, stosując wielostopniową technikę losową, i otrzymano 362 odpowiedzi. Podczas badania zastosowano metodę SEM (Structural Equation Modelling) i zaobserwowano istotny pozytywny związek między strukturą kapitału a efektami działalności rolników. Zarówno krótko-, jak i długoterminowe pożyczki przyczyniły się do poprawy produktywności dzięki spełnieniu potrzeb dotyczących kapitału obrotowego, jak i nabycia potrzebnego sprzętu. Wykazano również, że wielkość gospodarstwa ma pozytywny wpływ na wyniki działalności rolniczej. Te empiryczne dane sugerują, że ukierunkowanie kapitału pożyczkowego w stronę rolników poprawi ich produktywność. Wszystkie zastosowane modele i obliczone wskaźniki potwierdzają właściwe dopasowanie modelu do zebranych danych. (abstrakt oryginalny)

Słowa kluczowe

EN

Agriculture; Capital structure

PL

Rolnictwo; Struktura kapitału

• Czasopismo: Journal of Agribusiness and Rural Development
• Rocznik: 2015
• Numer: z. 4 (38)
• Strony: 635--644

Twórcy

autor

Joseph Chisasa

• University of South Africa, Pretoria, South Africa

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Identyfikatory

DOI

DOI:10.17306/JARD.2015.67