Understanding the factors behind apple farmers’willingness to pass on the management of their farms to their descendants is crucial to the continuity of apple production.Due to the high specificity of the human capit...Understanding the factors behind apple farmers’willingness to pass on the management of their farms to their descendants is crucial to the continuity of apple production.Due to the high specificity of the human capital,physical assets,land assets,and geographical location in apple production,this study used a binary logistic regression and a mediating effect model to explore the impact of asset specificity on farmers’intergenerational succession willingness of apple management(FISWAM)and to examine the mediating effects of loss aversion in the impact of asset specificity on the FISWAM.The results showed that about 18.68%of the respondents expressed willingness to transfer their apple business between generations,and the FISWAM was generally weak.In addition to the negative impact of geographical location specificity(GLS),human capital specificity(HCS),physical assets specificity(PAS),and land assets specificity(LAS)can enhance the FISWAM.Loss aversion plays a partial mediating role in the impact of PAS,LAS,and GLS on the FISWAM.展开更多
Existing research on the measurement of the valuation effect mainly follows the residual method proposed by Lane and Milesi-Ferretti(2001).This cannot be used to perform structural decomposition.We propose an aggregat...Existing research on the measurement of the valuation effect mainly follows the residual method proposed by Lane and Milesi-Ferretti(2001).This cannot be used to perform structural decomposition.We propose an aggregation approach rather than the residual method to measure structurally the investment flow and valuation effect of China's external assets.The results indicate that the valuation effect of China's external assets has been highly volatile and it was negative during the pandemic period.The structural decomposition shows that portfolio investment and direct investment made the main contributions to the valuation effect.The impact of exchange rates on the valuation effect has generally been higher than that of asset price in terms of direct investment and total external assets but the opposite has been true for portfolio investment.China's outward investments are currently more inclined to Asian countries and a few European countries but inflows to China still mainly come from developed countries.展开更多
基金supported by the National Natural Science Foundation of China(71573211)the Humanities and Social Sciences Youth Foundation+1 种基金Ministry of Education of China(22YJC790164)the earmarked fund for China Agriculture Research System(CARS-28)。
文摘Understanding the factors behind apple farmers’willingness to pass on the management of their farms to their descendants is crucial to the continuity of apple production.Due to the high specificity of the human capital,physical assets,land assets,and geographical location in apple production,this study used a binary logistic regression and a mediating effect model to explore the impact of asset specificity on farmers’intergenerational succession willingness of apple management(FISWAM)and to examine the mediating effects of loss aversion in the impact of asset specificity on the FISWAM.The results showed that about 18.68%of the respondents expressed willingness to transfer their apple business between generations,and the FISWAM was generally weak.In addition to the negative impact of geographical location specificity(GLS),human capital specificity(HCS),physical assets specificity(PAS),and land assets specificity(LAS)can enhance the FISWAM.Loss aversion plays a partial mediating role in the impact of PAS,LAS,and GLS on the FISWAM.
基金The authors appreciate the insightful comments and suggestions of editors and two anonymous reviewers.Guowei Cai thanks the National Natural Science Foundation of China(No.72073147)the National Social Science Major Project(No.22&ZD058)the Ministry of Education Humanities and Social Sciences Planning Foundation Project of China(No.19YJA790001)for their financial support.
文摘Existing research on the measurement of the valuation effect mainly follows the residual method proposed by Lane and Milesi-Ferretti(2001).This cannot be used to perform structural decomposition.We propose an aggregation approach rather than the residual method to measure structurally the investment flow and valuation effect of China's external assets.The results indicate that the valuation effect of China's external assets has been highly volatile and it was negative during the pandemic period.The structural decomposition shows that portfolio investment and direct investment made the main contributions to the valuation effect.The impact of exchange rates on the valuation effect has generally been higher than that of asset price in terms of direct investment and total external assets but the opposite has been true for portfolio investment.China's outward investments are currently more inclined to Asian countries and a few European countries but inflows to China still mainly come from developed countries.
